เกี่ยวกับ CAP (caplab.xyz)

CAP is the governance and revenue-share token of the Covered Agents Protocol, a decentralized stablecoin and credit infrastructure platform developed by CAP Labs, a New York-based financial technology company. The protocol operates on Ethereum, Base, and Arbitrum, and has been audited by Trail of Bits and OpenZeppelin.

The CAP protocol issues cUSD, a dollar-denominated stablecoin, and stcUSD, a yield-bearing stablecoin built on top of cUSD. A third product — an on-chain guarantee marketplace — is in development. Yield distributed to CAP holders is sourced exclusively from verifiable on-chain activities: algorithmic market-making on stablecoin pairs, fully collateralized on-chain private credit to institutional borrowers, and protocol fees from swaps, vault exits, and API usage.

CAP holders participate in on-chain governance over collateral whitelists, yield strategy parameters, and treasury allocations. Token utility includes pro-rata revenue distribution, staking to backstop the protocol, fee discounts of up to 50% when fees are paid in CAP, and participation in underwriting vaults. Builder grants are also distributed retroactively from the ecosystem treasury. Infrastructure partners include Chainlink, Circle, Fireblocks, LayerZero, and Pyth Network. Total supply is 10,000,000,000 CAP.