Apollo DAO will be closing vaults on Terra Classic.
Since the collapse of Terra, Apollo has continued to maintain its LP vaults on Terra Classic, however due to the low return and high level of required maintenance it no longer makes sense to support the Terra Classic network.
While Apollo is thrilled to see the continued development of Terra Classic and applaud the hard work that has gone into this, the network has evolved significantly and no longer aligns with the Apollo mission.
For example, the Apollo vaults were primarily built for UST and mAsset pairs, neither of which are a viable option anymore and as a result, there has been a dramatic drop in Apollo TVL and thus the fees generated to cover maintenance costs.
Additionally, the new Terra Tax proposal would require significant development efforts and the Apollo contributors are unable to justify this investment.
All users of Apollo on Terra Classic are urged to withdraw all funds from app.apollo.farm and we would strongly recommend doing this ahead of the introduction of the Terra Tax. Apollo will make this process as easy as possible by introducing a “withdraw all button” and will continue to support access to funds as long as possible.
The Future of Apollo
We will be releasing a full post on the future direction of Apollo within the week and our current focus, but in short we will be focusing on the release of our Liquid Staking and Apollo Safe on a variety of Cosmos chains. We will continue to assess the viability of relaunching our vaults on Terra Classic, however we would like these to be fully designed around the requirements of Terra Classic to ensure a greater product market fit.