Wrapped ApeCoin
WAPE
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAPE (Wrapped ApeCoin) functions as a 1:1 wrapped asset deployed on ApeChain to facilitate DeFi compatibility with underlying ApeCoin (APE). The asset displays very low active development (score 2.0) as it is a structurally passive wrapper with no independent roadmap or GitHub repository. Community support (score 5.0) and governance (score 6.0) derive entirely from the broader ApeCoin DAO and BAYC/Yuga Labs ecosystem, which currently faces internal debate regarding its long-term direction. Tokenomics (score 5.0) and market utility (score 3.5) suffer from thin liquidity, low trading volume, and direct competition from native APE. The security profile (score 4.5) reflects the lack of an independent audit specifically for the ApeChain wrapper contract, as well as an unrecovered drawdown exceeding 50% from the underlying APE token's all-time high, though no exploits or depegs specific to WAPE were identified. No qualifying red-flag events requiring an overriding cap were established; the overall score directly reflects the weighted average of all evaluated sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped ApeCoin (WAPE)
Wrapped ApeCoin (WAPE) is a wrapped asset deployed on ApeChain that functions as a 1:1 backed representation of ApeCoin (APE). Its primary role is to serve as a convenience token enabling compatibility with decentralized finance (DeFi) applications within the ApeChain network. As a structurally passive wrapper, WAPE has no independent development activity, standalone roadmap, or dedicated codebase, relying directly on the technical and economic framework of the underlying ApeCoin asset.
The tokenomics of WAPE are entirely derived from ApeCoin, which has a fixed maximum supply of 1 billion tokens. WAPE itself introduces no separate emissions, staking mechanisms, or native inflation. Governance and ecosystem support trace back to the broader ApeCoin DAO and the Bored Ape Yacht Club (BAYC) and Yuga Labs ecosystem. While the ApeCoin DAO maintains active governance procedures, recent governance updates, such as AIP-596, have introduced a utility-focused execution model that reflects a partial centralization of operational decision-making, alongside ongoing internal community debates regarding the DAO's trajectory.
WAPE exhibits low trading volume and thin market liquidity, functioning in direct competition with native APE. While no security breaches or depegs specific to the WAPE wrapper contract have been identified, the wrapper contract on ApeChain lacks an independent, verifiable audit report. Furthermore, the asset remains exposed to the broader ApeCoin ecosystem's historical events and market weakness. These include a March 2022 flash-loan exploit of the ApeCoin airdrop claim contract that resulted in the theft of 60,564 APE (approximately $380,000 in illicit profits), as well as an unrecovered price drawdown exceeding 50% from historical peaks.