Centrifuge

cfg
Rank #422•Infrastructure, Real World Assets (RWA), RWA Protocol
CoinYQ Dossier

Centrifuge (CFG): From Centrifuge Chain to Ethereum-Native RWA Infrastructure

Centrifuge began as a Substrate-based network and Tinlake marketplace for financing tokenized real-world assets. After CP149, legacy Centrifuge Chain CFG and Ethereum WCFG were consolidated 1:1 into the current Ethereum-native CFG; today the project emphasizes tokenized funds and institutional onchain finance, while governance is paused under Foundation supervision.

Origins, Tinlake and the RWA model

Centrifuge was founded in 2017 and its first Ethereum platform was called Tinlake. The historical model represented verified real-world assets with onchain tokens and used pool and tranche structures to connect asset originators with liquidity providers.

Centrifuge later documented a MakerDAO real-world-asset pool integration in 2021, Centrifuge Prime in 2023, and EVM-based liquidity-pool deployments alongside Centrifuge Chain. These milestones explain the project's RWA lineage but do not make CFG a claim on any particular pool or collateral.

The CFG identity transition

CP149 approved replacing the Centrifuge Chain CFG token and Ethereum WCFG with a new Ethereum-native ERC-20 CFG at 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94. The official migration opened May 20, 2025 and used a 1:1 conversion for both legacy CFG and WCFG; the tokenomics documentation records the extended closure and final case-by-case review.

Kraken independently described the conversion as an automatic migration to a new Ethereum-based CFG and separately recorded a 1:1 balance conversion. The migration and review are now closed, so old CFG and WCFG should be treated as historical representations rather than interchangeable current assets.

Current utility, supply and governance

Centrifuge currently presents infrastructure for compliant tokenized funds, investor and NAV operations, SDK/API integration, ERC-4626/ERC-7540 vaults and multichain distribution. CFG is an ecosystem token for documented governance and protocol functions, not a direct ownership, redemption or revenue claim on tokenized assets.

The docs report 697,164,473 CFG as of June 2026 and a 3% annual inflation rate accruing to the Centrifuge Treasury. They also describe team and stakeholder vesting and still-locked CP149 incentives; therefore a fixed maximum-supply assumption is not supported.

Administration, controls and holder boundaries

Active DAO governance is paused, with execution shifted to a streamlined model under Centrifuge Network Foundation supervision. The documented route to propose DAO reinstatement requires a 14-day forum discussion, a seven-day Snapshot vote and a 4,000,000 CFG quorum.

The verified token ABI exposes privileged mint, burn, deny, rely and file functions with a wards mapping. Separately, Centrifuge documents an immutable Root contract, a 48-hour timelock for privilege escalation and a ProtocolGuardian for pausing, upgrades and cross-chain operations. These are disclosed administrative surfaces, not proof that ordinary holders can exercise them or that a specific address currently controls them.

How the project changed

  1. 2017
    Centrifuge founded

    Centrifuge's history documentation dates the founding to 2017.

  2. Mid-2021
    First MakerDAO real-world-asset pool integration

    The official history describes Centrifuge integrating its first real-world-asset pool with MakerDAO.

  3. 2023
    Centrifuge Prime launched

    The official history records the launch of Centrifuge Prime in 2023.

  4. May 20, 2025
    Ethereum-native CFG migration opened

    The migration announcement says the new CFG contract went live and self-service conversion opened; CP149 provided a 1:1 conversion from Centrifuge Chain CFG and WCFG.

  5. December 4, 2025
    Migration window closed

    The tokenomics documentation records the extended migration closure in December 2025; it further records the final case-by-case review ending April 10, 2026.

  6. April 10, 2026
    Case-by-case migration review closed

    Centrifuge's token summary identifies April 10, 2026 as the end of the later review process, after which the consolidation was permanently closed.

Evidence and primary sources

Last evidence review: 2026-08-25

What is Centrifuge?

Centrifuge is an open-source, multichain protocol and product platform for tokenizing, managing and distributing real-world asset funds onchain. Its current documentation describes institutional workflows, SDK/API access, ERC-4626 and ERC-7540 vault integrations, and deployments across supported networks.

CFG is the ecosystem's Ethereum ERC-20 token. It is not a claim on a particular tokenized fund or underlying real-world asset. In 2025, the project approved a 1:1 consolidation of legacy Centrifuge Chain CFG and Ethereum WCFG into the current token; the migration and later review are now closed.

