
Centrifuge CEO Bhaji Illuminati says the market is getting pickier about tokens
Centrifuge is transitioning from a token-governed model to a traditional equity structure by allowing holders to swap CFG tokens for shares in a re-registered Cayman Islands entity. This strategic shift, formalized under governance proposal CP172 and approved by 98% of the community in September 2026, aims to unify value accrual and simplify corporate governance. The decision follows institutional due diligence that identified the project's token-based structure as a significant risk, leading to lost business opportunities. By adopting a conventional cap table, Centrifuge intends to remove barriers for traditional finance clients who struggle to underwrite decentralized governance models. This move reflects a broader industry trend where established blockchain projects prioritize institutional compatibility over native token utility. As of early 2025, Centrifuge had facilitated over $663 million in financed assets and tokenized 1,585 assets across multiple chains. The transition highlights a growing market skepticism toward native tokens, particularly as data shows over 90% of major-exchange tokens trading below their initial listing prices one year post-launch.







