Lenders deposit funds into Tinlake and receive interest payments from borrowers (supply-side fees).

Centrifuge protocol enables asset managers to tokenize, manage, and distribute tokenized funds onchain, while providing investors access to a diversified portfolio of high-quality tokenized assets.

CFG tokenholders own and govern the protocol. They do not currently take a cut of the total interest paid by borrowers (revenue). Centrifuge's investors include IOSG Ventures, Galaxy Digital, TRGC, etc.

governance

github

twitter

discord

etherscan

website

Real-world asset (RWA) issuers

Centrifuge

# Centrifuge Total value locked Methodology

## 1. Overview

Centrifuge TVL measures the total value of Real World Assets (RWAs) tokenized on the Centrifuge protocol across multiple blockchain networks. The metric calculates the outstanding supply of RWA tokens (Janus Henderson Anemoy Treasury Fund and Janus Henderson Anemoy AAA CLO Fund) and converts them to USD values using Centrifuge's internal price feeds. This represents the total capital deployed in tokenized real-world assets managed by the protocol.

## 2. Data sources

- **Token transfer events**: ERC20 `Transfer` events from Ethereum, Base, Celo, Arbitrum, and Avalanche blockchains for Centrifuge RWA tokens
- **Price feed data**: Centrifuge protocol's internal price feeds providing USD valuations for RWA tokens
- **Token metadata**: Contract addresses and decimal configurations for Janus Henderson Anemoy Treasury Fund and Janus Henderson Anemoy AAA CLO Fund tokens across supported chains
- **Blockchain transaction data**: Transaction logs and event data from supported networks to identify mint and burn activities

## 3. Step-by-step calculation

### Component A: RWA token mint tracking
- **Purpose**: Identifies when new RWA tokens are minted (created) on the protocol
- **Logic**: Extracts `Transfer` events where tokens move from the zero address (`0x0000000000000000000000000000000000000000`) to user addresses. This indicates new token creation. The process covers Janus Henderson Anemoy Treasury Fund tokens deployed at `0x8c213ee79581ff4984583c6a801e5263418c4b86` on Ethereum, Base, Arbitrum and Avalanche, at `0x27e8c820d05aea8824b1ac35116f63f9833b54c8` on Celo, and at `0xa5d465251fbcc907f5dd6bb2145488dfc6a2627b` on Avalanche. Janus Henderson Anemoy AAA CLO Fund tokens are tracked at `0x5a0f93d040de44e78f251b03c43be9cf317dcf64` on Ethereum and Base, and at `0x58f93d6b1ef2f44ec379cb975657c132cbed3b6b` on Avalanche
- **Key fields**: `block_timestamp`, `value` (token amount), `token_address`, `chain`, `product_id` (Janus Henderson Anemoy Treasury Fund or Janus Henderson Anemoy AAA CLO Fund)

### Component B: RWA token burn tracking
- **Purpose**: Identifies when RWA tokens are burned (destroyed) on the protocol
- **Logic**: Extracts `Transfer` events where tokens move from user addresses to the zero address. This indicates token destruction or redemption. Uses the same contract addresses as the mint tracking but with reversed transfer direction
- **Key fields**: `block_timestamp`, `value` (token amount treated as negative), `token_address`, `chain`, `product_id`

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the total outstanding supply of each RWA token over time
- **Logic**: Combines mint and burn events, treating burns as negative amounts. Applies decimal corrections based on token configurations. Aggregates transfer amounts daily for each chain and token combination. Uses cumulative sum window functions partitioned by chain, version, and token address to calculate running totals of outstanding supply. Applies fill-forward logic to ensure continuous time series data even on days without transfer activity
- **Key fields**: `outstanding_supply` (cumulative token balance), `timestamp`, `chain`, `token_address`

### Component D: Price conversion
- **Purpose**: Converts RWA token outstanding supply to USD values
- **Logic**: Joins outstanding supply data with Centrifuge price feeds. Price data is processed by dividing raw state values by 10^6 to correct for 6-decimal precision. Daily maximum prices are used for each chain and token combination. When price data is available, outstanding supply is multiplied by the token price to get USD value
- **Key fields**: `price` (USD price per token), `outstanding_supply` (USD value of tokens)

### Component E: Net deposits aggregation
- **Purpose**: Aggregates outstanding supply across all RWA tokens to calculate total net deposits
- **Logic**: Sums the USD-denominated outstanding supply values across all token types and supported chains. Applies business line classification as "Asset management" and categorizes under "yield_aggregator" business segment. Uses fill-forward strategy to maintain continuous time series
- **Key fields**: `net_deposits` (total USD value), `data_id` (centrifuge), `product_id`, `chain_id`

### Final aggregation
- **Combining components**: Capital deployed metric takes the net deposits value directly, representing the total value locked in Centrifuge RWA tokens
- **Currency conversion**: USD conversion happens at the token level using Centrifuge's internal price feeds before aggregation
- **Time aggregation**: Data is aggregated at daily granularity with timestamp truncation to day boundaries
- **Final calculation**: TVL equals the capital deployed value, which represents the sum of all outstanding RWA token values in USD across all supported chains and token types

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

CentrifugeCFG

Total value locked

Total value locked

Competitive landscape

Chain breakdown