Cap

Cap's 2024 design separated dollar depositors, yield-seeking operators and delegators willing to underwrite a named counterparty. By August 2025, users could mint cUSD on Ethereum and choose between holding the dollar or staking it as stcUSD. Frontier points measured early participation before CAP existed as a traded asset.

The split is functional. Depositors own a reserve-backed token; operators borrow available assets; delegators escrow collateral that may be slashed. Calling all three groups CAP stakers erases who supplies dollars, who earns yield and who bears first loss.

cUSD can be minted and redeemed against available approved reserve assets. stcUSD is an ERC-4626-style share created by staking cUSD. Income from reserves and operator loans is converted through fee auctions and delivered in cUSD to that vault.

CAP is contract 0x9999…9999. It does not represent one dollar, a share of the cUSD reserve or a stcUSD withdrawal claim. Similar names inside older code—Cap token and StakedCap—describe generic protocol abstractions and cannot replace checking the deployed asset address.

Cap says the June 2026 launch sold tokens through Uniswap and Binance Wallet and raised about $4.2 million. Current tokenomics assign 47.37% to Ecosystem & Community, up to 20% each to Private Investors and Project Team, 5% to the ICO, 3.75% to Private TVL Deals, 3.28% to Echo and 0.6% to Market Makers.

Cap reports roughly 15% of total supply circulating at TGE, comprising the ICO allocation and a release from Ecosystem & Community. The same text uses “10% from” the ecosystem allocation without clearly naming that percentage’s denominator, so it does not support an independent reconstruction of the total. The published cliff applies specifically to Private Investors, Project Team and Echo Community Sale: each starts unlocking 12 months after TGE, releases 25% of its own allocation at that anniversary, and vests the rest monthly over three years. The page does not assign that same schedule to every other allocation.

The current CAP implementation is unusually simple: ERC-20 transfers, permit, ownership and UUPS upgrade entry points. There is no public mint, burn, blacklist or pause method. The proxy owner is a TimelockController, and its live minimum delay was 30 days on September 5, 2026.

The delay creates notice, not immutability. Authorized proposers can schedule an implementation change, while ordinary token balances do not automatically schedule it. The claim 'fixed 10 billion' therefore describes current code and published tokenomics, not a cryptographic ban on future upgrade logic.

The tokenomics page says holder governance rights will be phased as the protocol matures. It also says protocol revenue will fund discretionary buybacks. Those statements set a direction, but they neither specify an automatic purchase calendar nor give each CAP holder a direct claim on protocol fees.

Execution still matters. CAP upgrades sit behind its owner timelock, while multisig-managed protocol roles can alter modules, oracles, assets, reserves, rates, pauses and emergency actions. A governance proposal changes the system only when an authorized path carries its result into those controls.