Author: Vladislav Goncharov

Updated: August 14, 2022

Due Diligence and Audit of the ApeSwap project mainly, with most, focus on the Lending protocol, specifically in Binance Smart Chain. Due Diligence includes hard due diligence (quantitative metrics reports), soft due diligence (qualitative metrics reports), and code audits.

Done by Eonian Team as preparation for investment strategy implementation.

Disclaimer

Audited projects cannot be considered safe/unsafe based on the current report. Report intentionally focuses not on the code itself but on the overall project. The report should not be used in any way to make decisions around investment or involvement with any particular project. This report in no way provides investment advice, nor should it be leveraged as investment advice of any sort. The report is not, nor should be considered, an “endorsement” or “disapproval” of any particular project or team.

Description

ApeSwap is an automated market maker (AMM), yield farming, and staking platform on BNB Chain, Polygon, and Ethereum

Key Points

• ApeSwap fork of PancakeSwap
• ApeSwap Lending fork of Compound
  • Lending was created by Ola (a team that deploys forks of the Compound with its own dApp)
  • Ola Finance Due Diligence Report
• Main product DEX
• Main blockchain BSC
  • Also listed in Polygon and Etherium
• Launched in 2021
• Project TLV is around $88.32 million
  • ATVL $99.7M
  • The lending protocol has $19.3 million in deposits and $14.99 million borrowed
  • Can be cheated - through borrowing and deposit of the same value, total TVL can be overestimated up to 300%, but still, the total value looks big enough.
• Market Capitalisation $19.49 million
• Using multi-sig for contracts and treasury
• BANANA primary native utility token serves many purposes on the platform to incentivize liquidity
• GNANA token (Golden Banana) governance token can by bought only by buying it with BANANA on ApeSwap. Allow participate in governance and get benefit from passive farming and exclusive pools