🕯️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. Users can also buy and sell active loan debt through the Debt Market, turning loans into transferable positions. 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 30 days the lender can claim the collateralized Gimboz, although the borrower may still redeem it until the lender claims it.

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.

Collections & Protocol Stats

Purgatory supports multiple NFT collections as collateral, allowing users to switch between markets or view all collections simultaneously.

The dashboard displays live protocol metrics, including: APE currently supplied in Purgatory, Gimboz currently locked in Limbo, open lending offers, total Gimboz defaulted, total APE borrowed, total interest paid, total loans taken, active borrowers and lenders.

Order Book & Market

All loans are sourced from an open order book where lenders post offers. The Market is divided into three sections:

• Offers: lenders posting available liquidity

• Requests: borrowers requesting specific loan terms

• Debt Market: active loans listed for sale

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 Borrow Max to automatically match their NFTs with the highest available offers across the order book.

Lending APE

Users can lend APE by creating an offer.

They specify: APE per Gimboz and 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.

Lenders can also enable Perpetual Offering, which automatically reposts repaid principal as a new lending offer while keeping earned interest claimable.

Borrow Requests

Borrowers may create custom loan requests by specifying a particular NFT and the amount of APE they want to borrow. Lenders can browse and fund these requests individually, making the system more flexible for rare or premium assets.

Debt Market

Every active loan exists as a transferable PositionNFT (“Deed”). These positions can be bought or sold on the Debt Market, allowing lenders to exit early or other users to purchase the debt position and assume ownership of the loan.

Position Management

Borrowers can track and repay loans at any time in My Borrows. Lenders can manage offers, track earnings, list positions on the Debt Market, forgive loans, and claim repaid funds in My Lending.

Activity Feed

The Activity section displays live protocol activity in real time, including borrows, repayments, defaults, and forgiven loans across the system. Users can also filter activity to only their own wallet interactions.