Committing to pushing the boundaries of security and transparency in decentralized finance also means surrounding ourselves with industry experts. To guarantee a secure and reliable environment, BANGK has chosen the expertise of CertiK, a world leader in blockchain auditing. This in-depth audit is part of BANGK's commitment to building a resilient technological foundation where user security and system robustness are a fundamental priority.
Here is an analysis of the key points from this audit.
1. Remarkable Code Performance
The CertiK audit examined in detail BANGK's smart contract code, obtaining a score of 90.66/100, reflecting the solidity of the deployed technological mechanisms.
Key strengths:
Detection and resolution of critical vulnerabilities before any deployment.
Use of the latest coding standards to ensure performance and security.
Prevention of errors in the management of transactions and financial assets.
These results highlight the attention paid to technological resilience, ensuring a seamless user experience.
2. Gold KYC Badge
The BANGK founding team received the CertiK Gold KYC badge on November 18, 2024, attesting to its commitment to transparency and integrity.
Guarantees for users:
Rigorous identification of project leaders, reinforcing their accountability.
An additional barrier against anonymous or fraudulent projects.
Further proof of reliability for investors and partners.
This certification consolidates the community's trust in BANGK, aligned with its ethical values.
3. Excellent Overall Security Score
The overall security score awarded by CertiK exceeds 90%, with particularly remarkable results:
Code: 90.66%
Fundamental: 90.42%
Operational: 80.65%
These performances place BANGK among the most reliable and innovative projects, attesting to a secure and scalable infrastructure.
4. Validated Smart Contract
BANGK's smart contract plays a central role in its ecosystem. His design, validated by the CertiK audit, guarantees:
Increased security: Unfalsifiable and traceable transactions thanks to the blockchain.
Automated processes: Reduction of human error through the use of smart contracts.
Assured scalability: Adaptable modules to integrate new features while maintaining a high level of security.
This smart contract enables BANGK to offer an optimized user experience, combining innovation and security.
In addition to the audit of the BANGK Coin smart contract and the advice of renowned advisors, BANGK wanted to assess the robustness of the tokenisation of its utility token and its compliance with the company's high standards.
The framework used for this assessment is taken from the article "The Tokenomics Audit Checklist: Presentation and Examples from the Audit of a DeFi project, Terra/Luna and Ethereum 2.0" by Kampakis & Stankevičius (2023).
This framework objectively assesses the quality of the BANGK Coin tokenomics, ensuring that it aligns with the project's objectives. By adhering to a set of defined criteria and scrutinising key points of tokenomics, BANGK aims to provide assurance to its stakeholders and investors of the integrity, reliability and sustainability of its model.
As indicated in the article, the main objective of this framework can be summarised as follows:
"Given a set of criteria and areas for study, would a sceptical reader be convinced that the theoretical elements of the project are sound and that they will achieve its objectives?"
This guiding principle underlines BANGK's commitment to transparency and rigour in the evaluation of its tokenomics.
In the same vein, the complete audit checklist encompasses the critical dimensions of a tokenomy: company-token interaction, structural analysis, allocation and distribution, stability and stress tests.
Below are the detailed results of this internal audit, showing how BANGK Coin meets each of the checklist items.
Checklist and score
Interaction between the company and the token
Does the token improve the current business model? > Yes
Answer: Yes (1 point)
The BANGK Coin is an integral part of the platform’s operation, enhancing user engagement through incentives such as cashback, participation in ecosystem improvements, and staking rewards. It also enables low-cost transactions and paves the way for innovative financial services within the ecosystem, such as decentralized financial operations and exclusive investment opportunities. These aspects not only enhance engagement and profitability but also ensure the sustainability of the business model by reducing operational costs and promoting user involvement.
Is the token an asset or an essential part of the business model? > Yes
Answer: Yes (1 point)
The BANGK Coin is essential to the business model as it is at the heart of critical platform functionality, such as DeFi, governance and gamification strategy. These functionalities depend on the BANGK Coin to function and are at the heart of the user experience and the platform's value proposition. The usefulness of the token, which provides access to special functions and rewards, ensures that it is essential to the full realisation of the platform's innovative financial solutions.
Can the project (and not the token) be valued in monetary terms? > Yes
Answer: Yes (1 point)
The project can acquire substantial value in terms of fiat currency through various channels. The ICO and subsequent trading of the BANGK Coin on exchange platforms provide direct financial inflows. In addition, the adoption of BANGK's financial services by users, which are facilitated and enhanced by the use of BANGK Coin, generates transaction fees and increases the platform's revenues. Subscribing to memberships will also generate revenue. The innovative integration of blockchain with traditional financial services broadens the platform's appeal on the market, attracting a wider user base and increasing its financial valuation.
