Apollo DAO has been making some serious waves in the days since its launch.
Already, its farms have shown themselves to be tremendously popular. TVL reached nearly $142 million in one week and exceeded more than $200 million at its peak.
But where is all that money coming from — and how is it being deposited into Apollo DAO?
Let’s dive in.
Easier deposits = more users
At launch, Apollo DAO saw roughly $55 million in UST deposited, along with 10 million various LP tokens, with peaks of more than 50 million tokens deposited a day. Those deposits came from roughly 6,800 different users, according to this submission from @jp12_.
One of the biggest reasons, if not the main driver, of growth for Apollo DAO so far has been just how easy it is for users to make a deposit, according to @jp12_. “Apollo really made it frictionless for users to deposit,” @jp12_ noted, “and it has proven to be the right decision.”
ANC-UST leads deposits
So seamless deposits are attracting new users. But what tokens are users depositing into Apollo DAO?
Follow the money
So, where is all this money coming from?
According to this submission from @sem1d5, the answer seems to be unstaking activity on MINE and ANC. “In both cases, deposit transactions from people who have unstaked constitute 40 – 45% of all total LP deposit transactions,” @sem1d5 noted. As we can see in the data below, MINE and ANC unstaking rival even LP deposits coming from existing LP positions.
Do more with Terra data 🔍
That does it for this week. Thanks to everyone who submitted such great Terra data dashboards! Want to get more involved with the Flipside community and see your own submissions on our blog? Join us on Discord to get started.