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 2026-08-31

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 (published Aug 18 2026, vote pending Sep) proposes token-to-equity conversion — S3 foundation-operator structure with an S4 exit pending; all token rights suspended. STRUCTURAL CHANGE — S3/S4-pending CONFIRMED (2026-08-31 recheck): CP171 paused governance (Nov 2025); CP172 'Exploring Token-to-Equity' published Aug 18 2026 (CNF → Cayman company, optional 1 CFG → 1 share), vote pending Sep 2026 — label S3 (S4 pending per taxonomy filing convention), re-file on CP172 outcome; SCANNER GAP: space opensquare:centrifuge (OpenSquare adapter) is not in scan state JSON

STRUCTURAL CHANGE — S3/S4-pending CONFIRMED (2026-08-31 recheck): CP171 paused governance (Nov 2025); CP172 'Exploring Token-to-Equity' published Aug 18 2026 (CNF → Cayman company, optional 1 CFG → 1 share), vote pending Sep 2026 — label S3 (S4 pending per taxonomy filing convention), re-file on CP172 outcome
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 2026-08-31 (first scored 2026-07-23)

2026-08-31 recheck — what changed

S3/S4-pending CONFIRMED: CP172 'Exploring Token-to-Equity to Maximize Long-Term CFG Value' published Aug 18 2026 — Centrifuge Network Foundation to re-register as Cayman company; eligible holders convert 1 CFG → 1 share (optional); vote pending Sep 2026
Community counter-move: 'CP (TBD): Reinstate Centrifuge DAO Governance Under CP171' (posts through Aug 29-31) requests CP172 deferral until holders exercise the CP171 governance-restoration mechanism
Flag updated to confirmed; re-file on CP172 outcome

Source: https://gov.centrifuge.io/t/cp172-exploring-token-to-equity-to-maximize-long-term-cfg-value/7525

First scored 2026-07-23; rechecked 2026-08-31.