🛡️SECURITY

SECURITY

In our dedication to ensuring the safety of our users and partners, we aim to maintain transparency regarding the modifications and the current state of security audits for our smart contracts.

Apex Vault was derived from Solidly, whose codebase was fully open-sourced by Andre Cronje and his team in March 2022. No security incidents related to Solidly smart contracts have been reported since its launch on the Fantom network in February.

DIFFERENCES FROM SOLIDLY

These are the listed differences by Apex Vault between Solidly and their own platform.

MAJOR CHANGES

• Treat external bribes differently than internal bribes (i.e. fees). We split Bribe into two separate contracts, InternalBribe and ExternalBribe. InternalBribe functions essentially the same way as Bribe did, but ExternalBribe ensures that rewards are eliglble to be claimed by any voter who votes for the underlying gauge during the epoch, instead of only voters who vote after the rewards are sent. ExternalBribe also ensures that rewards can only be claimed after the epoch ends.ExternalBribe rewards must also be whitelisted via on-chain governance.

• One vote per epoch. In Velodrome, voters are only allowed to make "active" voting decisions (i.e. vote and reset) once per epoch. Voters are required to wait until the next epoch to modify their votes. Nevertheless, voters can cast their votes throughout the epoch.

• On-chain governance. To manage protocol-wide decisions, such as the selection of qualified tokens for external bribes, we will implement an on-chain Governor. This will be Tally's first on-chain governor on Optimism, as they have recently provided support for the network.

• Killable gauges. To discourage emissions exploitation via dummy gauges, we are empowering the Velodrome Commissaire (similar to Curve's Emergency DAO) to deactivate any "bad" gauges. The Commissaire consists of members from different groups who are intended to act as a credibly neutral decision-maker for the wider ecosystem.

MINOR CHANGES

• Removed the LP boost for voters. We have eliminated the boost that voters receive when staking their LPs with gauges they voted for, which eliminates the need for a veNFT aggregator (more on this topic will be provided later).

• Removed negative voting. After assessing the effects of negative voting in Solidly, we determined it to be a zero-sum game and decided to remove it from Apex Vault.

• Team emissions. We have allocated 3% of new emissions to a team address, which will be used to cover ongoing expenses and support future development.

SMALL CHANGES

• Modifiable fees. We have increased fees to 0.02%, which can be adjusted up to 0.05%. These fees are now tracked separately for volatile and stable pairs.

• Upgradeable veNFT art. Self-explanatory

• Velodrome specific.

• Initial distribution. Initial distribution will be handled in two ways: a redemption process that uses LayerZero to burn $WEVE for $USDC and $APXV on Optimism, and a Merkle airdrop contract. Unclaimed $APXV is never minted to ensure emissions aren't affected.