$TKNFY Contract Audit by 0xQuit

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Unbiased Audit of TKNFY Contract Distribution, Mint, and Transfer

$TKNFY Token Review by 0xQuit

Earlier this year, the team at Tokenfy released their $TKNFY token (Tokenomics) via airdrop to eligible creators and collectors based on OpenSea volume. Shortly after, a well-known Twitter influencer and solidity dev, 0xQuit, did a $TKNFY contract audit to convey their opinion of the Smart Contract behind the $TKNFY token. So let’s jump into the $TKNFY Token Review.

What is $TKNFY?

$TKNFY is the free-to-claim token that allows users to purchase various tools, including smart contract and minting sites, on Tokenfy. It also offers staking & LP rewards.

Let’s look at some of the utility behind the $TKNFY token:

  • Launch NFT Collections with $TKNFY on the Tokenfy Platform.
  • Mint NFTs from Tokenfy projects with $TKNFY.
  • Stake your $TKNFY tokens to earn rewards.
  • Farm $TKNFY to earn liquidity provider rewards.
  • Govern The future Tokenfy DAO with $TKNFY.

Initial token distribution happened in January 2022; here is the breakdown of how $TKNFY was released and distributed:

  • 50% Free Claim for NFT Creators & Collectors
  • 20% Staking Rewards
  • 10% Liquidity Provider Rewards
  • 10% Tokenfy Advisors, Investors, & Team
  • 5% Company Treasury
  • 5% Tokenfy Referrals

Our goal was to create safe and reliable smart contracts and other development tools for everyone to use. To that end, we coded in all necessary conditions to prevent invalid claims.

The code marks you as claimed, adjusts the ledger, and then moves to the _mint function.

Our mint function pulls directly for our smart contract, and according to 0xQuit’s review, it is safe. We chose to make this less complicated than it needed to be, and because of this, you can feel secure claiming tokens. The same is true with our transferring functionality.

The transfer function is stored within the confines of the smart contract. This aspect of the contract does have standard transfer functionality but is extracted into a new function, called `transferStandard.’

The transfer function introduces a bit more logic. It’s also noteworthy to point out that there is a 2.5% hard-coded fee which is allocated as follows:

  • 0.50% Burned (Deflationary Supply)
  • 0.50% for Staking Rewards
  • 0.25% for LP Rewards
  • 0.25% to DAO Treasury
  • 1.00% to Company Treasury

Additionally, 0xQuit goes on to discuss the future utility of the token.

The Tokenfy platform and the $TKNFY token will continue to grow together (Tokenfy Roadmap) as we expand our operations and develop and sharpen features.

The first two projects, Bitbones and Naked Headz, both accepted $TKNFY as payment for minting an NFT, and the two contract types, ERC-721 and ERC-1155, accept $TKNFY as payment for the smart contracts. 

Editor’s note: We reached out to 0xQuit and asked for his professional $TKNFY Token Review on our contract.

Check out Tokenfy Earn, Staking, and Liquidity pages for more information

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