Apollo DAO 1 Week In
Hey everyone! Firstly thank you for all the support you have shown Apollo DAO over the last few months and especially over the last week, it has been incredible to witness and an honour to be part of it.
We want to share some Apollo DAO stats for the last week as well as provide insight to where Apollo DAO’s focus will be moving forward.
Apollo Community Farming Event – Phase 1
Just over a week ago, Apollo launched Phase 1 of our Community Farming Event, with 3 million Apollo tokens available for a price of $0.25.
The Apollo DAO auto compounding platform exceeded $200m TVL within 24 hours which was incredible to witness. This is even more incredible when you consider that the TVL for the whole of DeFi was less than $200m back at the beginning of 2019 and there was less than $200m TVL across the whole of Terra at the beginning of March this year, only 6 months ago!
While DeFi has grown a lot since then, I think this clearly demonstrates how far both DeFi and Terra have come in a very short amount of time.
Due to this huge amount of TVL added to the Apollo platform, all 3 million Apollo tokens originally available for our Community Farming Event were farmed within 3 days. Considering that we expected this event to last approximately one month, we were surprised, yet delighted by the interest and demand from the community. As events unfolded, we were able to launch Phase 2 of our Community Farming Event making an additional 6 million Apollo tokens available for our community.
Apollo Community Farming Event – Phase 2
Phase 2 of our Community Farming Event was designed to be more focused on allowing long term focused community members to acquire more Apollo tokens. While the Apollo token price is the same, these tokens are distributed more slowly (due to a lower performance fee), while also having a longer vesting schedule.
While there has been a drop in Apollo’s TVL since the launch of Phase 2, this figure has remained over $125m of TVL on Apollo, which clearly shows there is a huge amount of demand for Apollo tokens from longer term investors.
Apollo DAO Warchest:
The Warchest is one of the central concepts of Apollo DAO and we have so far accumulated over $850k, which is currently comprised of:
- 550k UST
- 10.5k Luna
Currently our UST is in Anchor Earn, and is reserved for the initial Apollo liquidity (earning 20% for the next month). Any additional revenue earned from the remainder of our Phase 2 will be deployed by the DAO as soon as the Apollo token is released. Due to the number of farming events coming to Terra over the next few months, we are very confident that we will be able to earn significant yields on this capital. By the end of Phase 2, we expect the Warchest to be holding over $1 million UST.
The Apollo Warchest is also holding over 10k Luna to ensure that Apollo DAO will benefit from the future growth of the Terra Ecosystem. We are not currently staking these Luna, but are looking into current opportunities, such as the Luna/bLuna pool and balancing these against some of the future opportunities that will soon be available, such as PRISM. Our aim is for Apollo token holders to make the decision regarding how to deploy the Warchest capital, but we are also keen to begin earning yield on these holdings. If you have a great idea on how Apollo DAO could best utilise these 10k Luna, please feel free to reach out and pitch us your idea.
We expect the Warchest to be holding an asset value of between $1.3 million and $1.5 million by the end of Phase 2, with nearly $1 million available for deployment by the Apollo token holders.
You can view the Warchest here: terra1vcpt3p9p6rrqaw4zwt706p8vj7uhd0sf4p5snl
Apollo DAO Users
Within the first week of launch, the Apollo platform has been visited by over 38k unique users from all across the globe While this may not seems a huge quantity in the scale of things, considering there are “only” around 3 million unique Ethereum addresses that have interacting with DeFi platforms, having over 1% of total DeFi users interact with Apollo DAO is truly mind blowing to us.
We have also been extremely happy with the global spread of our users, who were interacting with Apollo from across the Word and to us really highlights both DeFi and Terra as a Global phenomenon.
We have also been extremely happy with the global spread of our users, who were interacting with Apollo from across the Word and to us really highlights both DeFi and Terra as a Global phenomenon.
One of the big advantages of Terra, in its mission to bring DeFi to the masses, is the ease with which Terra applications can be accessed from mobile devices. We have seen nearly 50% of our unique users interact with Apollo from mobile. This is amazing to see and we have received some great feedback in terms of mobile usability and we believe this is an extremely positive sign for Terra moving forward.
Apollo DAO next steps
Over the last week the Apollo team has been focused on listening to community feedback and implementing these suggestions. One of the main focuses of Apollo DAO was to attract new users to DeFi. While we will be releasing more on-chain data in the future, anecdotally from the users we have been speaking to, it would appear that Apollo has already been successful in introducing new users to DeFi. However this also means that we need to continue to focus on making Apollo easy to use and supplying all the information that users require to make informed decisions. We have already begun implementing a number of updates based on feedback and will continue to listen to the community in order to improve the functionality of the Apollo platform.
We will be releasing more information on the next steps for Apollo DAO over the next week.
Apollo DAO Community
While everyone of you has been instrumental to the success we have seen so far, we would like to take the opportunity to say a special thank you to our community members who have really gotten involved with Apollo DAO. From creating content and educating new users, to answering questions, providing feedback and supporting the team, we couldn’t have accomplished this without all of you. We will continue to look for more ways to support, engage and reward our community.
We would also like to say a big thank you to our investors and partners. The ability to speak to some of the smartest and most well connected people within the crypto space, at any time of day, within a few hours has truly been invaluable to the Apollo team.
Conclusion
Overall it has been an incredible week for everyone involved, but this is just the beginning for Apollo DAO and Terra and we are more excited for the future of TeFi than ever before. Thank you again for all the support and we will continue to build out our vision for Apollo DAO.
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