By Lucas Vogelsang, CEO & Co-Founder @ Centrifuge.
Dear Centrifuge DAO members and supporters,
I want to share my highlights and updates on Centrifuge with you. We have quite an exciting first half of the year behind us. Despite the not so exciting current market situation, we’ve managed to stand out with a very productive Q2 with two major launches happening in the past month! This combined with the growing dominance of RWAs and on-chain credit in DeFi, we’re eager to see what this year will bring.
At the beginning of the year we had the deployment of the $220M BlockTower arranger in MakerDAO, which now helped push our TVL to an astonishing $210M - one of the few growing TVLs in our current market. We also are introducing Centrifuge Prime, a turnkey solution for DAOs to invest in Real World Assets solving KYC and legal recourse questions that many struggle with today.
Another focus these past few months has been to strengthen our marketing department. Hiring our new CMO in late February, we’ve already seen a great improvement and impact in exposure and media coverage.
Beyond that, our DAO has made significant progress in decentralization. Our proposal framework makes it easier for governance proposals to be discussed and worked on by many in our community and more and more groups are forming to take on functions in the DAO. Most notable is our Credit Group, composed of credit experts and veterans of the industry.
Financials/KPIs (as of June 19, 2023):
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TVL: $210M
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Total Originations: >$400M and 1160 transactions
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Token Holders: 45,881 Wallets
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DAO Contributors (FTE): 37
Highlights
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Launched Centrifuge Prime to help DAOs easily scale exposure to RWAs along with our brand new frontend, the Centrifuge App, which will onboard new users into RWAs.
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Hosting the inaugural Real-World Asset Summit on September 19 - connecting investors, builders and thought leaders shaping the future of the tokenized asset industry.
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When RWAs are mentioned, Centrifuge is mentioned. Lots of great buzz and media coverage including features in Axios, Business Insider, Forbes, Blockworks, Coindesk, Defiant and Decrypt (see below for links).
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The DAO has established three groups (Protocol Engineering, Credit Group, Governance) that function independently in the DAO and contribute to the decentralization of Centrifuge and increased token holder control of the protocol.
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Hired new CMO, Head of Credit, and Head of Product design
Lowlights
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Regulatory uncertainty slowed institutional adoption and conversations we have with institutional lenders
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Slow progress on DeFi native lenders (treasuries & protocols) means less capital is available than we would like.
Asks: How can you help?
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Help securing speakers, sponsors and VIP attendees for the Real-World Asset Summit on September 19th in Williamsburg, New York City
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Introductions to HNWs and Family Offices who believe in RWAs and Tokenization and want to allocate to credit on-chain via Centrifuge
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Participate in decentralized governance of the Centrifuge Protocol by engaging in Request for Comments (RFCs) on the governance forum, and by off-chain voting here and on-chain token voting here.
Interesting links and other resources
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Binance Report - Real World Assets: The Bridge Between TradFi and DeFi
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New DeFi Drip with Cassidy: Facu Peláez: DAO Treasuries and Real-World Assets
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New DeFi Bites with Lucas: Real-World Assets 101
In the news:
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Defiant: Centrifuge Looks To Help DAOs Invest In Real-World Assets
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Decrypt: DeFi Debt Tokens? They’re Outperforming Bitcoin and Ethereum in 2023
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CoinMarketCap: Real-World Assets (RWA): Bridging the Gap Between DeFi and TradFi
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Forbes: Tokenized Real-World Assets Are Bringing New Yield Opportunities To DeFi
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Blockworks: Centrifuge Wants To Back Aave’s GHO Stablecoin With Real-world Assets
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Defiant: Centrifuge Quietly Sets Pace in Real World Assets Race
All the best,
Lucas