Verify a decision

{"actor":"system:backfill","investigation_id":"ce7fa393-7591-4436-a382-7cf9f4a6fb85","kind":"publish","page_slug":"azverse-perps","published_at":"2026-10-13T05:33:28.749Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"AZverse Perps","sections":[{"content":"DefiLlama lists AZverse Perps and describes AZverse as 'a DEX infrastructure protocol providing shared liquidity and a trading engine for DEX builders.' The listing shows five chains: Arbitrum, Ethereum, Binance, Bitcoin and Berachain. It gives the Twitter handle @AZverse_Global and a listed date of July 2026. AZverse's own site describes it as an 'Open Financial Network' with an execution layer called AXIS (a single canonical orderbook) and AZX, a trading platform offering perpetuals, spot markets, vaults and strategies. The project's documentation describes AZverse as a shared liquidity and execution layer on which partners ('Composers') build applications ('Compositions'), with AZ as the first Composer and AZX as the flagship. The requester context describes AZverse Perps as a perpetuals exchange; the sources reviewed describe it more broadly as infrastructure with a perpetuals product built on it. A December 2025 press release, syndicated on several outlets, describes AZX as an order-book DEX entering beta testing; the full text could not be retrieved, so its claims are not repeated here.","heading":"What AZverse Perps is and how it is described","severity":"low","sources":[{"credibility":2,"name":"DefiLlama API - AZverse Perps","type":"on_chain","url":"https://api.llama.fi/protocol/azverse-perps"},{"credibility":2,"name":"DefiLlama - AZverse Perps","type":"research","url":"https://defillama.com/protocol/azverse-perps"},{"credibility":3,"name":"AZverse official site","type":"official","url":"https://azverse.xyz"},{"credibility":3,"name":"AZverse documentation","type":"official","url":"https://azverse.gitbook.io/azx-docs"},{"credibility":3,"name":"AZX beta press release (Zawya syndication)","type":"news_article","url":"https://www.zawya.com/en/economy/global/azx-an-oderbook-dex-debuts-beta-testing-with-breakthrough-performance-and-innovation-tvn01ip8"}]},{"content":"On 13 October 2026, the DefiLlama API showed total TVL of about $52.0M across five chains: Arbitrum about $50.45M, Binance about $0.85M, Ethereum about $0.61M, Bitcoin about $0.08M and Berachain about $0.01M. That makes Arbitrum roughly 97% of the total, consistent with the requester's 7 October reading of about $50.5M (the figures differ slightly because they were read on different dates). A search-result summary of DefiLlama's spot page reported roughly $224K in 30-day DEX volume and about $2K in 30-day fees; this was not independently confirmed from the page itself. If accurate, TVL is large relative to trading activity, which warrants caution when interpreting the TVL figure. TVL is a third-party aggregator metric and the methodology for how it is computed was not verified.","heading":"TVL and chain concentration","severity":"medium","sources":[{"credibility":2,"name":"DefiLlama API - AZverse Perps","type":"on_chain","url":"https://api.llama.fi/protocol/azverse-perps"},{"credibility":2,"name":"DefiLlama - AZverse (parent)","type":"research","url":"https://defillama.com/protocol/azverse"},{"credibility":2,"name":"DefiLlama - AZverse Spot","type":"research","url":"https://defillama.com/protocol/azverse-spot"}]},{"content":"DefiLlama records 0 audits for AZverse Perps. The documentation page and website reviewed do not mention audits, security, custody or risks. The public GitHub repository AZverse/az-bft is a v0.1.0-alpha source release of a Byzantine fault-tolerant consensus engine for a permissioned 'AZ Layer 1'; it states that production transport is not included, shows 0 stars and 0 forks, lists no named contributors, and mentions no third-party audit. Whether this repository corresponds to the contracts or systems holding the roughly $50M on Arbitrum could not be established. No audit report from any named firm was found. The absence of a published audit is not itself evidence of a vulnerability, but it means the contract code's security has not been independently verified in any source found.","heading":"Audits and security","severity":"high","sources":[{"credibility":2,"name":"DefiLlama