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capFrontier Program: Epoch 2
Epoch 1 will end on September 1st, when Epoch 2 starts. Ahead of this change, we’re releasing details for epoch 2. Remember that Frontier is designed for long term users - continued participation is needed to unlock its full potential.Epoch 1 RecapEpoch 1 of Cap’s Frontier Program was simple, bootstrap cUSD’s reserve with USDC. The market reception was tremendous, with over $65M in user deposits from a distributed set of users. Blue chip projects have already integrated cUSD and stcUSD. Pendl...
capCap Frontier Program
IntroOn August 18th, Cap will open to the public on Ethereum mainnet. All protocol functions will go live on this date. In order to track user contribution, “Caps” will be awarded for select user activity that benefit the Cap ecosystem overall. Caps are not just points, but a tool that will be used to identify key community members that are power users of our protocol. For example, we will reach out to top Caps holders for unique perks, special events, and additional access to the team.Struct...
capWhat is CAP: A Gentle Introduction to cUSD
The online platform economy has enabled small startups to scale to large tech giants, based on one counterintuitive dynamic: they do not own any of the inventory that makes up their networks. The most classic examples are Uber, which does not own any of the vehicles in its fleet, and Airbnb, which does not own any of the rooms that dot the platform. Using the power of the market, these companies are able to match those offerings with those in need of a service, whether it be a ride downtown o...
>400 subscribers
capFrontier Program: Epoch 2
Epoch 1 will end on September 1st, when Epoch 2 starts. Ahead of this change, we’re releasing details for epoch 2. Remember that Frontier is designed for long term users - continued participation is needed to unlock its full potential.Epoch 1 RecapEpoch 1 of Cap’s Frontier Program was simple, bootstrap cUSD’s reserve with USDC. The market reception was tremendous, with over $65M in user deposits from a distributed set of users. Blue chip projects have already integrated cUSD and stcUSD. Pendl...
capCap Frontier Program
IntroOn August 18th, Cap will open to the public on Ethereum mainnet. All protocol functions will go live on this date. In order to track user contribution, “Caps” will be awarded for select user activity that benefit the Cap ecosystem overall. Caps are not just points, but a tool that will be used to identify key community members that are power users of our protocol. For example, we will reach out to top Caps holders for unique perks, special events, and additional access to the team.Struct...
capWhat is CAP: A Gentle Introduction to cUSD
The online platform economy has enabled small startups to scale to large tech giants, based on one counterintuitive dynamic: they do not own any of the inventory that makes up their networks. The most classic examples are Uber, which does not own any of the vehicles in its fleet, and Airbnb, which does not own any of the rooms that dot the platform. Using the power of the market, these companies are able to match those offerings with those in need of a service, whether it be a ride downtown o...
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Cap enters its third and final epoch of Frontier. Epoch 3 will begin on October 13th and last until the end of Frontier. The program may last less than the originally-intended 5 month period in the event that certain internal metrics are met.
Note that there will be a boost for users that participate in Cap consistently from earlier epochs. The longer a user participate in Frontier, the better their outcome will be. Users that leave Frontier early will not receive the full benefits of the program.
Cap’s total value locked has grown 377% since the start of epoch 2, growing from $72M to over $272M. Blue chip DeFi integrations have led cUSD demand, with Pendle and Morpho presenting the largest sources of demand.
Caps rates for epoch 3 will remain unchanged. Early depositors will benefit from boosted rewards from their ongoing participation in the program. New depositors will be able to enter the program to receive caps.
Holding cUSD will continue to have a caps rate of 10x.
Cap’s Pendle markets have grown to $155M in TVL. These markets represent the largest source of demand for Cap assets. In order to protect YT holders from fluctuating quotes, all Pendle rates will remain the same for epoch 3. Below is a summary of these rates.
Total YT-cUSD rate = 20x
Total YT-stcUSD rate = 5x
Total LP-cUSD rate = 20x
Total LP-stcUSD rate = 5x
Cap lenders will continue to earn caps for providing liquidity to stcUSD, PT-stcUSD, and PT-cUSD. Lending markets for Cap assets have grown to over $100M since the start of Frontier, with most major vault lenders allocating liquidity to these markets.
On Morpho, the following vaults are lending to Cap assets and earning caps: MEV Capital USDC, Hyperithm USDC, Gauntlet USDC Core, Gauntlet USDC Frontier, and Clearstar USDC Reactor.
