Cap

Cap is a decentralized finance application built on both the Ethereum and BNB Chain ecosystems that aims to make institutional credit accessible and transparent on-chain. It combines a digital dollar stablecoin, a lending platform for institutional borrowers, and a financial guarantee market intended to underwrite and secure individual loans. The system is designed for depositors who want to earn yield on dollar-denominated assets and for institutions seeking credit against those reserves.

The digital dollar that Cap issues is backed by reserve assets such as regulated money market funds and payment stablecoins, which are then lent to institutional borrowers through Cap's credit platform. Those borrowers must obtain coverage through Cap's financial guarantee market before a loan is extended, meaning a third party underwrites the credit risk. The CAP token exists within this ecosystem, and 15.6 percent of the maximum supply of 10,000,000,000 tokens is currently in circulation, with the remainder representing potential future issuance.

Cap generated 489,913 in fees over the trailing 30 days and 7,250,841 in fees over the trailing 12 months, with fees coming primarily from the interest paid by institutional borrowers. Of the trailing 30-day fee total, the vast majority flows to depositors as supply-side revenue, which was 489,491.22 over that period, while the protocol itself retained a much smaller share, reflected in a trailing 30-day protocol revenue of 421.78 and an annualized protocol revenue figure of 5,131.66. The protocol's take rate over the trailing 30 days was approximately 8.6 percent of total fees collected, and fees over the last 30 days declined by 15.23 percent, though protocol revenue over the same window grew by 13.78 percent.