Centrifuge: $ 1.6B TVL, Yet CFG Is 94.7% Below Its ATH Centrifuge is one of the biggest paradoxes in the #RWA sector. The protocol has approximately $ 1.6B in TVL, works with Janus Henderson, Apollo, New York Life Investment Management and S&P Dow Jones Indices, and generates around $59.8M in annualized fees. Yet $CFG holders receive zero protocol revenue. There is no fee sharing, regular buyback, burn mechanism or clear link between business growth and demand for CFG. Meanwhile, token inflation continues to create selling pressure. The result: the product is growing, but the token is not capturing that growth. CFG currently trades around $0.13–$0.14—approximately 94.7% below its $2.58 ATH. Now the team has introduced CP172, a proposal exploring the conversion of CFG into company equity. The preliminary model includes: 1 CFG = 1 share in Centrifuge, Inc. Direct registration for holders of more than 100,000 CFG A trust structure for smaller holders Mandatory KYC/AML Lower liquidity compared with a publicly traded token The proposal suggests that CFG was designed for a different version of Centrifuge. Today, the project operates more like institutional financial infrastructure, while its token structure may restrict fundraising and partnerships. The main lesson is clear: product value is not the same as token value. Strong technology, institutional clients and growing revenue do not guarantee token appreciation without fee sharing, buybacks or another value-accrual mechanism. #Centrifuge may set an important precedent: if a token does not capture the value created by the business, institutional crypto projects may eventually choose equity instead. $CFG #DeFi