A walk-through on Apollo Dao, one of the latest protocols to launch on Terra.
The Apollo DAO protocol has 2 primary components — the DAO aspect that looks after the War Chest and optimizes yield strategies and the Apollo DAO platform, where users have access to deposit capital to auto compound yields or to leverage on Apollo’s intricate yield farming strategies.
In this article, I’ll do a step-by-step walk-through on using the Apollo DAO platform. Access the site with this link: https://app.apollo.farm/
This will be the first thing you see.
Shift your attention to the top bar. There are 3 tabs that you can access:
- Vaults → Available farms to deploy your capital to
- Portfolio → Your current holdings in Apollo
- Community farming → A time-limited event to farm Apollo tokens
We’ll go through each tab at a time, starting with Vaults!
Tab 1: Vaults
You can think of vaults as your regular LP farm where you would earn swap fees from providing liquidity. The difference is, with Apollo vaults, the rewards are automatically collected and added into your stake. This way, you are compounding your rewards for a bigger LP position each time in a very cost efficient way since the protocol does it for you.
Top Yields
The Top yields section ranks the farms by their APY. As you can see, the MINE-UST farm right now offers the highest APY at 135.56%.
If we look at the MINE-UST LP on https://app.pylon.money/, it only shows 94.85% which shows you how much more yield you can earn with auto compounding via Apollo.
Depositing capital
When you click on a farm, there are 2 options — Deposit and Withdraw. When we deposit, we are also given 2 options as shown below:
If you chose UST, the protocol will automatically swap half of it for ANC (since this is the ANC-UST farm) and deposit that ANC-UST liquidity.
In the screenshot above, I chose ‘UST’ and put 50 UST in the field. We can see transaction fee and the LP position that will be deposited into the pool.
However, if you are already providing liquidity for the ANC-UST pair on Terraswap or Anchor, you can also deposit that LP into Apollo. You would first need to unstake that LP position. Then select ANC-UST LP as the asset you want to deposit after clicking on the ANC-UST farm on Apollo.
If you have an LP position, the amount would show up here under ‘Balance’. Similarly, you can input the amount to deposit and click confirm to execute the transaction.
Withdrawing capital
Once you are satisfied with your earnings, you can withdraw your capital. This is the same process as depositing where you can click on any farms you are currently in and click on ‘Withdraw’.
Again, you are presented with 2 options here — to withdraw the LP position or to sell the LP asset and receive UST instead. It makes sense to withdraw in the form of the LP if you want to continue to deposit this LP in another protocol to earn swap fees. However, if you want to take profits and cash out, it makes more sense to receive your withdrawal with the UST option.
Similar to deposit, you can select how much balance you would like to withdraw as shown below
Here, I am choosing the option to withdraw in UST — which means selling the LP position and getting UST. The UI tells you how much in UST you would receive from selling. Click confirm and that should be done.
Congrats! You’ve made it through vaults. Now let’s take a look at the other 2 tabs.
Tab 2: Portfolio
When you click on the second tab at the top of the website, you are greeted with this:
There are 3 important things to know here. The first is a banner that shows your current assets (in USD) that are in Apollo vaults along with the average yield across all of your vaults.
The other is that this page also shows exactly which vaults that you have deposited capital in. In the screenshot above, I have some position in the MINE-UST vault. To deposit into other vaults, you can simply click on ‘+Add Vault’ or navigate to the ‘Vaults’ page.
Last but not least, there is also the above screenshot at the bottom of the Portfolio page. This shows you assets that are in your wallet currently that can be deposited in Apollo farms. If you have LP positions here, they would show up in this section too.
Tab 3: Community Farming
In the last tab ‘Community farming’, this is a time limited event as part of Apollo DAO’s launch. Users who participate by depositing into the Apollo vaults are able to automatically buy APOLLO tokens from the yields generated from the LP farms.
Note that when this event ends, you can still deposit into any Apollo vaults as that would be the primary function for the Apollo site.
And that’s a wrap! You should now be equipped with the knowledge to deposit into the Apollo vaults, withdraw from them and view your current holdings. Happy farming!
