Let’s take a moment to examine the RWA space. I believe @centrifuge is one of the most interesting - and still underrated - RWA protocols out there. Here’s why 🧵 ▸ TVL skyrocketed from $78M in March to over $1.29B, now rivaling Ondo - while $CFG’s FDV remains around $128M, highlighting a major value gap. ▸ They’ve tokenized both institutional and DeFi-native products: • Janus Henderson x Anemoy JTRSY: @sparkdotfi allocated $200M, later doubled to $400M, as part of its $1B Grand Prix. • Janus Henderson x Anemoy JAAA (AAA CLOs): issued on @plumenetwork, record $1B has been committed by @grovedotfinance. • SPXA - an S&P 500 Index Fund licensed by @SPDJIndices, launched by Janus Henderson & Anemoy with allocation commitments from @FalconXGlobal. • ACDRX, an Anemoy-issued feeder fund into @apolloglobal’s Diversified Credit Fund strategy, issued on @plumenetwork with @grovedotfinance committing $50M ▸ DeFi composability Fungible wrappers like deJAAA and deJTRSY extend access across EVM chains, Solana, and Stellar - enabling DeFi-native integrations with institutional-grade assets. ▸ Value Accrual As Centrifuge’s adoption continues to grow, protocol revenues are expected to accrue value to $CFG through mechanisms such as buybacks or staking - both paths currently being discussed within the DAO.

— Disclaimer