How to use Apollo DAO to Autocompound your Yield in the Terra Ecosystem
Apollo DAO Autocompounder App Tutorial
Let’s talk about the yield aggregator called Apollo DAO which automatically compounds your rewards and maximizes your yields.
This can be a big improvement to your DeFi strategy because instead of manually compounding your earnings daily/weekly and paying gas fees each time, the protocol does it for you.
As always, this is for educational and entertainment purposes only and shouldn’t be regarded as financial advice.
What is Apollo DAO?
Apollo DAO is a yield optimizer created in a hackathon hosted about 6 months ago. It has big plans to:
- leverage cross-chain and complex DeFi strategies,
- explore NFT gamification
- and strengthen its governance token through a community governed fund.
Apollo DAO Features
Warchest
- A pool of capital that is managed by Apollo token holders.
- Apollo DAO will be directing 99% of revenue generated by Apollo’s DeFi suite, to the Apollo Warchest, with the remaining 1% of revenue going to Angel Protocol’s charity vaults.
- Initially, the Warchest will comprise; 50% Luna, 20% bETH and 30% aUST, but future allocation will be decided by the Apollo token holders
Apollo Token
- This is the governance token of the protocol
- Token holders get to vote for the DeFi strategies implemented or allocation in the Warchest pool capital
- It has a total supply of 100 Million — half of which goes to yield farming rewards, and 5% goes to Luna stakers
- Token holders also receive rewards by staking and through the distribution of fees
Apollo Dao Farming App
You can start using the Apollo Dao farming app today.
They currently have a community farming event:
- 10% of your LPs rewards are used to purchase the APOLLO token at a flat price of $0.25
- and the 90% is auto compounded into your LP.
This event will be completed when 6M of Apollo tokens have been repurchased by the community’s LP positions.
Step by Step Guide to using the Apollo App
Getting Started
- Download the terra station wallet as a browser extension. Go to this website to learn how to install it.
- Get UST in your wallet to pay for gas fees. UST is the US Dollar Stablecoin coin on the Terra Blockchain
- Get UST in your wallet to enter a farm OR use an existing LP position that you own
Options
- Supply UST only: Steps 1 to 4
- Create an LP & Deposit: Steps 1, 2, 5–8
- Utilise your existing LP & Deposit: Steps to 1, 2, 7,8
Step 1 — Launch
Go to apollo.farm and click Launch App
Step 2 — Connect
Click Connect to connect your Terra Station Wallet
Step 3 — Create LP with your UST (Skip this step if you have both tokens for the LP)
- Choose a Vault and Supply your UST as Capital. The app automatically purchases the other token required. For e.g. I’m choosing the MINE-UST vault and supplying 10 UST. 5UST will be used to purchase the MINE token and the other 5UST will be used for the Liquidity Pool (LP) pair.
- Confirm the selection and the transaction will complete in about 10 seconds.
Step 4 — Your Portfolio
Review your portfolio to see that the LP pair has been created. Click the Portfolio tab.
You can stop here. You have successfully created an autocompounding vault. Congrats. 🎉🎉🎉
If you’d like to create an LP and then supply it OR if you’d like to utilise an existing LP that you own. Continue along from here.
Step 5 — Launch TerraSwap
Go to terraswap.io and click Webapp
Step 6 — Create your LP with Terra Swap
Step 7 — Add the LP to the Vault in Apollo DAO
In this case, we’re adding to the ANC-UST LP,
- so select ANC-UST Vault
- select the drop-down so that you can choose to supply the LP instead of UST
- Click Confirm
Step 8 — Check your Portfolio
- Click Portfolio on the Apollo app so that you can see the recently added LP
Tutorial Complete. Well Done 🎉🎉🎉
Conclusion
If you’re a yield farmer then this is a good opportunity for you to consider increasing your yields and also become a part of the APOLLO DAO.
