Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.29% | 8.38% | 18.98% | 18.15% | 3.00% | 278.68% |
Revenue & Burn
Protocol income
$186.15Buyback funds
$0Burn funds
--Buyback ratio
0.0%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $186.15 | $0 | -- | 0.0% |
| Sep 2026 | $509.31 | $0 | -- | 0.0% |
| Aug 2026 | $468.99 | $0 | -- | 0.0% |
| Jul 2026 | $14.17K | $0 | -- | 0.0% |
| Jun 2026 | $3.47K | $0 | -- | 0.0% |
| May 2026 | $3.76K | $0 | -- | 0.0% |
Comparison
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x61ba...2ec6 |   CAP | 9,000,600,992.1 | 90.01% | $649.53M |
| 0x0000...b709 | CAP | 8,450,000,000 | 84.5% | $609.8M |
| 0x80a2...c2ea | CAP | 586,482,960 | 5.86% | $42.32M |
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About CAP
Cap is a yield-bearing stablecoin protocol built on Ethereum. Its core product is cUSD, a 1:1 USD-pegged stablecoin backed by blue-chip stablecoins and tokenized money market funds, and stcUSD, a yield-bearing receipt token obtained by staking cUSD. The protocol operates a three-party structure: Operators (institutions) borrow cUSD for market-making or private credit strategies; Restakers/Underwriters pledge assets to guarantee operator default risk; Depositors hold cUSD/stcUSD to earn yield. Its core competitiveness lies in the "yield outsourcing" model—instead of generating yield internally, Cap outsources it to a network of institutional operators who compete for deposits, with restakers acting as a first-loss buffer to protect depositors' principal.
The market pain point it addresses is the trade-off in DeFi between yield and safety: traditional stablecoins earn no yield, while high-yield DeFi strategies often come with smart contract or market risks. Cap attempts to separate "where funds are held" from "who generates yield," providing insured yield through a decentralized underwriting market.
In the past six months (2026-03-04 to 2026-09-04), Cap has faced significant headwinds. Protocol TVL declined from a January 2026 peak of $500M to approximately $260.8M by July 2026 (-48%), while cUSD circulation shrank from $360M+ to $75-92M (-75%+). Aave's official blog disclosed that over 90% of stcUSD yield came from passive deposits into Aave V3, not from the "three-party insurance market" matching private credit deals—a notable gap between marketing narrative and actual revenue sources. Additionally, a community dispute over the Stabledrop airdrop (committed $11M, actually distributed $4.2M) drew criticism, though the team clarified it was due to market conditions and all redemptions were processed smoothly. CAP token launched on Binance on 2026-06-26, reaching an ATH of $0.04274, then falling 64% to an ATL of $0.01549 by 2026-07-12. No VC or team token unlocks are scheduled within 12 months post-TGE (first cliff ~2027-06).
CAP Labs first secured a $1.9M seed round with Robot Ventures, then completed an $11M raise in April 2025 led by Franklin Templeton and joined by Triton Capital, cementing its institutional-grade "covered credit" plus restaking direction. The protocol subsequently launched on mainnet, opening cUSD minting and operating a reserve-backed stablecoin with the stcUSD yield layer. After TGE, it rapidly listed on Coinbase, Binance perpetuals, and Upbit (KRW/BTC/USDT), evolving from DeFi infrastructure into a tradable asset and opening Asian capital through Korea. Meanwhile, the Stabledrop allocation controversy erupted; the founder admitted early misrepresentations and clarified insider rumors, while TVL swings were attributed to Aave arbitrage. The episode exposed token-distribution transparency issues and left lasting tests for governance and community trust.
Over the past six months, Cap's token price was influenced by:
Bullish: CAP token launched in July 2026 with $878M volume in 10 days and listings on major exchanges; $4.2M raised via Uniswap/Binance Wallet sales; Q2 2026 saw active borrowers +33%, underwriter premiums +102%, zero cumulative losses; partnership with Franklin Templeton, Aave on MegaETH, Matrixport gold-backed guarantees; $100M revolving credit facility to Susquehanna Crypto; stcUSD net APY 5.52% vs peer median 3.39%; buybacks via fee engine.
Bearish: TVL fell 17.6% QoQ, cUSD deposits -31.5%, loans -13.7%; Stabledrop controversy: airdrop pool cut from $11M to $4.2M, founder apologized; TVL decline partly due to Aave USDM borrowing rate spike on MegaETH.
Benjamin (Founder): Previously worked at Citi as a Corporate & Investment Banking Analyst, and served as Finance Lead at Hashing Systems. Scaled QiDao from zero to ~$400M TVL.
Weso (CTO & Founding Member): Full name Matthew W. Former Lead Developer and DAO Leader at Beefy (which peaked at over $1B TVL). Currently CTO at Cap Labs.
DeFi Dave (Head of Growth): Full name David Liebowitz. Founder of FlywheelDeFi, previously at Gelato Network, Dinero, and PIF Labs. Founding team member of IQ.wiki (formerly Everipedia).