Cap

Cap is a decentralized finance application built on both the Ethereum and BNB Chain ecosystems that combines a digital dollar, a credit platform, and a financial guarantee market. It is designed to let institutions borrow against collateral while allowing depositors to earn yield on dollar-denominated assets such as regulated money market funds and payment stablecoins. The problem it claims to address is connecting yield-seeking depositors with institutional borrowers in a structure where every loan must be secured through Cap's own financial guarantee market.

Depositors supply dollar assets into the protocol, which backs the digital dollar and lends those reserves to institutional borrowers through a credit facility. Borrowers must secure their loans via the financial guarantee market, meaning a third party underwrites the credit risk rather than relying solely on over-collateralization as many DeFi lending protocols do. CAP is the protocol's native token, and it exists within the Ethereum and BNB Chain ecosystems, though the specific governance or utility mechanics of the token are not detailed in the data available here.

The protocol generated 407,124 USD in total fees over the trailing 30 days and 7,453,051 USD over the trailing 12 months, with fees annualized from the 30-day figure coming to 4,953,342 USD. The vast majority of those fees flow to depositors as supply-side revenue, which was 406,685.47 USD over the trailing 30 days, leaving the protocol itself with just 438.53 USD in revenue over that same period — a take rate of approximately 10.77 percent as measured over the trailing 30 days, though that figure contrasts sharply with the very low 30-day protocol revenue, suggesting the take rate calculation captures a different slice of the fee structure. Fee growth over the last 30 days was 56.78 percent, while protocol revenue growth over the same period fell 75.7 percent, indicating that depositors are capturing a larger share of fees even as total fee volume rose. Total value locked stands at 333,409,263.31 USD at the point in time recorded.