centrifuge
Vault Infrastructure · Institutional RWA

Onchain Operating Stack
for Institutional Asset Management

$2.04B TVL
6–7 Chains
24 Audits
0 Exploits
8 yrs Production
01 · Stack

Three layers of the protocol

01 — Tokenize
Issuance & NAV

Onchain issuance, compliance, and NAV accounting for any real-world asset. Full double-entry bookkeeping — balanced debits and credits on every value movement.

NAV equity + gain − loss − liability
ERC-6909 Multi-token tracking for in-transit assets
Onchain PM V3.2 — smart contract VM for strategies
02 — Vault
ERC-7540 Async Vaults

Co-authored ERC-7540 — the async vault standard extending ERC-4626. Epoch-based batching ensures every investor in a batch receives the same price and pro-rata allocation.

Lifecycle Request → Claim two-step settlement
Batching Same price, same allocation per epoch
Hybrid Sync deposits + async redemptions
03 — Distribute
Multichain Distribution

One pool deploys to any number of chains in a single action. Cross-chain messages batch automatically. Native DeFi integration: Morpho, Aave, Pendle, Sky.

Batching 7 messages → 1 relay cost
DeFi Morpho · Aave · Pendle · Sky
Deploy Single deployment, any chain
Immutable core, modular surface. Accounting, settlement, and cross-chain messaging are immutable — no admin keys, no upgrade risk. Transfer hooks, price managers, and adapters are swappable. A buggy module can misprice shares, but cannot fabricate assets or bypass settlement.
02 · Architecture

Hub-and-spoke multichain

LAYERZERO CCIP AXELAR WORMHOLE Base VAULTS Arb VAULTS Poly VAULTS Avax VAULTS OP VAULTS BNB VAULTS ETHEREUM HUB NAV · Pricing · Accounts · Permissions
Price updates — hub → chains
Settlement — chains → hub
Protocol specs
Vault standardERC-7540
SettlementEpoch-batched async
BridgesLZ · CCIP · Axelar · WH
Security2+ bridges / tx
AccountingDouble-entry on-chain
In-transitERC-6909 tracking
Onchain PMV3.2
CoreImmutable
ModulesPluggable
Admin keysNone
Hub chainEthereum
DeploymentOne → any chain
DeFi nativeMorpho · Aave · Pendle
03 · Partners

Production deployments

Janus Henderson #2 RWA AM by TVL
JTRSY · JAAA · Spark Grand Prix winner
$1.5B tokenized treasuries (S&P/Moody's rated) and $400M AAA CLO. Co-winner of the Spark Tokenization Grand Prix alongside BlackRock BUIDL.
Combined AUM$1.9B
RatingsS&P · Moody's
Apollo Managed Build
ACRDX — Diversified Credit Strategy
Kickoff to live in under 3 months via the Anemoy managed-build tier. First major TradFi alternative asset manager on the platform.
Deployed$50M
Time to live<3 months
BlockTower Self-Build
Tokenized Credit Fund
Structured credit at a fraction of traditional securitization overhead. The efficiency case for institutional adoption.
Fund size$220M
vs. traditional−97% cost
Daylight White Label
Energy Infrastructure — Own Brand
Asset-level tokenization of individual energy cash flow agreements. Full Centrifuge stack deployed entirely under their own brand — the white label thesis in production.
BrandFully own-brand
GranularityAsset-level
04 · White Label

Platform strategy

Self-Build Supported-Build Managed-Build (Anemoy)
Protocol access
Onboarding support
Legal / regulatory Partial ✓ Full
Full-service build
Target DeFi protocols, developers Asset managers with tech teams TradFi institutions
Example BlockTower Apollo · Daylight
First customer live · 6–7 prospects in pipeline · Platform opportunity
01
Structured onboarding playbook

Apollo went kickoff → live in under 3 months — that execution pattern needs to be systematized into a repeatable prospect-to-live framework with defined milestones per tier.

02
Tiered sales materials

Three tiers require three distinct conversations: technical docs for the self-build developer, compliance framing for the asset manager, full regulatory stack for the TradFi institution.

03
Case study packaging

Apollo, Janus Henderson, and BlockTower are strong proof points — 97% cost savings, under 3 months to live, S&P-rated. These need to be packaged as prospect-facing one-pagers with ROI framing.

04
Developer integration docs

The self-build tier needs a clear path from "I want to build on Centrifuge" to first vault deployed: quickstart, chain-specific setup, example repos, and integration reference architecture.

05
Pre-sales solutions architecture

Every prospect needs technical scoping before committing to a tier — defining scope, chain preferences, compliance requirements, and pilot parameters is currently ad hoc and needs a structured function.