Around the same time that a South Korean court issued a Arrest warrant for Terra co-founder Do Kwon, Apollo DAO, a decentralized autonomous organization building on the Terra blockchain, Told it was shutting down Its vaults on Terra Classic (LUNC) – formerly Terra (LUNA). The developers of the project wrote:

“Since the fall of Terra, Apollo has continued to maintain its LP . [Liquidity Provider] Volt on Terra Classic; However, due to the diminishing returns and the high level of maintenance required, there is no longer any point in supporting the Terra Classic network.”

The Apollo DAO, consisting of over 10,000 tokenholders, built its vault primarily to trade the Terra USD (USTC) stablecoin and the Terra Luna (LUNC) token pairs. The value of both tokens has dropped drastically since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country’s capital markets laws. Furthermore, the project developers explained that the new Terra proposal to impose a 1.2% tax on every on-chain LUNC transaction would be too difficult to implement on their platform without sufficient capital.

“We will continue to assess the feasibility of relaunching our Vaults on the Terra Classic; however, we want these to be fully redesigned to the requirements of the Terra Classic to allow the product to be more market-fitted.”

Apollo DAO says it is focusing its future on liquid staking And developing Apollo Safes on different universe series. At its launch last September, the total value locked, or TVL, on the Apollo DAO peaked at about $200 million. At the time of publication, Apollo DAO’s TVL has fallen to less than $125,000. Users are encouraged to withdraw any balances prior to the launch of the new Terra Tax offer.