Community research · Posted article

Project Research Dossier: APYX / APYX Protocol

By HappyMonkey 🔥

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PROJECT RESEARCH DOSSIER: APYX / APYX PROTOCOL

Why I chose it: APYX is still pre-TGE, while the underlying Apyx protocol is already live. The TGE was moved beyond 13 Oct 2026 and no replacement date had been announced as of 30 Sep.

Apyx previously raised $3M through private strategic rounds, but I found no active public APYX sale/ICO in the primary sources reviewed.

Core thesis: Apyx turns offchain dividend cashflows from Digital Asset Treasury preferred shares and Treasuries into onchain yield. apxUSD is the synthetic dollar; apyUSD is the yield-bearing wrapper; APYX is the future governance/value-accrual token.

TOKENOMICS

  • Fixed supply: 100M APYX; no emissions/future minting.
  • Official allocation chart: 40% Community / 20% Core Team / 20% Foundation / 20% Early Contributors + Strategic Partners.
  • Core team: 4-year vesting.
  • Season 1: 5% of supply; Season 2: 9%; both fully unlocked at TGE.
  • Therefore at least 14M APYX (14%) is confirmed unlocked at TGE, but exact total TGE float is still unknown because the full unlock schedule has not yet been published.

FDV / DILUTION There is no public APYX price, so I am not assigning an FDV. The clean model is FDV = 100M × price. If only the confirmed 14% is circulating, FDV/circulating market cap would be 7.14x. The bigger issue is the unknown release timing of the remaining 86%.

VERIFICATION

  • Public EVM contract repo + deployed addresses.
  • Certora audit: 11 issues, including one high severity, fixed and confirmed.
  • Zellic audit: 1 critical, 2 medium, 2 low, 3 informational, with remediations documented.
  • Offchain reserve/custody structure is documented; the project says it uses third-party brokerage custody, monthly attestations and real-time reserve visibility.

TOP RISKS

  1. Preferred-equity collateral/peg risk: Apyx reported apxUSD trading as low as $0.90 during the June STRC drawdown.
  2. Offchain custody/counterparty risk.
  3. Upgradeable-contract/admin risk.
  4. Unknown full unlock calendar and TGE float.
  5. Execution risk after the TGE delay and expanded RWA roadmap.
  6. Regulatory complexity around RWAs, custody and token governance.

CONCLUSION My biggest gating item is not max supply; it is release timing. I would rerun the dilution model once the full vesting calendar and new TGE date are published.

DISCLOSURE: I do not hold APYX and have no financial incentive or affiliation with the project Primary sources are listed in the attached dossier.

Primary sources [1] Apyx Tokenomics: https://blog.apyx.fi/apyx-tokenomics/ [2] APYX TGE Update (23 Sep 2026): https://blog.apyx.fi/apyx-tge-update/ [3] Season 1 Airdrop Overview: https://blog.apyx.fi/season-1-overview-apyx-pips-multipliers-future-airdrop-allocation/ [4] Apyx Strategic Funding (23 Feb 2026): https://blog.apyx.fi/apyx-closes-300m-raise/ [5] How Apyx Works / Custody / FAQ: https://docs.apyx.fi/apyx-overview/how-apyx-works [6] Apyx EVM Contracts (GitHub): https://github.com/apyx-labs/evm-contracts [7] Certora apxUSD Audit: https://www.certora.com/reports/apyx-apxusd [8] Zellic Apyx Stablecoin Audit: https://reports.zellic.io/publications/apyx-stablecoin/ [9] Apyx 2.0 Stress-Test Review: https://blog.apyx.fi/apyx-2-0-redemption-value-total-collateralization-evolution-of-the-dividend-backed-dollar/ [10] Terms of Service: https://docs.apyx.fi/resources/terms-of-service