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

$89.56 M

0.07%

Canonically Bridged
$89.56 M
Externally Bridged
$0.00
Natively Minted
$0.00
  • Tokens
  • Daily TPS
    1.7810.97%
  • 30D tx count
    4.88 M
  • Type
    Validium
  • Purpose
    Exchange
  • ...

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    Milestones

    ApeX Pro public beta launched

    2022 Nov 21st

    ApeX Pro beta is launched, with incentives program for users.

    Learn more

    ApeX Pro live on Mainnet

    2022 Aug 31st

    ApeX Pro, a non-custodial decentralized exchange is now live on Mainnet.

    Learn more
    Detailed description

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

    ApeX Pro is running two independent StarkEx instances, one for USDC and one for USDT, but that technical distinction is not visible to the user.

    Risk summary
    Risk analysis
    Sequencer failureState validationData availabilityExit windowProposer failure

    State validation

    ZK proofs (ST)

    zkSTARKS are zero knowledge proofs that ensure state correctness.

    Data availability

    External (DAC)

    Proof construction relies fully on data that is NOT published on chain. There exists a Data Availability Committee (DAC) with a threshold of 3/5 that is tasked with protecting and supplying the data.

    Exit window

    None

    There is no window for users to exit in case of an unwanted upgrade since contracts are instantly upgradable.

    Sequencer failure

    Force via L1

    Users can force the sequencer to include a trade or a withdrawal transaction by submitting a request through L1. If the sequencer censors or is down for 7d, users can use the exit hatch to withdraw their funds. Users are required to find a counterparty for the trade by out of system means.

    Proposer failure

    Use escape hatch

    Users are able to trustlessly exit by submitting a Merkle proof of funds. Positions will be closed using the average price from the last batch state update.

    Technology

    Validity proofs ensure state correctness

    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. These proofs are then verified on Ethereum by a smart contract. The system state is represented using Merkle roots.

    1. Enforcing Consistency on the On-Chain State - StarkEx documentation

    Zero knowledge STARK cryptography is used

    Despite their production use zkSTARKs proof systems are still relatively new, complex and they rely on the proper implementation of the polynomial constraints used to check validity of the Execution Trace.

    • Funds can be lost if the proof system is implemented incorrectly.

    1. STARK Core Engine Deep Dive

    Data is not stored on chain

    The balances of the users are not published on-chain, but rather sent to external trusted parties, also known as committee members. A state update is valid and accepted on-chain only if at least a quorum of the committee members sign a state update.

    • Funds can be lost if the external data becomes unavailable (CRITICAL).

    • Users can be censored if the committee restricts their access to the external data.

    1. Data Availability Modes - StarkEx documentation
    2. Validium - StarkEx documentation
    3. Availability Verifiers - StarkEx documentation
    Operator

    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.

    • MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.

    1. Operator - StarkEx documentation

    Users can force exit the system

    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 7d. 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.

    • Users can be censored if the operator refuses to include their transactions. However, there exists a mechanism to independently exit the system.

    • Funds can be lost if the user is unable to find the counterparty for the force trade.

    1. Censorship Prevention - StarkEx documentation
    2. Forced Trade - StarkEx documentation
    Withdrawals

    Regular exit

    The user initiates the withdrawal by submitting a regular transaction on this chain. When the block containing that transaction is proven the funds become available for withdrawal on L1. Finally the user submits an L1 transaction to claim the funds. This transaction does not require a merkle proof.

    1. Withdrawal - StarkEx documentation

    Forced exit

    If the user experiences censorship from the operator with regular exit they can submit their withdrawal requests directly on L1. The system is then obliged to service this request. Once the force operation is submitted and if the request is serviced, the operation follows the flow of a regular exit.

    1. Forced Operations - StarkEx documentation
    2. Forced Withdrawal - StarkEx documentation
    3. Forced Trade - StarkEx documentation

    Emergency exit

    If the enough time deadline 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.

    1. Forced Operations - StarkEx documentation
    2. Forced Withdrawal - StarkEx documentation
    3. Forced Trade - StarkEx documentation
    Permissions

    The system uses the following set of permissioned addresses:

    Governors for USDC StarkEx (2) 0xef75…1D550xC532…a7B6

    Allowed to upgrade the implementation of the StarkExchange (USDC) contract, potentially maliciously gaining control over the system or stealing funds.Currently there is 14d delay before the upgrade.

