Hey guys, it has been another busy day for Apollo, but we have one more announcement to make today.
As I am sure you saw us mention, crossing $200m TVL within 24 hours was not something we expected. We are thrilled by the response from the community and demand for the Apollo token that we have seen so far. The one downside of the crazy demand we have seen is that our Community Farming Event that was due to last a number of weeks is now due to end tomorrow, after only 3 days.
Because of this, we are pleased to announce we will be extending the Community Farming Event.
After the initial 3m Apollo tokens are distributed, we will be adding an additional 6m Apollo tokens to the 2nd stage of the Farming Event. The other side of having attracted such a large amount of TVL is that we also need to be more aware of the increased selling pressure that our vaults could have, which is something we are very keen to avoid. We will therefore be reducing the performance fee (that is used to purchase Apollo tokens), with the remainder being used to compound back into the LP position. This will also have the added bonus of extending the Community Farming Event for a longer period.
We will be releasing the full details of this tomorrow, as well as some additional benefits, but we wanted to get a post out as soon as possible to let our community know what are plans are.
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