ApeX (APEX)

ApeX Pro is a non-custodial trading platform that delivers limitless cross-margined perpetual contracts trading.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 24-8-2022 saw the first value going into their contracts, their announcement of going live went out on 1-9-2022.

Audits & Exploits

• Bug bounty program can be found [insert here].
• From L2beat (31-10-2022):

"Funds can be stolen if

1. a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

Funds can be lost if

1. the external data becomes unavailable (CRITICAL),
2. the proof system is implemented incorrectly,
3. the user is unable to find the counterparty for the force trade.

Users can be censored if

1. the operator refuses to include their transactions. They can still exit the system.

MEV can be extracted if

1. the operator exploits their centralized position and frontruns user transactions."

Governance

Admin Keys

• From L2beat (31-10-2022):

"The system has a centralized operator. The operator is the only entity that can propose blocks. A live and trustworthy operator is vital to the health of the system. Typically, the Operator is the hot wallet of the StarkEx service submitting state updates for which proofs have been already submitted and verified.

Force exit allows the users to escape censorship by withdrawing their funds. The system allows users to force the withdrawal of funds by submitting a request directly to the contract on-chain. The request must be served within a defined time period. If this does not happen, the system will halt regular operation and permit trustless withdrawal of funds. Perpetual positions can also be force closed before withdrawing, however this requires the user to find the counterparty for the trade themselves. If enough time passes and the forced exit is still ignored the user can put the system into a frozen state, disallowing further state updates. In that case everybody can withdraw by submitting a merkle proof of their funds with their L1 transaction.

The system uses the following set of permissioned addresses:

1. Governor 0x5751…f21A (EOA) Can upgrade implementation of the system, potentially gaining access to all funds stored in the bridge. Currently there is no delay before the upgrade, so the users will not have time to migrate.
2. SHARP Verifier Governor 0x3DE5…F5C6 (EOA) Can upgrade implementation of SHARP Verifier, potentially with code approving fraudulent state. Currently there is no delay before the upgrade, so the users will not have time to migrate.
3. Allowed signers0x0151…5379 (EOA), 0x3210…7A92 (EOA), 0xfA85…5d81 (EOA) Can approve fast withdrawal from the bridge. At least 2 signatures are needed in order for the withdrawal to be valid."

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here.
• Built using StarkEx
• Consensus mechanism:
• Algorithm:
• Virtual Machine:
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From L2beat (31-10-2022):

"Each update to the system state must be accompanied by a ZK Proof that ensures that the new state was derived by correctly applying a series of valid user transactions to the previous state. Once the proof is processed on the Ethereum blockchain the L2 block is instantly finalized. The system state is represented using Merkle roots. The transaction data is not recorded on the Ethereum main chain.

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found [here].

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