Apollo DAO is built for Terra DeFi users, by Terra DeFi users, and aligns itself with the broader mission of making DeFi more accessible through Terra.
It’s accomplishing this through its first product offering in the form of auto-compounding pools.
Let me show you how to get started.
Step 1 | Launch Apollo DAO dApp
Navigate to Apollo DAO (https://apollo.farm/) and click ‘Launch App’.
Step 2 | Connect Wallet
Once the dApp is launched, click the ‘Connect’ button in the upper right-hand corner of the page.
You will be asked to connect your wallet and presented with two options: Terra Station Extension and Terra Station Mobile.
For this example, I am using Terra Station Extension.
Step 3 | Select LP Vault
Apollo currently offers the following auto-compounding LP vaults:
- MINE-UST
- ANC-UST
- MIR-UST
- mAssets-UST
When you have identified the vault you wish to provide liquidity for, there are two ways to add LP tokens and begin to generate yield:
Option 1 | Terraswap
- Navigate to Terraswap (https://terraswap.io/) and click ‘Webapp’.
- Connect your wallet using the Terra Station Extension.
- Click the ‘Provide’ tab and select the liquidity pair you wish to use. When you’re ready, click ‘Provide’ to initiate the transaction. (Note: For this example, I am using ANC-UST and hold both ANC and UST in my Terra Station wallet).
- When your transaction is complete, navigate back to the Apollo website and choose the vault tied to the LP tokens you just generated.
- Click the UST dropdown to select the asset (In this example, we will be selecting the ANC-UST LP asset).
- When you’re ready, click ‘Confirm’.
- Congrats, you’re now auto-compounding your yield with Apollo!
Option 2 | Apollo + UST
The second, more convenient option is geared toward the newbie investor who may not have graduated to DeFi degen status … yet.
With Apollo, you can use UST to automatically buy LP tokens and stake them inside the vault of your choice — all in one click!
For example, if you have 100 UST and want to use it in the mARKK-UST vault (s/o Cathie Wood), here’s what happens:
- Apollo uses 50 UST to buy mARKK from Terraswap
- Apollo then uses the purchased mARKK + the remaining 50 UST to provide liquidity in Terraswap (generating the mARKK-UST LP tokens)
- Apollo deposits the LP tokens into its mARKK-UST vault for auto-compounding
With one simple click, Apollo is making DeFi more accessible through Terra.
Next Steps
Apollo’s vision is to create a full yield optimization and treasury management platform and their first product shows quite a bit of promise. I look forward to continuing to follow their progress over the next few months.
In the meantime, what are you waiting for? Start auto-compounding your yield today.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. I advise you to do your due diligence before making any cryptocurrency investment.
