VNX Gold
VNXAU
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
VNX Gold (VNXAU) is a regulated, tokenized physical gold commodity issued by Liechtenstein-based VNX Commodities AG under the TVTG regime supervised by the Financial Market Authority (FMA). Each token represents 1 gram of LBMA-certified physical gold stored in a segregated vault in Liechtenstein, with per-token serial number allocation tracking and recurring agreed-upon procedures reserve attestations conducted by AREVA. From a security and technical perspective (7.5/10), the asset has a clean operational track record since launch in October 2022, with no hacks, exploits, depegs, or regulatory enforcement actions identified, though smart contracts maintain centralized proxy/admin upgrade privileges. Active development (6.5/10) and governance (6.5/10) reflect steady multichain deployment (Ethereum, Base, Solana, Polygon, Tezos) and verified leadership under Alexander Tkachenko. However, the project scores poorly in Community Support (2.0/10) and Market and Use Case (4.0/10) due to extremely thin liquidity, a low market cap (~$6.2M–$6.58M), minimal retail holder counts, and heavy competition from market-dominant incumbents like PAXG and XAUT. No qualifying red-flag events were identified, yielding an overall score based strictly on the 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 Gold (VNXAU)
VNX Gold (VNXAU) is a tokenized physical gold commodity issued by Liechtenstein-based VNX Commodities AG. Operating under the Tokens and TT Services Providers Law (TVTG) framework supervised by the Liechtenstein Financial Market Authority (FMA), each VNXAU token represents one gram of LBMA-certified physical gold held in a segregated vault in Liechtenstein. The asset is deployed across multiple blockchain networks, including Ethereum, Solana, Polygon, Base, and Tezos.
The token uses an asset-linked supply mechanism where tokens are minted or redeemed relative to vaulted metal reserves, accompanied by an allocation tool allowing holders to look up serial numbers for the physical gold bars backing their tokens. The issuer undergoes recurring agreed-upon procedures reserve examinations performed by AREVA General Auditing and Trust Company Limited. Founded by CEO Alexander Tkachenko, the project has received institutional support from entities such as Woori Technology Investment, the Solana Foundation, and Ava Labs. Governance is fully centralized under the issuing entity, with no token-holder voting or DAO mechanism.
VNXAU carries structural counterparty and centralization risks, depending on a single issuer, custody facility, and legal jurisdiction. Technical evaluations highlight that the token utilizes upgradeable proxy contracts with unrenounced administrative privileges, while public audits omit detailed auditor attributions. Market adoption remains constrained, with a market capitalization of approximately $6.2 million to $6.58 million, thin trading volumes, and small on-chain holder counts relative to incumbent gold-backed tokens such as PAXG and XAUT. The project has recorded no smart contract exploits, depegs, or regulatory enforcement actions since its launch in 2022.