What problem does Centrifuge solve?

Centrifuge's stated starting problem was the cost and friction of financing real-world assets through long chains of intermediaries. The original Ethereum platform, Tinlake, used pools and tranches to bring real-world collateral into DeFi; later milestones included MakerDAO and Aave integrations and Centrifuge Prime.

The live product emphasis is broader than the original chain: Centrifuge now presents infrastructure for compliant tokenized funds, investor and NAV operations, multichain distribution and DeFi composability. Statements about future adoption or value accrual remain project objectives, not guarantees to CFG holders.

How does Centrifuge work?

The current protocol uses a hub-and-spoke architecture. A hub handles pool management, accounting, pricing and investment-request processing; spoke networks issue and distribute ERC-20 share tokens. Cross-chain share movement uses burn-and-mint messaging, and transfer hooks can enforce pool-specific compliance or whitelist rules.

CFG itself is an Ethereum ERC-20 with delegation-related voting functions. The verified contract ABI also exposes privileged mint, deny, rely and file functions controlled through wards, plus burn functions; the public ABI does not establish that ordinary holders can mint, freeze, or upgrade the token. At protocol level, Centrifuge documents an immutable Root admin, a 48-hour timelock, and a separate ProtocolGuardian handling pausing, upgrades and cross-chain operations.

Key facts

  • Current canonical token: Ethereum ERC-20 CFG at 0xcccCCCcCCC33D538DBC2EE4fEab0a7A1FF4e8A94.
  • Centrifuge docs report total supply of 697,164,473 CFG as of June 2026; the token has a documented 3% annual inflation rate accruing to the Centrifuge Treasury.
  • CP149 consolidated legacy Centrifuge Chain CFG and Ethereum WCFG at a 1:1 ratio; the migration window ran from May 20, 2025 to December 4, 2025, with case-by-case review ending April 10, 2026, and is permanently closed.
  • The current platform supports tokenized funds, NAV and investor operations, SDK/API integrations, ERC-4626/ERC-7540 vaults and multichain distribution; the old Centrifuge Chain/Tinlake history should not be treated as the whole current product.
  • Token allocations include a 12% team allocation vesting through May 2030, 10.5% of total supply in still-locked CP149 incentives as of June 2026 vesting into the Treasury through April 2029, and other stakeholder vesting through March 2028.
  • The DAO's active governance is paused under CNF supervision. Holders retain a documented route to propose DAO reinstatement through a 14-day forum discussion and seven-day Snapshot vote with a 4,000,000 CFG quorum.
  • The verified CFG contract ABI includes privileged mint, burn, deny, rely and file functions and a wards access mapping; these capabilities are administrative controls, not automatic holder rights.

Official links

Official websiteBlock explorerX / TwitterGitHub

Categories

InfrastructureReal World Assets (RWA)RWA ProtocolEthereum EcosystemGovernance

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Frequently asked questions

Is current CFG the same token as legacy Centrifuge Chain CFG or WCFG?

No. CP149 consolidated them into the current Ethereum-native CFG at a 1:1 ratio. The migration window and case-by-case review are closed, and the docs state that legacy CFG and WCFG can no longer be exchanged for current CFG.

What does owning CFG legally entitle a holder to?

The documented rights are token-level governance participation and the ability to seek DAO reinstatement under the stated process. CFG does not by itself represent a legal claim to a particular Centrifuge fund, its collateral, revenue, redemption proceeds or an underlying real-world asset.

What can people use Centrifuge for today?

The current platform is for launching and operating tokenized funds and other financial products, including tokenization, NAV and investor management, multichain distribution, SDK/API integration and DeFi-compatible ERC-4626/ERC-7540 vaults. Specific pools can impose eligibility or whitelist restrictions.

What is CFG's current supply and inflation policy?

Centrifuge reports 697,164,473 CFG total supply as of June 2026. It documents 3% annual inflation based on total supply, accruing to the Centrifuge Treasury, and describes team, incentive and stakeholder vesting schedules rather than a permanently fixed maximum supply.

Can administrators mint, freeze or upgrade CFG?

The verified contract ABI exposes mint, deny, rely, file and wards functions, so privileged administrative controls exist in the token contract. The ABI also exposes burn functions. The public evidence does not show ordinary holders have these powers; current ward state and any exercised privilege require onchain monitoring. Protocol-level pause and upgrade powers are separately documented under the Root/guardian system with a 48-hour timelock for privilege escalation.

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