Glossary
Quick reference for terms used throughout the Centrifuge platform.
A
Asset
A cryptocurrency token (typically a stablecoin like USDC or USDT) that investors use to deposit into vaults and that backs share class holdings.
Async Vault
The standard vault type using ERC-7540 where deposits and redemptions require manager approval before processing. Contrast with Sync-Invest Vault.
Approved (Order Status)
An order that has been reviewed and approved by a Hub Manager but not yet executed (shares not yet issued or revoked).
B
Balance Sheet Manager
A network-specific role that can deposit/withdraw funds to/from holdings and directly issue or revoke shares on their assigned chain. Cannot approve orders or update NAV.
C
Closed (Order Status)
A completed order where shares have been issued (for investments) or revoked (for redemptions). Historical record only.
D
Deposit
The act of an investor sending assets to a vault to request share tokens, or a manager adding funds to holdings.
E
Epoch
A time-based grouping for orders. Orders are processed in epoch order (oldest first) to ensure fair treatment of investors.
ERC-4626
An Ethereum standard for tokenized vaults. Used in Sync-Invest vaults for instant deposit functionality.
ERC-7540
An Ethereum standard for asynchronous tokenized vaults. The basis for Centrifuge's vault system where deposits and redemptions can be queued and approved.
F
Fireblocks
An MPC custody provider recommended for institutional fund operations. Provides enterprise-grade wallet infrastructure with policy-based approvals.
Fordefi
An MPC custody provider recommended for institutional fund operations. Offers built-in policy controls and a native dApp browser.
Freeze
A temporary block on an investor preventing new deposits or redemptions while preserving existing holdings. Reversible by unfreezing.
H
Holdings
Onchain escrow accounts storing assets (like stablecoins) on behalf of a share class. Used to fund redemption payouts and represent pool liquidity.
Hub
The primary blockchain (typically Ethereum) where the pool is deployed and where Hub Managers operate. Part of the hub-and-spoke architecture.
Hub Manager
The highest permission level. Can update NAV, approve orders, issue/revoke shares, manage investors, configure vaults, and add/remove other managers. Also called Pool Manager or Hub Admin.
I
Investment
An investor's deposit request to purchase share tokens. Goes through pending, approved, and closed stages.
Issue Shares
The act of minting new share tokens and distributing them to investors after their investment has been approved.
M
Merkle Proof Manager
An advanced manager type using cryptographic proofs to enforce complex withdrawal policies. Configured with strategists who define JSON policy files.
MPC (Multi-Party Computation)
A cryptographic technique where private keys are split across multiple parties and never fully assembled. Used by custody providers like Fireblocks and Fordefi for enhanced security.
Multi-sig
A wallet requiring multiple signatures to execute transactions. Safe (Gnosis Safe) is the most common multi-sig solution.
N
NAV (Net Asset Value)
The total value of all assets in a share class, denominated in the pool's base currency. Used to calculate price per share.
Network
A blockchain where vaults and holdings can be deployed (e.g., Ethereum, Base, Arbitrum, Avalanche).
O
On/Off-Ramp Manager
A specialized manager for handling structured fund movements with configured relayers (who can execute withdrawals) and receivers (approved destination addresses).
P
Pending (Order Status)
An order waiting for manager approval. The first stage after an investor submits a deposit or redemption request.
Pool
A Centrifuge structure containing one or more share classes, configured with specific assets, networks, and manager permissions.
Price Per Share
The value of one share token, calculated as Total NAV divided by Total Share Supply. Also called token price.
Q
Queued (Order Status)
Orders waiting to become pending. Occurs when there are already pending orders for the same asset/network that must be processed first.
R
Receiver
A pre-approved destination address for withdrawals when using an On/Off-Ramp Manager. Relayers can only withdraw to configured receivers.
Redemption
An investor's request to exchange share tokens for underlying assets. Goes through pending, approved, and closed stages.
Relayer
An address authorized to execute withdrawals to approved receiver addresses through an On/Off-Ramp Manager. Cannot withdraw to arbitrary addresses.
Revoke Shares
The act of burning share tokens and sending the corresponding asset value to investors as part of processing a redemption.
S
Safe
A multi-signature wallet (formerly Gnosis Safe) requiring multiple approvals before transactions execute. Recommended for institutional operations.
Share Class
A specific token type within a pool, with its own NAV, pricing, and investor list. A pool can have multiple share classes (e.g., senior/junior tranches).
Share Token
The ERC-20 token investors receive representing their ownership in a share class. Value determined by NAV and total supply.
Spoke
A secondary blockchain connected to the hub where vaults and holdings can be deployed. Part of the hub-and-spoke architecture.
Strategist
An address with authority to define withdrawal policies for a Merkle Proof Manager using JSON policy files.
Sync-Invest Vault
A hybrid vault type where deposits are processed instantly (synchronous) while redemptions remain asynchronous. Requires a price oracle and max deposit configuration.
T
Token Price
See Price Per Share.
V
Vault
An ERC-7540 smart contract serving as the entry point for investor transactions. Accepts deposits in a specific asset on a specific network and connects to a share class.
W
Whitelist
The list of investor addresses approved to interact with a share class on a specific network. Investors must be whitelisted before they can deposit.
Withdrawal
The act of removing assets from holdings, either to a manager's wallet (Balance Sheet Manager) or to approved receiver addresses (Relayer).