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CP63.md

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cp title author contributors uses-component date-proposed date-ended status
63
Definitions of Pool Types & Categories
Rhano
lucasvo
CP4 non-technical
2023-08-31
voting

Short Summary

Centrifuge supports many different use cases for pools of different types. To properly specify the governance process, fees and other aspects of pools, this CP introduces clear definitions of different pool types.

Definitions

Pool Structures

We define three different pool structures that Centrifuge can support:

  • Securitizations
  • Syndications
  • Portfolios & Accounts

The key difference between them is whether they have multiple or single assets and investors:

Securitizations: Several assets, several investors

Syndications: Single asset, several investors

Portfolios & Accounts: Several assets, single investors

Asset classes

A pool can contain tokenized assets that are brought onchain such as individual loans, public or private bonds, etc. A pool can also contain RWAs that already exist onchain such as a linked pool that invests in other credit pools. Looking at the different use cases for Centrifuge, I would say we can put pools into the following types of asset classes:

Asset class: Underlying assets:
Private Credit & Securities Debt directly from originators
Debt purchased on secondary market
Fund Shares
Public Securities & Credit T-bills, government debt, money market funds
Public Credit such as Corporate Bonds
Secured debt such as CLOs, MBS, ABS
Equities and funds inc. ETFs
On chain tokenized assets Other pools on Centrifuge
Third party RWAs

Pool Types

We define three Pool Types:

  • Open Pools: An Open Pool that allows for a broader distribution to third-party investors as well as DeFi protocols. Generally such pools have multiple unrelated token holders and can onboard third party investors.
  • Closed Pools: A Closed Pool allows different users to contribute capital to a single pool. It is not connected to any DeFi protocols. It has very limited distributions and is not available for investment on the app.
  • Portfolio Pools: A self-managed Portfolio owned by a single entity (DAO, protocol or offchain entity) primarily used to manage a dedicated RWA portfolio for a single counterparty. These pools do not have public distribution. There’s only one owner/controller of the pool and any pool tokens aren’t transferable. They’re intended for DAOs using Centrifuge Prime.

How to use these definitions

When defining governance processes in other CPs these terms should be used when referring to different pool types, asset classes and pool structures. Optionally, to avoid any doubt, a reference to this CP can be made.

Example 1:

The POP applies to Open Pools.

Example 2:

Fees for Closed Pools (see CP63) are x %

Alignment to the Mission of the Centrifuge DAO

Different pools allow for broader usage of Centrifuge by a wide group of users. Having clear definitions allows us to more efficiently communicate within Centrifuge and define governance processes more succinctly.

Link to the RFC on the Forum: https://gov.centrifuge.io/t/rfc-definitions-of-pool-types-categories/5688/1

Link to the OpenSquare Snapshot: