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What currency does Centrifuge(CFG) currency belong to?
Centrifuge's native currency, CFG, is an Ethereum-based ERC-20 token primarily used for transactions, collateral, and governance within the decentralized finance platform.
Dec 19, 2024 at 08:27 am
What Currency Does Centrifuge (CFG) Currency Belong To?
Introduction
Centrifuge is a decentralized finance (DeFi) platform that enables real-world assets (RWAs) to be tokenized and traded on the blockchain. CFG is the native currency of the Centrifuge ecosystem, primarily used for:
- Transaction fees: Covering gas costs for transactions on the Centrifuge chain.
- Collateral: Backing loans and providing security for borrowers.
- Governance: Participating in the Centrifuge decentralized autonomous organization (DAO).
Blockchain Classification
Centrifuge is a cross-chain platform, meaning it operates on multiple blockchain networks. Currently, it supports the following blockchains:
- Ethereum
- Polygon
- Avalanche
- Fantom
CFG is a token on the Ethereum blockchain. It is an ERC-20 token, which follows the Ethereum token standard for smart contracts. This means that CFG can be stored in Ethereum wallets, transferred on the Ethereum network, and used in decentralized applications (dApps) built on top of Ethereum.
Token Properties
As an ERC-20 token, CFG has the following characteristics:
- Fixed supply: There will only ever be 100 million CFG tokens in circulation.
- Fungibility: Each CFG token is interchangeable with any other CFG token.
- Transferability: CFG can be sent and received between Ethereum addresses.
- Divisibility: CFG can be divided into smaller fractions, allowing for precise payments.
Additional Information
- Token symbol: CFG
- Token type: ERC-20
- Blockchain: Ethereum (primarily)
- Initial token distribution: Private sale and public crowdsale
- Circulating supply: Approximately 30.1 million CFG as of February 2023
- Total value locked (TVL): Over $200 million as of February 2023
Steps to Utilize CFG Currency
- Acquire CFG: Purchase CFG tokens on cryptocurrency exchanges or DeFi platforms.
- Set up a compatible wallet: Create or import an Ethereum wallet that supports ERC-20 tokens, such as MetaMask or Coinbase Wallet.
- Fund your wallet: Transfer CFG tokens to your Ethereum wallet.
- Interact with the Centrifuge ecosystem: Use CFG to pay transaction fees, provide collateral, or participate in governance.
- Monitor your CFG balance: Track your CFG tokens using blockchain explorers or wallet dashboards.
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