Apollo DAO post de-peg Community Update

Apollo DAO post de-peg Community Update

Thank you to everyone for bearing with us for the last few weeks, it has been an extremely difficult time for everyone connected to the Terra ecosystem and a big setback for Apollo DAO.

However, hard times create strong projects and as difficult as it may seem to “build back” from here, this situation has also provided the Apollo team with a chance to reassess and reflect on much of the Apollo project.

Terra provided a stable and fertile base for the launching and early growth of Apollo DAO, but one of the key strengths of the Apollo team and the Apollo protocols is our flexibility and adaptability.

While Apollo will not be forsaking Terra2 and we are excited to see projects such as Astroport and others returning, we have learned a dramatic lesson in putting all our eggs in one basket. Therefore Apollo will be taking the lessons learnt from Terra and will be focusing our deployment across the Cosmos ecosystem, (which will include Terra2, but also other Cosmos chains).

Apollo has the advantage that our  protocols (Apollo Vaults, Farmers’ Market and Safe), are not solely dependent on Terra or any of the Terra protocols. While we have designed a number of features that directly interact with Astroport and Mars for additional benefits, at their core, our protocols do not rely on these to work.

Our long term vision for Apollo DAO is to create an Apollo appchain on Cosmos, however this will not be possible until Cosmos releases “Shared Security” (which will allow appchains, like Apollo’s to utilise ATOM validators, rather than having to source our own).

Due to the fact that this is a little way off, we have a number of milestones to accomplish ahead of this. There is a huge variety of up and coming chains in the Cosmos Ecosystem, and we are currently researching over 10 different ecosystems where we could launch Apollo products, all with a range of different benefits and trade offs. Not all of these ecosystems have launched yet and we will continue to monitor their growth.

While Apollo Vaults require both significant liquidity and token rewards for LPs, we believe that all of these ecosystems could benefit from the Apollo “DAO Tooling”, such as our Apollo Safe multisig wallet, Apollo Pay (payment streaming) and Apollo Router (more efficient trading for large swaps, especially important in lower liquidity ecosystems). This will help enable further ecosystem growth as well as helping Apollo to deploy both capital and new dApps, such as our Vaults to these ecosystems.

Rather than going “all in” and launching everything on one chain, Apollo will be taking a more horizontal approach, launching our tools and protocols on a variety of different Cosmos chains, helping each of them to grow and reach new audiences. This will then assist our gradual movement over to an appchain, when we will begin to unify all our products into one platform.

By taking a more Cosmos centric approach, we not only broaden the possibilities and addressable market for Apollo, but also still have the ability to easily deploy on Terra2, as well as potentially providing Apollo the ability to further connect Terra2 and the Cosmos.

We have been in contact with the Terra2 team and will continue to monitor the developments closely, while simultaneously monitoring the wider Cosmos ecosystem and working on adapting the current Apollo protocols to be compatible with IBC 1.0.

The Apollo team and Warchest funds will continue to be kept separate and the Apollo team will be working on rebuilding the Warchest in the context of our multi-chain plans. We were able to remove roughly $500k USDC from our $2.3m in UST, as the majority was locked in Lockdrops such as Kinetic and Mars. The Apollo Warchest still holds 100% of project tokens, including Astro, Mars, Apollo, Whale, Prism, Kinetic etc. as well as all our Apollo LP. We will continue to hold all tokens and provide a more thorough breakdown of the current Apollo Warchest in the near future.

Overall Apollo will be able to redeploy and reuse much of the same code and ideas we have been working on over the last few months, with updates and improvements based on lessons learnt and the changing ecosystem, all of which will provide Apollo a strong base to rebuild from. We still cannot comment on the Apollo token at this time, any questions please join our Discord or TG.

Join our Discord

Join our Telegram

Follow us on Twitter