Structural Analysis
Cash Flow
Is the token economy benefiting from an influx of value (e.g. in fiat currency)? > Yes
Answer: Yes (1 point)
The BANGK Coin is supported by the fiat currency investments made during the ICO and subsequent purchases. In addition, revenues generated by platform operations, which can be partially reinvested in token redemptions, ensure a steady inflow of fiat currencies into the token economy. This contribution of external value supports the financial health and growth potential of the project.
Does the money stay in the token economy or is there pressure to sell immediately? > It stays
Answer: It stays there (1 point)
The design of the BANGK ecosystem encourages token retention. Through features such as staking, governance and rewards for holding tokens (such as discounts, cashback and exclusive access to investments). In addition, the introduction of mechanisms such as post-ICO vesting periods and long-term token valuation strategies further reduce the pressure to sell immediately, thereby stabilising the token economy.
Are there ponzi-type elements? > No
Answer: No (1 point)
The BANGK Coin ecosystem is structured around real services that provide intrinsic value to token holders, such as access to DeFi services and voting rights in governance. This structure is fundamentally different from Ponzi schemes, as the value of the token is supported by tangible services and economic activities within the platform, and not simply by recruiting new participants to maintain the value of the token.
Mechanisms and all the economic agents involved
Do interactions generate additional value in cash terms? > Yes
Answer: Yes (1 point)
Interactions within the BANGK ecosystem, such as reduced transaction fees for payments made in BANGK Coins, rewards for staking and participation in liquidity pools, not only enhance user engagement, but also translate into cash value. These mechanisms reduce costs and provide financial returns, effectively generating additional cash value through tangible savings and gains for users.
Does the project need a critical mass to be able to add value? > Yes
Answer: Yes (1 point)
Like many blockchain and financial platforms, BANGK's value proposition strengthens with a larger user base. A critical mass is essential to achieve sufficient liquidity for exchanges, effective governance, a strong community for decentralised finance (DeFi) activities and investment in projects. These last points all contribute to improving the overall value and functionality of the platform.
Are the incentives speculative? For example, rewards with no underlying value? > No
Answer: No (0 point)
Incentives within the BANGK ecosystem, such as staking rewards and transaction fee reductions, are backed by tangible value and are designed to support real economic activity on the platform. They are not simply speculative; they encourage long-term engagement and investment on the platform by providing real, utilitarian benefits to users.
Demand drivers
Do all demand factors depend on controllable or uncontrollable factors? > Most are controllable
Answer: Most are controllable (1 point)
The key drivers of demand for BANGK Coin are partially controllable and include product quality, integration within the BANGK platform, and the range of services offered that enhance user engagement and financial transactions. These factors are managed internally and are not solely dependent on external market conditions.
Are there levers that the economy can use to influence demand? > Yes
Answer: Yes (1 point)
BANGK can influence demand for its token by various means, such as marketing strategies, adjusting service features or offering incentives for using the token. In addition, strategic partnerships and incorporating user feedback into product development are important levers.
Do they depend on entities that generate real economic value or rather on internal or speculative factors, such as the symbolic appreciation expected as a result of rewards? > They depend on entities that generate real economic value.
Answer: Real economic value (1 point)
The utility of BANGK Coin is designed to be deeply integrated into the operation of the platform, providing real economic value. This includes facilitating transactions, access to exclusive services and governance roles, rather than relying solely on speculative growth or market sentiment. These elements ensure that the token has an intrinsic value determined by the real utility and commitment of the platform rather than speculative factors.
Governance
Can a majority take power? > No
Answer: No (1 point)
BANGK's governance structure will be designed to prevent any single majority from taking unilateral control. Measures such as decentralised decision-making and a distributed token holding system ensure that no single entity or group of entities can dominate governance processes. This configuration promotes a balanced and equitable governance environment. What's more, the governance tokens held by users will not be directly proportional to the number of BANGK Coin owned and should have a maximum limit. Added to this is the fact that it will be possible to acquire governance tokens by means other than holding BANGK Coins, thereby promoting diluted governance and favouring involvement in the platform over passive ownership.
Can governance be a source of friction? For example, votes have to be taken, but nobody votes > No
Answer: No (1 point)
BANGK plans to implement mechanisms to incentivize participation in governance, such as rewards for voting and active involvement in decision-making regarding product improvements. Additionally, the governance model may include minimum participation thresholds to ensure that decisions are representative and based on adequate community involvement, thereby preventing governance from being stalled due to low participation rates.
Empirical evidence
Have the mechanisms used in the project been proven to work successfully? > Yes
Answer: Yes (2 points)
The design of BANGK Coin is based on a thorough review of the scientific literature, analysis of best practice within the industry and the opinions of experts, both internal and external, who bring a wealth of experience in blockchain and finance technologies. This foundational work ensures that the mechanisms implemented in BANGK are not only theoretically sound, but also tested through established financial and technological frameworks. The use of the Solana blockchain reinforces this, as it provides a proven foundation known to process large volumes of transactions with robust security and high speed - essential for BANGK's operations. Taken together, these factors provide solid evidence that tend to validate the project's mechanisms.
