Hello everyone! We want to briefly introduce VNX - generator of the fiat referencing stablecoins (VEUR and VCHF) and tokenized gold (VNXAU).
You are welcome for the feedback on this overview!
Project highlights
VNX is a cutting-edge RWA tokenization platform focused on generation of non-USD fiat referenced tokens such as VEUR, VCHF and VGBP (which is scheduled to be launched till the year-end). Fiat referenced tokens for marketing purposes hereinafter will be called stablecoins. VNX also generates asset referenced tokens VNXAU (1 token represents 1 gram of physical gold).
The primary aim of VNX is to provide stable, secure, multichain stablecoins that help in solving the issues of traditional banks and payments solution. These stablecoins cater to different types of investors looking for a reliable medium of exchange, store of value, and a bridge between the traditional financial system and the Web3 economy.
Web3 advantages
Traditional Web2 payment systems and financial instruments often suffer from inefficiencies, high costs, and lack of transparency.
VNX’s Web3 approach eliminates intermediaries, reducing transaction costs and settlement times.
VNX stablecoins can seamlessly integrate with decentralized applications (dApps, and blockchain-based ecosystems. This opens up new use cases such as cross-border micropayments, decentralized lending, and tokenized asset trading.
The variety of VNX’s Web3 partners also align perfectly with VNX’s mission to provide secure, reliable, and forward-thinking financial solutions, enhancing the overall user experience and expanding opportunities for traders.
How it is built
VNX is an advanced, RWA tokenization platform .
VEUR, VCHF and VNXAU are generated in strict compliance with EU regulations and backed by the reserved funds, ensuring both transparency and security for users.
The platform operates as a collection of applications deployed on Kubernetes clusters hosted on AWS infrastructure. Built on a microservice architecture, it ensures scalability, flexibility, and high availability.
Platform Components
The platform comprises the following key components:
• Investor and Operator Dashboards: User interfaces tailored for investors and platform operators.
• Open API: Enables seamless integration with external systems.
• DeFi Node: Provides connectivity and functionality for decentralized finance operations.
• Blockchain Connectivity Nodes: Facilitates interaction with multiple blockchain networks.
• Supporting Server Components: Additional backend services for smooth operation.
The platform is built with hot redundancy for critical components, ensuring uninterrupted service and robust fault tolerance.
Technologies Used
Key languages and frameworks utilized in development:
• JavaScript/TypeScript: For robust and scalable application logic.
• React: For responsive and user-friendly interfaces.
• Solidity: To implement secure and efficient smart contracts.
Internet Computer superpowers
The VNX platform leverages some unique and innovative features of the Internet Computer Protocol (ICP), including:
- Fast Access and Unified Interfaces:
• Canisters (smart contract containers on ICP) are quickly accessible via the web.
• The Candid interface standard provides a unified and developer-friendly API. - Reversed Gas Model:
• Unlike traditional blockchain models where users pay for transaction fees, ICP employs a reverse gas model. This shifts the cost burden to the smart contract developers, enhancing the user experience. - Advanced Key Material Management:
• ICP offers rich capabilities for managing cryptographic keys, ensuring secure interaction with canisters and other system components.
Standards and Wallet System Implementation
In our application, we adhere to standardized canisters such as ICRC1, ICRC2, and ICRC3 Ledger, alongside index canisters. These standards ensure compatibility and efficiency in ledger operations.
To support the platform’s wallet system, we utilize a custom key generation scheme based on seed phrases. This scheme follows the BIP-44 and BIP-49 standards, which are widely recognized for secure hierarchical deterministic wallets.
Go-To-Market strategy
VNX plans to interact with users through a multi-channel strategy that includes:
- Partnerships with financial institutions: Collaborating with banks, exchanges and payment providers to integrate VNX stablecoins into their ecosystems. VNX stablecoins are traded on cryptoexchange Bitstamp and is available for users of wealth management platform SwissBorg. The market liquidity is supported by the market leaders Cumberland, DV Chain and STS Digital. There are more such integrations to come, our plan is the further VNX stablecoins listing at the major CEX’s and collaborating with the traditional payments providers around the world to solve the problem of complex, time-consuming and expensive international payments.
- Community engagement: To reach the potential users of stablecoins, VNX uses a mix of direct engagement, media, and collaborative campaigns. VNX is widely represented at various media sources, offering users the latest news about its stablecoins advantages and usecases.
- Targeting DeFi ecosystems: VNX is deeply integrated into DeFi and has strong business relationships with key stakeholders, including blockchain foundations such as Solana, Tezos, Stellar, Arbitrum, ICP, Ripple, Avalanche, and leading dApps such as Orca, Balancer, Raydium, Jupiter, Meteora, Kamino, Xave, Kyberswap, Xave and others. Moreover, Pyth price oracles have been launched for VEUR and VCHF, and proof-of-reserve oracles are being developed.
Trust and support
For the purposes of company’s operation ability, we are supported by the governments and market participants with grants.
• EUR 7.3M funding was gained from lead investor Woori Technology Investment, which is a leading venture capital firm in Korea, and the primary investor in Upbit – the largest crypto exchange in the country.
• VNX established a tech partnership with SnT (Center for Security, Reliability and Trust) at the University of Luxembourg to develop security measures, audit smart contracts, and received two grants from the Luxembourg government to support tech development (2.2 million Euro – completed, and a new 2.3 million Euro – confirmed in June 2024).
• More than EUR 500k grants VNX gained from ICP, Solana, Tezos, Stellar, Ripple, Arbitrum blockchains.
Status of the project
The VNX platform is live, with VEUR, VCHF, and VNXAU already issued and actively traded through our numerous partners. Key achievements include:
• Overall market cap of VEUR/VCHF/VNXAU is $15 181 898;
• The latest transacted volume of VNX stablecoins and VNXAU is $1 653 439;
• Current number of tokenholders is 1 684;
• Total number of transactions is 1 653 439;
• Over 15 DeFi integrations with leaders in the space such as Orca, Balancer, Raydium, Uniswap, Kamino and others.
Resources
• Website: vnx.io
• GitHub: gitlab.com/vnx
• Twitter: x.com/VNX_Platform
• Discord: discord.com/invite/5jCaPYwr3f
• Medium: medium.com/@vnx
Future Plans
By the end of 2025 VNX aims to achieve:
• 60 DeFi / CeFi integrations;
• VNX stablecoins are used by payment providers for high-speed cross-border payments between Europe, Asia and the MENA region;
• Listing on local exchanges for Asia, the Middle East and Latin America;
• Integration with 5 banks and 5 fintech/asset management platforms;
• Launch of onchain options on VNX stablecoins and VNXAU;
• Launch of iOS/Android VNX mobile app with platform-like functionality;
• Expand the stablecoin and asset referenced tokens offerings to include other fiat currencies and commodities;
• Launch VNX token and boost the VNX Community Hub;
• Become the leader of the European market by capitalization.