Centrifuge · CFG
Real-world-asset tokenization protocol for on-chain private credit
A real, long-running RWA protocol — but smaller than the leaders, supply drifts up ~1.7%/90D, and after the move to Ethereum the token only votes.
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CFG · a migrated token, inflation parked in the Treasury.
CFG is the token of Centrifuge, an RWA financing protocol — ~697M total, ~380.4M circulating after the 2025 migration to Ethereum.
Sell pressure. The 3% annual inflation and the CP149 incentives both accrue to the Treasury (off-market); only team and other-stakeholder vesting reaches circulation — ~11.0M CFG / 90D.
Buy pressure. No buyback, no fee burn — RWA pool fees accrue to LPs, not back to CFG — zero structural absorption.
Net. Mild market dilution from the vesting — ~+2.9% over 90 days. The monitor's big negative is a circulating reclassification, not a sell (see the note on the card).
3% annual inflation accrues to the Centrifuge Treasury per the token docs — it is new supply, but it is parked off-market rather than distributed to circulation, so it adds no market sell pressure. The growing Treasury balance is tracked as an overhang below.
Team (12% of supply, vesting through May 2030) and other-stakeholder allocations (~8.6%, vesting through March 2028) release linearly to their recipients and reach circulation at roughly 11.0M / 90D. The CP149 incentive tokens (100M through April 2029) vest into the Treasury instead, so they are off-market and excluded here.
Tracked overhangs: the Centrifuge Treasury (accruing the 3% annual inflation plus the 100M CP149 incentive vest, with no published per-quarter deployment) and the ecosystem allocation (~14.3% of supply). No discretionary deploy to market observed in window — monitored.
No bankruptcy estate distributes CFG.
No revenue-funded buyback. A governance restructuring (CP171) commits CFG as the single value-accrual mechanism and defers a value-accrual analysis to the coming quarters, but no on-chain buyback is live.
No burn. RWA pool fees accrue to liquidity providers and pool operators, not back to CFG.
No accumulation programme — the Foundation receives inflation, it does not buy CFG on the market.
No newly-deployed lockup contract with an announced quantum.
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