🕯️Purgatory

What is Purgatory

Purgatory is the lending system of Ape Church where users can borrow APE using Gimboz as collateral or lend APE to earn interest.

When a loan is opened, the Gimboz is locked in the protocol (Limbo) and can be reclaimed once the loan is repaid.

Borrowing Against Gimboz

To borrow, a user selects an offer from the order book and locks a Gimboz as collateral. In return, they receive APE instantly.

Interest begins accruing immediately and continues until repayment. There is no fixed duration - the borrower can repay at any time to close the loan and retrieve the Gimboz.

If the loan is not repaid, after 21 days the lender gains the right to claim the Gimboz.

Interest & Repayment

Each loan follows a fixed structure:

• 1% flat fee at the start.

• +0.4% per day, accruing hourly.

The total repayment amount increases over time, so repaying earlier reduces the cost.

Order Book & Offers

All loans are sourced from an open order book where lenders post offers.

Each offer defines:

• How much APE can be borrowed per Gimboz.

• How many loans are available at that price.

Borrowers can select offers manually or use auto-borrow to match with the best available terms.

Lending APE

Users can lend APE by creating an offer.

They specify:

• APE per Gimboz.

• Number of loans to fund.

When an offer is taken, the lender’s APE is deployed and begins earning interest. Upon repayment, the lender receives both principal and interest.

Position Management

Borrowers can track and repay loans at any time in My Borrows.

Lenders can manage offers, track earnings, and claim repaid funds in My Lending.

A loan remains open until repaid. After 21 days, the lender can claim the Gimbo used as collateral if the loan has not been repaid.