Apollo DAO, comprised of over 10,000 tokenholders, built its vaults primarily for trading the Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Both tokens have plunged drastically in value since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country’s capital market laws. In addition, project developers explained that the new Terra proposal to tax 1.2% of every on-chain LUNC transaction would have been too difficult to implement on its platform without substantial capital.
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Source: Cryptocurrency - investing.com
