Centrifuge CTO Jeroen Offerijns has co-authored ERC-8161, an Ethereum standard now in Last Call that allows redemption claims in long-lock investment funds to transfer between holders instead of forcing investors to wait out the full redemption cycle.
The standard addresses a structural constraint in funds with extended lock periods: investors seeking early exit previously had no option but to hold their claim until the fund's redemption window opened. ERC-8161 creates a mechanism for that claim to move to another party willing to accept the wait, turning an illiquid obligation into a transferable asset.
The proposal entered Last Call on June 2, 2026, the stage before final Ethereum Improvement Proposal acceptance. Centrifuge is a blockchain platform for tokenizing real-world assets and managing fund operations on-chain; it has built several funds with multi-month redemption cycles as part of its infrastructure for asset managers.
ERC-8161 operates at the token level rather than requiring fund managers to build custom exit mechanisms. Once a holder requests redemption, the standard lets them list that claim for sale, with the buyer assuming both the wait period and the eventual redemption payout. The mechanism is compatible with existing token contracts and does not alter fund-level rules.
Long redemption cycles are standard practice in private credit, hedge funds, and other illiquid asset classes operating on-chain. Funds use them to align investor lockups with the duration of underlying assets. Centrifuge itself has deployed funds with 6-12 month redemption windows for real estate and commodities positions.
Transferability of redemption claims has existed in traditional finance for decades through secondary markets and assignment agreements. ERC-8161 standardizes the mechanism for blockchain-native funds, allowing developers to implement it without custom code and enabling secondary markets to quote and trade these claims.
Offerijns is co-author alongside several Ethereum contributors. The Last Call phase typically runs for two weeks and invites community feedback before final acceptance or revision. If no material objections emerge, ERC-8161 would move to Final status and become available for adoption by any fund or protocol.
The standard does not require fund managers to enable claim transfers; adoption remains optional. Centrifuge has not announced whether its own funds will implement the standard when it finalizes. Other platforms managing redemption-based lockups, including some decentralized finance protocols, would face a choice to support the mechanism or maintain separate redemption mechanics.
