Centrifuge

• Centrifuge tokenises real-world assets such as invoices, real estate and treasury bills for on-chain lending.

• It has been used as a collateral source by major DeFi protocols including Sky.

• CFG is the network token.

• Used for governance of the protocol. CFG is now an ERC-20 token on Ethereum, following a migration that deprecated the original Centrifuge Chain.

• Total supply is 680 million CFG after the 2025 migration, which swapped legacy CFG and wrapped CFG one-for-one into the new Ethereum token.

Pros:

• Longest operating record in on-chain real-world asset lending, dating to 2017.

• Integrated as collateral by established DeFi protocols rather than operating in isolation.

• Legal structuring per asset pool is genuinely thorough.

Cons:

• Asset pools have experienced defaults, and recovery through legal process is slow and uncertain.

• Underwriting quality varies by pool issuer and cannot be verified on-chain.

• Growth has been modest despite the long operating history.

• Exposure to real-world asset lending through the longest-running platform in the category.

• Integration with major DeFi protocols validates the model.

• Weigh that defaults have occurred and legal recovery is slow.

• Legal structuring for each asset pool, so a default is pursued through actual enforceable claims rather than only smart contract logic.

• Small businesses cannot access credit at reasonable rates while on-chain capital sits idle.

• Tokenising receivables connects them, provided the legal structure holds when a borrower defaults.

• Founded by Lucas Vogelsang and Martin Quensel.

• Backed by ParaFi, IOSG and BlockTower.

• CFG was offered in a public token sale in 2021, alongside ecosystem and community allocations.

• Pool defaults have occurred and recovery is slow.

• Underwriting quality is not verifiable on-chain.

• Legal enforceability varies by jurisdiction.

• Growth has lagged expectations over a long period.