iBENJI

Franklin OnChain Institutional Liquidity Fund

Issued by Franklin OnChain Institutional Liquidity Fund Ltd.

Overall risk score43.4

Smart Contract Security

100

Executive Summary

bench3.ai assessed the official iBENJI deployments on Ethereum and BNB Chain, including the Fund Token, Registry, Authorization, Transactional, Transfer Agent, Intent Validation, MultiSig and related token-writing control surfaces. The work addressed deployed identity, role and feature authorization, allowance-based transfers, request creation and cleanup, privileged settlement, multisig execution and upgrade boundaries. [E01-E08]

Assessment conclusion

No reportable vulnerability was confirmed in the examined public-contract scope. This conclusion is materially qualified: both live Transactional implementations remain without exact verified source/build correspondence; the production CX settlement builder and account/requestId composition are private; and the issuer's authoritative allowance lifecycle policy is unavailable. These gaps are preserved as limitations rather than converted into clean findings dispositions.

ClassificationRecorded result
Confirmed vulnerabilitiesCritical 0 | High 0 | Medium 0 | Low 0
Control observations2; privileged token-writing authority and policy-dependent allowance persistence
Material technical limitationsUnverified Transactional runtimes and private CX settlement builder

The examined public paths support a bounded conclusion about current deployed authorization and the tested ordinary-caller hypotheses. They do not establish correctness of every Transactional cleanup/replay transition, private settlement record composition, legal shareholder reconciliation or cash settlement.

Market Data

Total Asset Value
$1.71B
7D Annualized Net Yield
—

Overall assessment

43.4

iBENJI is Franklin’s institutional onchain liquidity product, with separate listed token and module deployments on Ethereum and BNB Chain.

Rating details

Assessed

Asset scope

Franklin OnChain Institutional Liquidity Fund and its iBENJI contracts

Source dates

Underlying assets

Portfolio risk

17.2

Fund or portfolio credit quality

20

Portfolio maturity

15

Currency mismatch

10

Non-sovereign concentration

15

Five-day portfolio liquidity

15

Custodian quality

25

Custodian institution

25

Custody records and asset controls

25

Token structure

Investor protection

15

SEC filing CIK 2068319 records Delaware as the jurisdiction. The GLEIF record identifies BVI entity 2165383.

Holder claim

10

Insolvency protection

20

Backing and reconciliation

20

Fund accounting and assurance

20

Token backing reconciliation

20

Redemption and Exit

20

Redemption timing

15

Exit performance and suspension

25

Counterparties

Legal standing

14.5

Holder vehicle regulation

10

Service-provider permissions

25

Operating history

25

Manager and registry operating history

25

Operations

25

Service continuity

25

Blockchain networks

Ethereum, BNB Chain

Sources