CFG

코인같이투자6d ago

📝 Digging into the lending space, one project I became interested in is Centrifuge. It's not doing tokenization itself, but rather it's more like a publisher—it licenses tokenization to entities that perform tokenization. Legal responsibility for issued tokens lies with the issuers, not Centrifuge itself. I got interested because despite being related to tokenization, it's down significantly from its lows? (Currently FDV $106.3M / MC $88.0M, almost fully diluted coin?) Let me break down what the merits and drawbacks are: 1️⃣ Coinbase equity investment and push. They invested back in '22, but also added more investment on May 5 of this year. Total funding is $50M, which isn't bad. Working backwards, looks like they got invested at around $500M valuation in the past. From recent activity, they seem to be maintaining good relations with Coinbase alliance (Base, ARC, etc.) and establishing themselves as the preferred tokenization infrastructure. 2️⃣ But somewhat boring. Issued TVL itself is barely $1B, and except for SPY it's mostly bonds-focused, so it doesn't feel relevant in this era when tokenized stocks are going crazy. So I'm not sure how much they'll expand TVL in the tokenization era. 3️⃣ Interesting proposal: Centrifuge recently passed governance allowing $CFG to be swapped for Centrifuge company equity. The issue is what valuation they'll give it, but if it's higher than current token value, there's potential for it to rise by that difference. A similar example is Across—Across also rose ~80% because the company's recognized stock valuation was higher than market price, and even now the token price doesn't fall below that recognized valuation. 4️⃣ Coinbase's averaging down and exit show? Looking at the governance, after converting to Centrifuge stock, the remaining $CFG is essentially purposeless. It used to be a parachain native, but now it's just an ERC token. The price support expectation is probably just the price differential from the stock conversion? 📂 Summary: Watching and hoping the stock conversion ratio turns out positive. Probably one to exit without regret when it pumps on stock conversion hype? Researching it because MC/FDV is low so the downside probably isn't that large.

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크립토메이지13d ago

😀 BlackRock makes the product, Ondo tokenizes it. RWA is moving beyond simple theme into actual financial product distribution structure. 🟢ONDO → tokenized product showcase 🟢LINK → reserve verification infrastructure 🟢SYRUP → institutional credit axis 🟢CFG → asset securitization core stack 🟢PLUME → RWA settlement chain 🟢POLYX → compliance-based 🟢PAXG → redeemable on-chain gold 🟢PRCL → tokenized real estate 🟢EDEN → tradeable sovereign bond yields. RWA on-chain is still early now, but the market that will grow is certain. Wall Street wants to tokenize all assets, and we need to pick which chain, which infrastructure, which token eats from that flow. 👍 RWA has started, now it's time to pick beneficiary tokens, not narratives!

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