API - AZverse Perps","type":"on_chain","url":"https://api.llama.fi/protocol/azverse-perps"},{"credibility":3,"name":"AZverse/az-bft GitHub repository","type":"other","url":"https://github.com/AZverse/az-bft"},{"credibility":3,"name":"AZverse documentation","type":"official","url":"https://azverse.gitbook.io/azx-docs"}]},{"content":"No named founders, executives or legal entity could be verified. The documentation and website reviewed do not name a team. The GitHub repository lists no contributors. A December 2025 press release for AZX carried a Panama City dateline, but its full text could not be retrieved, so no operating entity or individuals are confirmed. Because the team could not be identified, accountability and recourse for users are unclear.","heading":"Team and corporate identity","severity":"high","sources":[{"credibility":3,"name":"AZverse documentation","type":"official","url":"https://azverse.gitbook.io/azx-docs"},{"credibility":3,"name":"AZverse/az-bft GitHub repository","type":"other","url":"https://github.com/AZverse/az-bft"},{"credibility":3,"name":"AZX beta press release (Zawya syndication)","type":"news_article","url":"https://www.zawya.com/en/economy/global/azx-an-oderbook-dex-debuts-beta-testing-with-breakthrough-performance-and-innovation-tvn01ip8"}]},{"content":"No smart contract addresses were found in the sources reviewed. The DefiLlama listing shows no website link and flags its referral URL (app.azverse.xyz) as dead; the main site azverse.xyz and documentation did load. The ownership and upgrade/admin controls of any contracts, the relationship between the DefiLlama 'Perps' listing and the AZX product (search results suggest a link via azverse.xyz but the sources do not state it), and the nature of the 'permissioned' AZ Layer 1 were not verified. No hack, exploit, regulatory action, lawsuit or scam report was found in searches; the project is obscure and coverage is sparse, so this absence reflects limited information rather than a clean record.","heading":"Contracts, links and unverified items","severity":"medium","sources":[{"credibility":2,"name":"DefiLlama API - AZverse Perps","type":"on_chain","url":"https://api.llama.fi/protocol/azverse-perps"},{"credibility":3,"name":"AZverse official site","type":"official","url":"https://azverse.xyz"}]}],"sources_used":[{"credibility":2,"name":"DefiLlama API - AZverse Perps","type":"on_chain","url":"https://api.llama.fi/protocol/azverse-perps"},{"credibility":2,"name":"DefiLlama - AZverse Perps","type":"research","url":"https://defillama.com/protocol/azverse-perps"},{"credibility":2,"name":"DefiLlama - AZverse (parent)","type":"research","url":"https://defillama.com/protocol/azverse"},{"credibility":2,"name":"DefiLlama - AZverse Spot","type":"research","url":"https://defillama.com/protocol/azverse-spot"},{"credibility":3,"name":"AZverse official site","type":"official","url":"https://azverse.xyz"},{"credibility":3,"name":"AZverse documentation","type":"official","url":"https://azverse.gitbook.io/azx-docs"},{"credibility":3,"name":"AZverse/az-bft GitHub repository","type":"other","url":"https://github.com/AZverse/az-bft"},{"credibility":3,"name":"AZX beta press release (Zawya syndication)","type":"news_article","url":"https://www.zawya.com/en/economy/global/azx-an-oderbook-dex-debuts-beta-testing-with-breakthrough-performance-and-innovation-tvn01ip8"}],"summary":"AZverse Perps is the DefiLlama listing for the perpetuals component of AZverse, which DefiLlama describes as a DEX infrastructure protocol providing shared liquidity and a trading engine for DEX builders. DefiLlama shows roughly $52M in TVL, about 97% on Arbitrum, and zero recorded audits. The team, audits and contract addresses could not be verified from the sources reviewed, and no enforcement action, hack or scam allegation was found.","timeline":[{"date":"2025-12","event":"Press release announces AZX, an order-book DEX, entering beta testing.","source":"Zawya (syndicated press release)","source_url":"https://www.zawya.com/en/economy/global/azx-an-oderbook-dex-debuts-beta-testing-with-breakthrough-performance-and-innovation-tvn01ip8"},{"date":"2026-07","event":"AZverse Perps listed on DefiLlama.","source":"DefiLlama API","source_url":"https://api.llama.fi/protocol/azverse-perps"}]},"v":1}