Allocation and distribution
Does allocation encourage pump-and-dump operations? > No
Answer: No (0 point)
The allocation chart shows a balanced allocation with 28.25% allocated to the ICO, which mitigates the risk of price manipulation common in pump-and-dump schemes. The presence of a structured reserve and liquidity funds indicates a well thought-out strategy to maintain price stability and encourage gradual market growth.
Does it allocate excessively large shares to certain players in an unjustified manner? > No
Answer: No (0 point)
Distribution avoids concentration of power by capping the largest allocations and distributing tokens across various functional areas. This configuration ensures that no single player holds disproportionate influence, which could distort the direction of the project or the dynamics of the market. In addition, the allocation strategy is based on an in-depth analysis of the literature, which has put the analysis of past data into perspective with best practice.
Does distribution avoid creating unnecessary pressure on sales? > Yes
Answer: Yes (1 point)
Strategic allocations for liquidity and DeFi incentives are designed to improve token utility and market stability. Marketing and community rewards aim to build a strong user base and stimulate demand, offsetting potential selling pressures. In addition, reserve and R&D allowances emphasise the long-term commitment to the growth and sustainability of the project, further mitigating incentives for quick sales.
Stability and stress tests
To what extent is the token exposed to shocks? > Rating 1
Score: 1 (1 point)
Although BANGK Coin is built on the robust Solana blockchain, known for its high throughput and low transaction costs, it still operates in the highly volatile cryptocurrency market. Structured reserves and liquidity provisions mitigate some risk, helping it to withstand market fluctuations better than many tokens. However, its ability to withstand massive market shocks, such as a prolonged bear market, in the absence of extensive historical data or wider market adoption, could be moderately challenged.
Does the token increase in value when simulated? > unknown
Answer: Unknown (0 points). This analysis would require detailed simulations, which have not yet been carried out.
The appreciation of the BANGK Coin in simulations would be highly dependent on multiple factors, including market conditions, user adoption rates and the effectiveness of its economic mechanisms. As we lack specific simulation data, it is prudent to consider a neutral position, recognising both potential growth and risks without definitive simulation evidence.
Does the system have feedback loops that could accelerate a crash? > No
Answer: No (1 point)
The design of the BANGK Coin incorporates various safeguards against feedback loops that could lead to rapid devaluation. The gradual release of tokens, the strategic reserve to manage volatility and the commitment incentives are structured to maintain stability. Unlike Terra/Luna, which featured mechanisms that amplified negative market dynamics, BANGK's business model aims to avoid these vulnerabilities through careful planning and a diversified approach to token utility and governance.
Conclusion
Overall letter grade: AAA (highest)
Total score obtained: 16 on a scale from -13 to 18.5.
Detailed Assessment
1. Interaction between companies and tokens: 3/3
The BANGK Coin significantly enhances the platform's business model, increasing user engagement and improving financial viability. It is essential for the integration of various features and incentives within the BANGK ecosystem.
2. Structural analysis: 10/10.5
The token structure supports the maintenance of value within the economy and encourages the creation of real value through user participation and the reduction of transaction costs. The influx of value through fiat currency and strategic buy-ins, combined with the mechanisms for maintaining value within the ecosystem, strengthens the token business model.
3. Allocation and distribution: 1/1
The allocation strategy is designed to prevent market manipulation such as pump-and-dump schemes and to discourage excessive upfront selling by distributing tokens in a way that avoids creating unnecessary selling pressure. Acquisition schedules and staking incentives contribute to the stability of the token economy.
4. Stability and stress test: 2/4
The token demonstrates moderate resistance to large market movements, although further simulations and stress tests are required to better understand its resilience in extreme conditions. The proactive strategies described to maintain the token's value and mitigate risk contribute positively to its stability.
The "AAA" rating reflects BANGK Coin's exemplary tokenomics foundation, highlighting a well-structured system that aligns with the long-term health and stability of the ecosystem. This top rating indicates that BANGK Coin is very robust and capable of maintaining high performance even in fluctuating market conditions.
By continuing to focus on strategic growth, community engagement and improving stability, BANGK Coin is positioned to maintain and perhaps exceed its current high standards in the evolving digital finance landscape. This solid foundation will be crucial as BANGK Coin navigates the complexities of integrating traditional and decentralised financial systems.
References
Kampakis, S., & Stankevičius, L. (2023). The Tokenomics audit checklist: Presentation and examples from the audit of a DeFi project, Terra/Luna and Ethereum 2.0. The Journal of The British Blockchain Association
