Centrifuge (CFG) — Governance Rights Report

Vol. I, No. 1 Monday, August 31, 2026 Centrifuge — Governance Rights Report

Verdict

Centrifuge

CFG — Governance Rights Report

Tier 5 S3 — Foundation-Operator Assessment as of 2026-10-01

GSA-1 fail GSA-2 fail GSA-3 fail GSA-4 fail GSA-5 fail GSA-6 fail GSA-7 fail GSA-8 fail

Why this rating: CP171 (Nov 2025) paused DAO governance and CP172 PASSED Sep 10 2026 (98.53%) authorizing token-to-equity conversion (1 CFG -> 1 Cayman share, optional) — S3 foundation-operator structure with an authorized but unexecuted S4 exit; all token rights suspended pending conversion execution. STRUCTURAL CHANGE — S4-pending (2026-10-01 recheck): CP171 paused governance (Nov 2025); CP172 token-to-equity PASSED 2026-09-10 (98.53% For) — conversion authorized, NOT executed; label S3 (S4 pending per taxonomy filing convention), re-file on Cayman/board execution; SCANNER GAP: space opensquare:centrifuge (OpenSquare adapter) is not in scan state JSON

STRUCTURAL CHANGE — S4-pending (2026-10-01 recheck): CP171 paused governance (Nov 2025); CP172 token-to-equity PASSED 2026-09-10 (98.53% For) — conversion authorized, NOT executed; label S3 (S4 pending per taxonomy filing convention), re-file on Cayman/board execution
SCANNER GAP: space opensquare:centrifuge (OpenSquare adapter) is not in scan state JSON
CP162 fee proposal routes revenue to the Foundation (CNF), not CFG holders

Where to Vote

OpenSquare space: opensquare:centrifuge
OpenSquare (off-chain voting)

Proposal History

Proposal	Title	Outcome	Closed
QmUPKRLpJmxy…	CP162: Enable Protocol Revenue Through CNF-Managed Fee Flows	Closed	September 18, 2025
QmPJ7G9Jtcfi…	CP163: AIR to CFG Token Swap Pre-Altair Chain Deprecation	Closed	August 19, 2025
QmdQNixdgFfQ…	CP151: New simplified onboarding to build on Centrifuge	Closed	April 8, 2025
QmXGovGsK4u3…	CP149: Migration of Centrifuge Governance Token (CFG) to EVM	Closed	March 20, 2025
QmRvXLc9wGtM…	CP141: Initiate the development of Centrifuge V3, a multi-chain, EVM based protocol	Closed	February 24, 2025

History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown.

Metrics

Curated metric — next quarterly update. On-chain revenue, treasury, and distribution-enforcement reads are not yet wired for this DAO's space in the Institute's state files; the quarterly re-assessment cycle will populate this block.

Structure & History

Structure: S3 — Foundation-Operator.

S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)

S4 transitions explained: Where a determination record references an S4 structure or flag (S4-pending, S4 exit, structure-s4-consummated), the token-to-share transition states and their treatment are described in the public explanatory note: /docs/s4-transitions.md.

2026-10-01 recheck — what changed

CP172 token-to-equity PASSED 2026-09-10 (98.53% For, 73.3M CFG) — authorizes CNF re-registration as Cayman company with optional 1 CFG -> 1 share conversion; NOT executed: no Cayman filing or board execution on record; structure label S3 retained, S3->S4 re-file on execution
CP171 governance-reinstatement community effort remains RFC-stage

First scored 2026-07-23; rechecked 2026-10-01.