VNX Swiss Franc
VCHF
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
VNX Swiss Franc (VCHF) is a fiat-referenced stablecoin issued by Liechtenstein-based VNX Commodities AG under the Blockchain Act (TVTG) and supervised by the Liechtenstein FMA, alongside VNX Global Ltd. under a Bermuda Monetary Authority licence. The asset demonstrates solid regulatory compliance and a clean security record with smart contract audits conducted by the SnT SEDAN Group at the University of Luxembourg. Multi-chain deployments span Ethereum, Solana, Avalanche, Base, and others. However, VCHF exhibits low adoption metrics, characterized by a modest cross-chain market cap of approximately $2.8M to $5.1M, thin trading liquidity, and a negligible community presence (1,709 holders cross-chain). Furthermore, there is an unresolved discrepancy in collateral disclosures across historical sources (claims of 1:1 Swiss Franc backing versus earlier documentation indicating indirect gold-backed intermediary exposure), along with a lack of publicly accessible third-party reserve attestations. With no qualifying red-flag incidents or fraud identified, the overall score represents the exact weighted average across 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 VNX Swiss Franc (VCHF)
VNX Swiss Franc (VCHF) is a fiat-referenced stablecoin designed to provide on-chain exposure to the Swiss franc. The token is issued by Liechtenstein-based VNX Commodities AG, which is registered under the Liechtenstein Token and VT Service Providers Act (TVTG) and supervised by the Liechtenstein Financial Market Authority (FMA), alongside VNX Global Ltd., which holds a Class M license from the Bermuda Monetary Authority. VCHF operates across multiple blockchain networks, including Ethereum, Solana, Avalanche, Base, Celo, Stellar, Tezos, and the Internet Computer.
The token uses a 1:1 mint and burn supply mechanism managed directly by the centralized issuer, requiring mandatory identity verification (KYC/KYB) for primary issuance and redemption. Governance is fully centralized within the issuing company, led by founder Alexander Tkachenko, without a decentralized autonomous organization (DAO) or community voting framework. Smart contract security audits have been conducted by the SEDAN Group at the Interdisciplinary Centre for Security, Reliability and Trust (SnT) at the University of Luxembourg.
Evaluation data highlights several structural concerns and adoption constraints. A notable discrepancy exists regarding the asset's collateral model: current project disclosures state that VCHF is backed 1:1 by Swiss franc deposits, whereas 2024 educational documentation described indirect backing through VNX's tokenized gold asset (VNXAU). Additionally, the project lacks regular, publicly accessible independent reserve attestations. Market presence remains niche, with market capitalization estimated between $2.8 million and $5.1 million, approximately 1,709 cross-chain holders, and thin trading volume across available secondary markets such as Bitstamp and Kraken.