On.Chained vs Centrifuge
Both platforms connect real-world assets with on-chain capital, but they take different approaches to structuring, risk, and recovery. Centrifuge pools assets into tokenised tranches. On.Chained isolates risk per loan and prioritises real-world enforcement.
| On.Chained | Centrifuge | |
|---|---|---|
| Primary model | Direct, contract-by-contract RWA lending | Tokenised asset pools with Tin/Drop tranches |
| Risk structure | Risk isolated per loan | Risk pooled and tranched across assets |
| Collateral focus | Audited bullion, commodities, art, inventory | Invoices, real estate, revenue-based assets |
| Default handling | Enforcement-first work-out against collateral | Off-chain enforcement by originator / SPV |
| Liquidity model | Matched lending with defined tenor | Pool tokens trade on secondary markets |
| Best fit for | Isolated, audited collateral | Originators securitising a portfolio |
When to choose On.Chained
On.Chained is built for asset owners and capital providers who want each loan tied to a specific, enforceable piece of collateral. If you hold vaulted bullion, warehouse commodities, or authenticated art and want to borrow against them without selling, the platform is designed around your workflow.
When Centrifuge may fit better
Centrifuge is strongest for originators with a portfolio of receivables or income-producing assets who want to pool and tokenise cash flows. The tranche structure lets different investors take different risk profiles across the same pool.
The enforcement difference
On.Chained's core difference is that recovery planning starts before the loan is originated. We underwrite based on what can be claimed and enforced in the real world — custody arrangements, security interests, and legal remedies — rather than assuming a market exit. This matters most for collateral that cannot be sold instantly without loss.
This comparison is based on publicly available information and is for informational purposes only.
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