Defi News- Over 10,000 token holders make up Apollo DAO.
- Around $200 million was trapped in the Apollo DAO network upon its inception.
Simultaneously with the issuance of an arrest order for Terra suosnivač Za Kwona by a South Korean court, Apollo DAO, a decentralized autonomous organization built on the Terra blockchain, announced that it will be shutting its vaults on Terra Classic (LUNC), previously Terra (LUNA).
The project’s developers stated:
“Od kolapsa Terre, Apollo je nastavio da održava svoje LP [Liquidity Provider] trezore na Terra Classic; međutim, zbog niskog povrata i visokog nivoa potrebnog održavanja, više nema smisla podržavati mrežu Terra Classic.”
Focus Now on Cosmos and Liquid Staking
Over 10,000 token holders make up Apollo DAO, and they created their vaults so that traders could easily buy and sell pairs of Terra USD (USTC) stablecoin and Terra Luna (LUNC) tokens. Since May, the value of both tokens has dropped dramatically, and company co-founder Do Kwon is sought in South Korea on charges of breaking the country’s capital market regulations.
The Apollo DAO plans to continue developing the Apollo Safe for use across several Cosmos chains and focuses on liquid staking in the near future. Around $200 million was trapped into the Apollo DAO network upon its inception in September of last year. Apollo DAO’s TVL has dropped below $125,000 at the time of writing. Users are urged to get their last dollars out of Terra before the new tax idea is implemented.
LUNC’s price rose from $0.000215 at the beginning of September to a peak of $0.000455 only two months later. The currency, which had plummeted in value four months earlier, has now recovered. Investors lost billions and several crypto platforms had a domino effect due to the crash.
Preporučeno za Vas:
Svježa istraga o Terri (LUNA) koju je pokrenula Južna Koreja
Source: https://thenewscrypto.com/apollo-dao-announced-shutting-of-vaults-on-terra-classic/