Centrifuge
CFG
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Centrifuge (CFG) presents a solid technological and security profile alongside substantial institutional adoption in the real-world asset (RWA) tokenization sector, having surpassed $1 billion in total on-chain RWA value. Active development is strong (8.5/10), evidenced by continuous releases such as v3.2 and Vaults infrastructure deployments. Security is also commendable (8.0/10), with extensive audit coverage (~24 reviews), zero production exploits, and a clean regulatory record. However, significant structural headwinds exist: the tokenomics profile (5.5/10) features perpetual 3% annual inflation and ongoing unlocks, while Team and Governance (5.5/10) faces material uncertainty due to centralized foundation control, suspended on-chain voting, and exploratory governance proposals (e.g., CP172) regarding potential transitions from tokens to equity. Community engagement (5.5/10) remains niche and DeFi-specialist focused. With no qualifying red-flag events, the overall score of 6.7 reflects strong protocol execution tempered by governance restructuring risks and token-value accrual uncertainties.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Centrifuge (CFG)
Centrifuge (CFG) is a decentralized finance protocol launched in 2017 that focuses on the tokenization of real-world assets (RWAs), such as invoices, receivables, and structured credit funds. The protocol operates on Ethereum and has deployed Vaults infrastructure on Base. The native CFG token is utilized for network transaction fees, staking, and protocol governance. Centrifuge has surpassed $1 billion in total on-chain RWA value, supported by institutional integrations including the JAAA fund and collaborations such as NYLIM.
The tokenomics structure includes a 3% annual inflation rate based on total supply without a hard maximum supply cap. As of June 2026, the total supply reached 697,164,473 CFG, which included 115,000,000 tokens minted under governance proposal CP149 with vesting schedules extending through April 2029. Initial allocations show insider concentrations, including 27.0% assigned to Core Contributors, 17.1% to backers, and 11.8% to the Foundation Endowment. The protocol's codebase has undergone approximately 24 security audits by firms such as Cantina, Spearbit, Code4rena, and SRLabs, maintaining a record of zero production exploits. A critical vulnerability found during a Spearbit audit in July 2024 was remediated prior to deployment.
Centrifuge is subject to operational, governance, and credit risks. The project recently underwent a token contract migration on Ethereum, introducing transition friction and temporary liquidity fragmentation. In governance, on-chain voting was suspended, leaving unilateral control with the Centrifuge Network Foundation and Centrifuge Labs under proposal CP171. Further uncertainty exists around proposal CP172, which explored transitioning protocol ownership from tokens to equity. Additionally, the protocol has recorded historical pool defaults within its RWA credit portfolios and operates without a protocol-level insurance fund, relying instead on structured tranches to mitigate credit losses alongside general RWA regulatory risks.