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Apollo DAO Closes Vaults On Terra Classic When Do Kwon Is Arrested

September 15, 2022 - Around 2 mins mins to read
Apollo DAO has announced it will close vaults on the Terra Classic chain due to its unprofitable operation and high maintenance costs. The protocol’s TVL has dropped from around $200 million in September 2021 to less than $118.000.
Apollo DAO

The Terra blockchain-based organization Apollo DAO announced it was locking down its vaults on Terra Classic (LUNC), formerly Terra, at the same time as a South Korean court issued an arrest order for Terra co-founder Do Kwon (LUNA).

More than 10,000 token owners make up Apollo DAO, which created its vaults primarily for trading Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Since May, the value of both coins has fallen precipitously, and co-founder Do Kwon is currently wanted in South Korea on suspicion of breaking the nation’s capital market regulations. Additionally, project creators stated that without significant funding, it would have been too challenging to implement the new Terra proposal to tax 1.2% of every on-chain LUNC transaction on its platform.

The total value locked, or TVL, on Apollo DAO peaked at over $200 million at the time of its introduction in September of last year. The TVL of Apollo DAO was less than $118,000 at the time of publication.

Apollo DAO
 The total value locked (TVL) on Apollo DAO. Source: DefiLlama

According to Apollo DAO, it will be developing the Apollo Safe on various Cosmos chains and concentrating on liquid staking in the future. Before the launch of the innovative Terra tax plan, users are urged to remove any leftover funds.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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