    Governors for USDT StarkEx 0x53c6…Ac8b

    Allowed to upgrade the implementation of the StarkExchange (USDT) contract, potentially maliciously gaining control over the system or stealing funds.Currently there is 14d delay before the upgrade.

    Operators for USDC StarkEx (2) 0x5751…f21A0x78e8…d4Fb

    Allowed to update state of the system and verify DA proofs for USDC StarkEx instance. When Operator is down the state cannot be updated.

    Operators for USDT StarkEx (2) 0x5751…f21A0x552a…8169

    Allowed to update state of the system and verify DA proofs for USDT StarkEx instance. When Operator is down the state cannot be updated.

    Validity proof must be signed by at least 3 of these addresses to approve state update.

    Data Availability Committee for USDT StarkEx (5) 0x1709…95010x8f33…498c0xb557…24200x4F75…44dB0x8116…a6e5

    Validity proof must be signed by at least 3 of these addresses to approve state update.

    SHARP Verifier Governors (2) 0x3DE5…F5C60x21F9…AEc4

    Can upgrade implementation of SHARP Verifier, potentially with code approving fraudulent state. Currently there is 0s delay before the upgrade.

    SHARPVerifierGovernorMultisig 0x21F9…AEc4

    SHARP Verifier Governor. This is a Gnosis Safe with 2 / 3 threshold.

    Used in:

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    SHARPVerifierGovernorMultisig participants (3) 0x5923…85580xebc8…fD7F0x955B…2Fec

    Those are the participants of the SHARPVerifierGovernorMultisig.

    Smart contracts
    A diagram of the smart contract architecture
    A diagram of the smart contract architecture

    The system consists of the following smart contracts:

    Main contract of ApeX exchange for USDC collateral. Updates state and verifies its integrity using STARK Verifier. Allows users to deposit and withdraw tokens via normal and emergency modes. This contract stores the following tokens: USDC.

    Main contract of ApeX exchange for USDT collateral. Updates state and verifies its integrity using STARK Verifier. Allows users to deposit and withdraw tokens via normal and emergency modes. This contract stores the following tokens: USDT.

    CommitteeUSDC 0x23Ca…94E4

    Data Availability Committee (DAC) contract for USDC StarkEx instance, verifying data availability claim from DAC Members (via multisig check).

    CommitteeUSDT 0x7249…f800

    Data Availability Committee (DAC) contract for USDT StarkEx instance, verifying data availability claim from DAC Members (via multisig check).

    MultiSigPoolUSDC 0xe95b…e9DE

    Allows deposits in different tokens and swaps them to USDC. Allows fast withdrawals after the agreement of at least 2 designated signers.

    MultiSigPoolUSDT 0x379c…46b8

    Allows deposits in different tokens and swaps them to USDT. Allows fast withdrawals after the agreement of at least 2 designated signers.

    PerpetualEscapeVerifier 0xaadF…F7BD

    Contract responsible for validating force withdrawal requests. Used by both USDC and USDT StarkEx instances.

    CallProxy for GpsStatementVerifier.

    Proxy used in:

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    SHARPVerifier 0xd51A…D8dF

    Starkware SHARP verifier used collectively by Starknet, Sorare, ImmutableX, Apex, Myria, rhino.fi and Canvas Connect. It receives STARK proofs from the Prover attesting to the integrity of the Execution Trace of these Programs including correctly computed state root which is part of the Program Output.

    Implementation used in:

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    FriStatementContract 0xDEf8…44fb

    Part of STARK Verifier.

    Implementation used in:

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    MerkleStatementContract 0x634D…804c

    Part of STARK Verifier.

    Implementation used in:

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    CairoBootloaderProgram 0xb4c6…6a40

    Part of STARK Verifier.

    Implementation used in:

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    MemoryPageFactRegistry 0x4086…70fA

    MemoryPageFactRegistry is one of the many contracts used by SHARP verifier. This one is important as it registers all necessary on-chain data.

    Implementation used in:

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    OldMemoryPageFactRegistry 0xFD14…D1b4

    Same as MemoryPageFactRegistry but stores facts proved by the old SHARP Verifier, used as a fallback.

    Implementation used in:

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    Value Locked is calculated based on these smart contracts and tokens:

    The current deployment carries some associated risks:

    • Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

    Knowledge nuggets