- More than 10,000 token holders make up Apollo DAO.
- About $200 million was held in the Apollo DAO Network when it was created.
In conjunction with the issuance of an arrest warrant against him Tera founding partner Do Kwon By a South Korean court, Apollo DAO, a decentralized autonomous organization built on the Terra blockchain, announced that it will close its vaults in Terra Classic (LUNC), which was previously Terra (LUNA).
The developers of the project stated:
Since the collapse of Terra, Apollo has continued to maintain its own LP [Liquidity Provider] Cabinets on Terra Classic; However, due to the low yield and the high level of maintenance required, it no longer makes sense to support the Terra Classic network.”
Now focus on Cosmos and Liquid Staking
More than 10,000 token holders make up Apollo DaoThey set up their vaults so that traders can buy and sell Terra USD (USTC) and Terra Luna (LUNC) stablecoins. Since May, the value of both tokens has plummeted, and the company’s co-founder Do Kwon is being pursued in South Korea for allegedly violating the country’s capital market regulations.
Apollo DAO plans to continue developing Apollo Safe for use across several Cosmos chains and focus on liquid freezing in the near future. About $200 million was tipped into the Apollo DAO Network when it was created in September of last year. Apollo DAO’s TVL has fallen below $125,000 at the time of writing. Users are urged to get their last Terra dollars before the new tax idea is implemented.
The price of LUNC rose from $0.000215 at the beginning of September to a peak of $0.000455 just two months later. The currency, which depreciated four months ago, has now recovered. Investors lost billions and many crypto platforms had a domino effect due to the crash.
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