On Euler, USDC and USDT deposits on Frontier Cap market receive caps.
Caps rate: 1x caps
Throughout epoch 3, Cap will announce wallet integrations for Cap assets on a rolling basis. These integrations will feature limited-time caps distributions. Separate announcements will provide additional information for each integration.
Delegators with active borrows receive COGs based on the dollar amount of the delegations. Currently, most delegators on Symbiotic are delegating to operators on Cap. Once Cap’s EigenLayer deployment goes live, restakers on EigenLayer will also earn COGs. Note that these points are completely separate from caps.
Current partner delegators include Renzo pzETH, Concrete, MEV Capital, Re7 Labs, Hyperithm, and Stakestone.
COGs dashboard: https://cap.app/cogs
As a reminder, Cap’s two flagship products are:
cUSD = cUSD is Cap’s digital dollar asset. It is redeemable for available collateral assets, such as blue chip stablecoins and regulated money market funds.
stcUSD = stcUSD is the yield-bearing version of cUSD. It earns yield from both the base strategies of cUSD’s collateral assets, as well as yield from Cap’s allocations to institutional yield operators.
Note: All loans/allocations to operators from Cap’s reserve are overcollateralized by ETH and BTC derivatives via EigenLayer and Symbiotic.
Cap enters its third and final epoch of Frontier. Epoch 3 will begin on October 13th and last until the end of Frontier. The program may last less than the originally-intended 5 month period in the event that certain internal metrics are met.
Note that there will be a boost for users that participate in Cap consistently from earlier epochs. The longer a user participate in Frontier, the better their outcome will be. Users that leave Frontier early will not receive the full benefits of the program.
Cap’s total value locked has grown 377% since the start of epoch 2, growing from $72M to over $272M. Blue chip DeFi integrations have led cUSD demand, with Pendle and Morpho presenting the largest sources of demand.
Caps rates for epoch 3 will remain unchanged. Early depositors will benefit from boosted rewards from their ongoing participation in the program. New depositors will be able to enter the program to receive caps.
Holding cUSD will continue to have a caps rate of 10x.
Cap’s Pendle markets have grown to $155M in TVL. These markets represent the largest source of demand for Cap assets. In order to protect YT holders from fluctuating quotes, all Pendle rates will remain the same for epoch 3. Below is a summary of these rates.
Total YT-cUSD rate = 20x
Total YT-stcUSD rate = 5x
Total LP-cUSD rate = 20x
Total LP-stcUSD rate = 5x
Cap lenders will continue to earn caps for providing liquidity to stcUSD, PT-stcUSD, and PT-cUSD. Lending markets for Cap assets have grown to over $100M since the start of Frontier, with most major vault lenders allocating liquidity to these markets.
On Morpho, the following vaults are lending to Cap assets and earning caps: MEV Capital USDC, Hyperithm USDC, Gauntlet USDC Core, Gauntlet USDC Frontier, and Clearstar USDC Reactor.
On Euler, USDC and USDT deposits on Frontier Cap market receive caps.
Caps rate: 1x caps
Throughout epoch 3, Cap will announce wallet integrations for Cap assets on a rolling basis. These integrations will feature limited-time caps distributions. Separate announcements will provide additional information for each integration.
Delegators with active borrows receive COGs based on the dollar amount of the delegations. Currently, most delegators on Symbiotic are delegating to operators on Cap. Once Cap’s EigenLayer deployment goes live, restakers on EigenLayer will also earn COGs. Note that these points are completely separate from caps.
Current partner delegators include Renzo pzETH, Concrete, MEV Capital, Re7 Labs, Hyperithm, and Stakestone.
COGs dashboard: https://cap.app/cogs
As a reminder, Cap’s two flagship products are:
cUSD = cUSD is Cap’s digital dollar asset. It is redeemable for available collateral assets, such as blue chip stablecoins and regulated money market funds.
stcUSD = stcUSD is the yield-bearing version of cUSD. It earns yield from both the base strategies of cUSD’s collateral assets, as well as yield from Cap’s allocations to institutional yield operators.
Note: All loans/allocations to operators from Cap’s reserve are overcollateralized by ETH and BTC derivatives via EigenLayer and Symbiotic.
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