BNB

ApolloX DAO Votes on Migrating Away From BUSD Pool

by BSC News

February 14, 2023

chain

The DAO for BNB Chain derivatives trading platform ApolloX is voting to move away from staking rewards for APX-BUSD to other coins, including $BNB.

BUSD Phaseout Impacts DeFi

The Decentralized Autonomous Organization (DAO) for ApolloX is considering a proposal to move away from staking rewards for the original APX-BUSD LP token, citing โ€œthe uncertainty and potential risks of the BUSD stablecoin.โ€

The BNB Chain derivatives trading platform is one of many Decentralized Finance (DeFi) protocols that will have to make similar decisions following news that Paxos Global will stop minting the Binance-branded stablecoin on Ethereum.

For example, BSC News reported earlier that the DAO for massive crypto lending platform Aave Protocol is weighing a proposal to freeze its BUSD reserves.

(See our review of DeFi protocols with the largest yield-producing BUSD pools here.)

The ApolloX proposal gives voters four options for migrating staking rewards: APX-USDC, APX-USDT, APX-BNB or keeping APX-BUSD.

Very early returns have APX-BNB leading with 65% of the vote. The DAO vote ends Feb. 18.

What is ApolloX:

ApolloX launched in 2021, with a mission to make crypto trading accessible to everyone. The platform's ecosystem comprises BNB Chain's foremost decentralized crypto derivatives exchange - ApolloX DEX, an in-built DeFi Wallet, ApolloX NFTs, and its proprietary derivatives trading solution - ApolloX DEX Engine.

ApolloX is among the top BNB Chain decentralized exchanges and has attracted seed funding from major venture capitalists like Binance Labs and Kronos Research, 3Commas, and LUX Capital.

Where to find ApolloX:

Website | Twitter | Telegram | Discord | Reddit | Instagram

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