This is a proposal to add VCHF/FRAXBP on Ethereum to the Gauge Controller to enable users to assign gauge weight and mint CRV.
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VNX, a Liechtenstein-based company licensed by the Liechtenstein Financial Market Authority (FMA), is developing a more secure and reliable infrastructure for global transactions by introducing gold-backed and fiat stablecoins.
VNX stablecoins expands investor capabilities in the crypto space by offering digital assets referencing fiat currencies. The first fiat referencing tokens presented to the market were VNX Euro (VEUR) and VNX Swiss Franc (VCHF). VNX stablecoins provide the ability for EU crypto users to trade in their native currencies as well as manage their portfolio more effectively: to hedge, trade, and profit with more options.
VNX Gold (VNXAU) is the first European multichain token backed by physical gold certified by the London Bullion Market Association (LBMA) and represents individual ownership of the gold (1 VNXAU token is equal to 1 gram of physical gold). With VNX Gold investors can get the same benefits as investing in physical gold, such as store of value, protection against volatility and inflation, and high liquidity – with complete digital convenience and freedom. The physical gold backing VNXAU is stored in an isolated, high-security vault in Liechtenstein, a country with stable economy, S&P AAA rating and an EEA member.
VNX tokens are traded on crypto exchanges such as LBank, BitForex, XT and Emirex, and the list of trading venues is growing.
Token generation and all token services are carried out by VNX Commodities, a company registered with the Liechtenstein Financial Market Authority (FMA) under the TT Token Providers and Services Act (TVTG). The list of licenses can be found at the regulator’s registry at this link.
The total funding for the project is 7.3 million euros with the lead investor Woori Technology Investment (South Korea)).
There is not enough yield or on-chain liquidity for CHF Stablecoins, and the latter are yet to be integrated within DeFi.
While regulatory restrictions on cryptocurrencies are increasing in the U.S. European regulators have introduced the MiCA regulation, which should make the EU the leading and safest cryptocurrency market, providing legal certainty and protection for investors and market participants.
VNX, a pioneer in Europe, is a regulated company, is a native partner for private and institutional investors in Europe and can accept euros/francs and crypto from them to mint VCHF. But VNX Franc is not yet so integrated in DeFi. Opening the VCHF/FRAXBP market will create additional opportunities for on-ramp/off-ramp for Curve and Frax, and it would provide VCHF holders with features that have already been developed on FRAX and Curve.
- Governance: Provide current information on the protocol’s governance structure. Provide links to any admin and/or multisig addresses, and describe the powers afforded to these addresses. If there are plans to change the governance system in the future, please explain.
VNX Franc is a centralized stablecoin.
- Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.
VNX has no oracles at this time.
- Audits: Provide links to audit reports and any relevant details about security practices.
VCHF has undergone a smart contract audit. VNX also conducts an ongoing independent audit of reserves and is audited annually by the regulator.
- Centralization vectors: Is there any component of the protocol that has centralization vectors? E.g. if only 1 dev manages the project, that is a centralized vector. If price oracles need to be updated by a bot, that is a centralized vector. If liquidations are done by the protocol, that is also a centralization vector.
VNX Franc is a centralized stablecoin.
- Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Curve pool: how long has it been active, TVL, historical volume?
VNX Franc as well as other VNX stablecoins have never lost their peg.