1/ Last week we released our $CFG thesis, one of the cleanest liquid levers to bet on RWAs.
With 6+ years under its belt, @centrifuge has crossed the institutional chasm.
Full-stack RWA issuance across asset classes, deRWA distribution, and more. 🧵👇
2/ $CFG is one the highest-beta, all-encompassing, liquid proxies for RWA exposure.
$CFG trades at a ~7.5 TVL/FDV ratio, and there is a a credible path to ~$4.5B (implied ~$15–22.5M AUM fees).
3/ Fundamentals are leading price, CEX access is deepening, and the fee switch is on (CFG value accrual expected soon).
The business model centers around AUM fees today.
Over time, its scope will expand with SaaS-like revenue streams from its tokenization SDK.
4/ With a total of ~$50M raised, there has been a recent leadership pivot more favorable toward an institutional-first go-to-market strategy.
They are veterans that are well connected in both TradFi and DeFi.
Many lessons have been learnt over the past 6 years of building.
5/ The playbook is all about a demand-first strategy.
Identify buyers → design fund → issue shares → tokenize → distribute across chains → increase DeFi utility.
6/ Their current offerings span SPXA (onchain S&P 500), JTRSY (T‑Bills, Janus Henderson), JAAA (AAA CLOs), ACRDX (Apollo diversified credit) + deRWA ERC‑20 wrappers for open DeFi.
Permissioned KYC fund shares for institutions; permissionless wrappers for DeFi.
7/ To become a market leader in RWAs, a protocol needs to be built for compliance but also wired for distribution, it needs to bridge institutional trust with open-market reach.
8/ Professionally managed KYC fund shares for institutional legal recourse for institutions; onchain wrappers for portability, composability, and collateral utility.
9/ Centrifuge wins by starting from buyers first (stablecoin reserves, lending markets, DAO treasuries, etc), then building the exact funds they need, not tokenizing supply in search of demand.
10/ The SDK makes that strategy scalable by turning bespoke wins into a repeatable playbook.
11/ RWAs are all about asset class diversity, issuance and distribution, multichain reach, and lending/DEX integrations driving sticky TVL.
12/ Spark routed ~$200M into JTRSY; Grove aiming ~$1B; Aave Horizon enables borrowable collateral; Wormhole, Fireblocks, Plume extend reach, those network effects compound.
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