Cap Airdrop

Problem Solved

Stablecoin users either sit in low-yield fiat stables or chase opaque CeFi/RWA schemes where risk, yield, and counterparty exposure are bundled and hard to price. Cap attacks this by separating “money” from “risk-taking”: cUSD/stcUSD act as redeemable dollars and savings, while independent operators borrow against pooled liquidity and are backstopped by shared-security restakers rather than end users. The aim is straightforward: onchain stablecoin yield with verifiable downside protection instead of trusting a central desk.

Tokenomics

The CAP token will serve as the primary governance and utility tool, managing protocol parameters, fee auctions, and operator onboarding. The allocation of tokens has up to 40% set for insiders, so decentralization depends on vesting and how widely the ecosystem bucket is distributed but those details are yet to be announced. Fee-wise, Cap’s fee auction sells accrued assets for cUSD and forwards proceeds for distribution; the protocol fee is currently configured to 0. The project had a reward campaign already, but in the form of a cUSD “Stabledrop”, not CAP tokens.

Perspectives

As most new stablecoins entering the market, Cap's success will depend on adoption of its collateral, integration into DeFi rails, liquidity growth, and effective risk management. If the protocol scales and earns trust, it could carve a niche among yield-oriented users and protocols, but competition and macro volatility remain key risks to outlook. Its model of combining stablecoin issuance with structured yield exposure targets a clear demand segment, yet long-term viability will hinge on transparency, sustainable incentives, and maintaining stability during market stress. Execution and ecosystem partnerships will likely matter more than design alone in determining whether it becomes a durable primitive or stays niche.

Founders and Team

Cap’s CEO, Benjamin Sarquis Peillard, previously helped scale QiDAO to approximately $400M in TVL, demonstrating experience in growing DeFi protocols through meaningful adoption. The CTO, known as “Weso” contributed to building Beefy Finance, further reinforcing the team’s operational depth. This experience is reflected in the results they have already delivered, including a stablecoin, a lending market, and delegation middleware, alongside extensive audits and an active bug bounty program. Overall, while Cap’s technical scope is ambitious, the team profile points to repeat builders with a track record of shipping and scaling complex systems, rather than anonymous or unproven entrants.

Funding

Cap raised a total of $11M in three fundraising rounds, with backing from established TradFi and market structure participants including Franklin Templeton, Susquehanna Crypto, Flow Traders, and IMC Trading. This level of funding is sufficient to support core development, audits, and initial deployment. However, the real constraint is likely to be institutional onboarding (legal/compliance), which can slow growth and burn runway if revenue doesn’t ramp.

Community

Cap’s community growth strategy is clearly incentive-driven, centered around its Frontier and Homestead programs, where users earn “Caps” for participating on the cUSD side and “COGs” for delegation activity. Cap has also demonstrated a willingness to convert points into tangible rewards: Frontier participants already received cUSD distributions through a Stabledrop on February 4, 2026. On the social side, Cap’s presence is developing but not yet dominant, with approximately 21K followers on X and around 1.5K members in its “Stablecoin Mafia” Telegram channel.

Competitors

Cap competes in a crowded arena dominated by established perpetual DEXs and emerging yield-bearing stablecoins. Its most prominent indirect competitor is Ethena, which has achieved massive scale (over $9B market cap), but its returns are heavily tied to crypto funding rates, which can become negative during bear markets. Cap differentiates itself by sourcing yield from exogenous institutional strategies like MEV and private credit, which are less correlated with crypto-native market sentiment.