Apollo DAO — Community Farming Event and the Launch of the Apollo token
If you saw Apollo DAO’s recent post on “Wen Launch?”, you should have some idea of our plans for launch, but today we want to go into a little more detail on what exactly our Community Farming Event is, as well as how you can get involved.
When is the Apollo DAO Community Farming Event and How Will it Work?
The Apollo DAO Community Farming Event will launch on the 14th of September, with 3 million Apollo tokens (3% of the total supply) available to be farmed by our community before the Apollo token is released, at a fixed price of $0.25.
The way the Apollo DAO Community Farming Event will work is; our users will be able to deposit mAsset LP tokens, as well as other Terra Governance token LP pairs, including MIR/UST, ANC/UST and MINE/UST onto the Apollo Platform, with the rewards from these pairs being used to purchase Apollo tokens at the price of $0.25. This will work in a similar way to Orion’s Private Farming, however rather than utilising the 20% from Anchor rewards, our users will be able to make use of the yield from mAssets and Terra Governance Tokens to farm Apollo tokens. Our Community Farming Event will be open to all users in order to distribute the Apollo tokens widely amongst our community.
The Apollo DAO Community Farming Event will continue until all 3 million Apollo tokens have been farmed, with all Apollo tokens locked until the TGE. All money raised from the Community Farming Event will be used to bootstrap the Warchest.
Apollo Token TGE and Initial Liquidity.
Once all 3 million Apollo tokens have been farmed, we will launch the Apollo token. Apollo will launch with a circulating supply of around 5 million Apollo tokens, with Community Farming participants receiving 50% of their tokens up front, with the remaining 50% distributed monthly over the first year.
From our Community Farming Event, we will be raising $750k UST, all of which will be used to initially bootstrap the Warchest, along with 2 million Apollo tokens (included in the initial 5 million circulating supply) to seed the initial liquidity. Of these 2 million Apollo tokens, 1 million will be used with $250k UST for the initial liquidity on TerraSwap, with the remaining 1 million Apollo tokens used for other opportunities, such as potentially providing liquidity on Loop and Astroport. All funds that are controlled by the Warchest, including the initial liquidity, are owned and managed by the Apollo token holders.
Why is Apollo DAO doing a Community Farming Event, rather than launching from a Terra Launch Pad?
Similar to Orion Money, Apollo DAO will be conducting our own Community Farming Event, as we believe this will provide a number of key advantages for Apollo DAO and our community:
- Apollo DAO’s auto compounding platform, which is designed to bootstrap the Apollo DAO Warchest, also allows Apollo to make use of our LP vaults as a yield source.
- Apollo DAO is able to provide a wide variety of different ways for our Community to Farm Apollo tokens, based on their risk preference, these include: mAsset farming, Terra Governance LP farming & Delta neutral mAsset strategies.
- To highlight the potential of the Apollo platform, while scaling the TVL and providing our community with early access to Apollo tokens.
- To demonstrate the potential of Apollo’s auto compound vaults as a “multi asset yield source”. Similar to the way in which Anchor vaults have been integrated into a number of Terra protocols to provide a yield source from deposits of UST, Apollo will be able to provide users and protocols with a broader range of assets, APYs and risk profiles to choose from.
This was possible due to the functionality we have built into our auto compounding platform and has aligned with our goals of enabling a wide distribution of tokens to the community, while also providing additional utility to other Terra project tokens. We also believe this will increase the attractiveness of partnering with Apollo, helping us to continue to integrate additional vaults as well as offer additional yield sources to Terra-based protocols.
This is just the beginning for Apollo DAO, with our auto compounding vaults forming the base of our plan to bootstrap the Apollo Warchest, which in turn will democratize access to opportunities (across first Terra, before venturing to other chains), by giving Apollo token holders to ability to manage and benefit from the deployment of the Warchest capital. For more information on the benefits of the Apollo Warchest, please see our tokenomics article.