Anemoy Capital SPC Limited (Anemoy), the issuer of the LTF token and the Asset Manager of the Anemoy Liquid Treasury Fund 1 SP (LTF) proposes to change the fee from the current 7.5 basis points Management Fee and 7.5 basis points Protocol Fee to 15 basis points Management Fee without Protocol Fee.
High-level objective
Make the usage of the Centrifuge protocol more attractive for traditional Asset Managers like Janus Henderson Investors (JHI). The new fee structure will help close more of those strategic partnerships and grow TVL and investor adoption. Furthermore, strategic DeFi investors expect discounted fees, which the new fee structure will be able to support better.
Background
Anemoy and Centrifuge closed a strategic partnership with JHI, a $380 billion asset manager and leader in the ETF space. The first accomplishment of this partnership is the sub-advisory and sub-investor management of LTF. The fund will change its name to Janus Henderson Anemoy Treasury Fund and the token ticker/symbol will change from LTF to JTRSY.
JHI will manage all offchain parts of the fund processes, including portfolio management, investment strategy, trading, and NAV validation. The new fee will be split between Anemoy and JHI, meaning Anemoy will not earn more.
The new fee structure will support the partnership and in our opinion the partnership will drive investor adoption dramatically. This is underpinned by the Moody’s double A rating, which is best in class and could only be obtained because we partner with JHI, one of the most reputable ETF managers.
Description of Activity
This proposal seeks the approval of the community to lower the protocol fees for the Anemoy LTF pool (Pool ID – 4139607887).
## Change or improvement
Change Protocol Fee for Anemoy LTF ( Pool ID – 4139607887 ) from 7.5 basis points to 0 basis points.
Change Management Fee for Anemoy LTF ( Pool ID – 4139607887 ) from 7.5 basis points to 15 basis points. The fee will be calculated by Trident Trust and be delivered with their daily NAV calculation.
Alignment to the mission of Centrifuge DAO
Anemoy brings JHI onto the Centrifuge Ecosystem. This is a key partnership for Centrifuge’s mission to bring Asset Management onchain. A stop forward to tokenize every asset and to make finance accessible to everyone.
I’m asking this question for the purpose of gathering more info:
If Anemoy LFT pays 0 protocol fees (and therefore nothing directly to the Centrifuge Treasury) do you think that might set a precedent for other (future) pools to demand a 0 protocol fee approach and hence effect the growth of the Centrifuge Treasury over time? If no, why?
Ty @Kate_Bee for the obvious and most important questions
I’m also a co-founder of Centrifuge and a huge believer in and supporter of Centrifuge, the DAO, and CFG.
Anemoy, and that’s why I started it, is driving adoption by professional asset managers like Janus Henderson. It creates value by building products like our T-bill fund LTF and many more to follow. We would like to create value for investors and asset managers first until we are at a level where protocol value capture makes sense. I would see it as a kind of a seed investment by CFG holders, which will pay back when Anemoy’s pools are in the hundreds of millions, later billions, and we reintroduce protocol fees step by step. A clear exception, not the rule. The Centrifuge DAO can reapply protocol fees at any time, and I’ll be the first CFG holder asking for it when it is time.
I support this proposal as it represents a strategic step toward expanding Centrifuge’s institutional adoption. The partnership with Janus Henderson Investors could serve as a significant catalyst for bringing more traditional finance players into the Centrifuge ecosystem.
While the protocol fee reduction from 7.5bp to 0bp means forgoing some immediate revenue, the potential long-term benefits of attracting institutional-grade partners like JHI outweigh this modest fee impact. The enhanced credibility from JHI’s involvement and their Moody’s double A rating could pave the way for additional institutional partnerships.
The restructuring of fees appears well-reasoned, particularly as it aligns with traditional finance expectations while maintaining overall cost neutrality for users. This kind of flexibility in fee structure may prove crucial for securing future strategic partnerships.
I believe this proposal effectively balances immediate protocol revenue considerations with the broader strategic goal of expanding Centrifuge’s institutional adoption and market presence. As Centrifuge’s AUM grows significantly through these institutional partnerships, the DAO retains the flexibility to reassess and potentially reintroduce protocol fees at a more opportune time
CP143 has been submitted to GitHub so the proposal is now final.
Council Motion 111 for CP143 has also just been submitted to the council. If passed in the council, this will become Referendum 70 for all CFG token holders to vote on.
Please vote here: 