Apollo DAO will close the vaults on Terra Classic

The protocol's TVL has fallen from around $200 million in September 2021 to less than $125,000.

Around the same time a South Korean court issued an arrest warrant for Terra co-founder Do Kwon, Apollo DAO, a decentralized autonomous organization based on the Terra blockchain, said that it closed its vaults on Terra Classic (LUNC) — formerly Terra (LUNA). The project developers wrote:

"Since the collapse of Terra, Apollo has continued to maintain its LP [liquidity provider] vaults on Terra Classic; however, due to the low yield and high level of maintenance required, it no longer makes sense to support Terra Classic network."

Apollo DAO, comprised of over 10,000 token holders, built its vaults primarily to trade the stablecoin pairs Terra USD (USTC) and Terra Luna (LUC). Both tokens have fallen drastically since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country's capital market laws. Additionally, the project developers explained that Terra's new proposal to tax 1.2% of each on-chain LUNC transaction would have been too difficult to implement on its platform without substantial capital.

"We will continue to assess the viability of relaunching our safes on Terra Classic; however, we would like them to be fully designed around Terra Classic requirements to ensure a better product market fit. ."

Apollo DAO says it is focusing its efforts