CFG Deep Dive: Real RWA Leader or Valuation Trap?

Current price around 0.1980, 24-hour range 0.1961~0.2158. The most noteworthy aspect of CFG right now is not short-term fluctuations, but whether it is truly an RWA project backed by real business.

My conclusion is straightforward: CFG is not a pure concept coin. The project itself has real TVL, institutional asset access, and protocol revenue, making it one of the few projects in the RWA赛道 that has already established a business foundation.

Centrifuge provides infrastructure for real-world asset tokenization, including the issuance, management, settlement, and DeFi integration of fund, credit, treasury, and index-based assets. The current on-chain TVL is approximately $1.64B, with 30-day protocol revenue of about $414.5k and annualized protocol revenue of around $5.15 million, indicating that it is not merely relying on storytelling to support its valuation.

However, the biggest issue with CFG is also clear: the project has revenue, but that does not mean token holders have already captured it. The current Token Holder Net Income remains at zero, indicating that CFG’s token value capture mechanism is not yet fully closed.

On the token level, there are also mid-to-long-term unlocks and annual inflation. Without future mechanisms for buybacks, burns, staking distributions, or fee capture, valuation recovery will be suppressed.

My positioning: CFG can be included in the RWA key watchlist, but it is not a coin for heavy blind investment. The 0.14~0.18 range is a deep dip observation zone, 0.21~0.30 is the current reasonable valuation range, and above 0.30, without new revenue capture mechanisms, chasing highs is not advisable.

The full version has been broken down internally: cash flow, tokenomics, unlock risks, reasonable valuation, watchlist conclusions, and follow-up tracking indicators.