Centrifuge Proposes Converting CFG Tokens to Equity

The interesting tension here is structural: a token that has functioned as a governance and network asset would, under this proposal, sit closer to a claim on the company itself, which is a different kind of exposure than most DeFi holders signed up for. It also raises a question the RWA sector has largely avoided — whether token-based and equity-based ownership can coexist without one diluting the other. Whether the proposal advances past exploration, and how existing CFG holders are treated in any conversion, is the open question.