Cap is establishing itself as a next-generation stablecoin protocol, guaranteeing secure returns thanks to a financial instrument used in institutional credit. Would you like to receive the Cap protocol’s future airdrop? Discover the different methods for accumulating Cap points and maximizing your allocation.
What is Cap?
Deployed on the Ethereum blockchain, Cap is a stablecoin protocol that aims to provide credible and verifiable financial guarantees.
It stands out by functioning as a neutral and open aggregation layer, resolving the current fragmentation of stablecoins and yield opportunities.
To do this, Cap offers two main products:
- cUSD: A stablecoin backed 1:1 by other top-tier stablecoins such as USDC, USDT, and also by tokenized money market funds such as those from WisdomTree and Franklin Templeton;
- stcUSD: An interest-bearing savings product accessible by staking cUSD. The major innovation is that the risk of generating returns is hedged, offering users protection against losses. It allows its holders to generate passive returns effortlessly (8.60% per annum as of December 1, 2025).
Cap marks the emergence of a new category of stablecoins. Unlike traditional models (type I and II) where the team manages the collateral and the risk is ultimately borne by the user, Cap adopts a type III approach. The Cap protocol decentralizes the allocation of returns to market dynamics rather than human discretion. This both protects users and ensures true scalability. Here’s how Cap achieves this:
- Decentralized allocation: Markets decide where returns are generated and allocate collateral, not a central team. Allocations are reserved exclusively for institutions.
- Risk borne by decision-makers: The risk of loss is borne by delegators and yield generators;
- User protection: Users of cUSD and stcUSD benefit from protection against losses, with funds liquidated in the event of undercollateralized loans being redistributed to maintain the 1:1 peg of cUSD.
This design, focused on credible financial guarantees and decentralized risk, has enabled Cap to offer a stablecoin that institutions can truly adopt.
As a result, major investors such as Franklin Templeton, WisdomTree, IMC, and Susquehanna are not only investing, but actively using the protocol. For example, WisdomTree has approved Cap’s smart contracts to integrate its money market fund as collateral, marking the first interaction of this scale between a regulated asset manager and a DeFi protocol.
How to participate in Cap’s airdrop?
On October 13, Cap entered the third phase of Frontier, its points-accumulation program. This program allows users to accumulate points called “Caps,” which could be a sign that an airdrop is in the works.
The goal is clear: accumulate as many Caps as possible to climb the user rankings and become eligible for the future distribution of the token associated with the protocol. Caps are accumulated by interacting with Cap’s flagship products (cUSD and stcUSD):
The simplest method: holding cUSD (10x Caps)
If you want to start farming with minimal effort, the simplest strategy is to acquire and hold cUSD over time.
You can obtain cUSD directly via the swap function on the Cap app (at https://cap.app/swap ). To do this, you will need USDC in your wallet:
Simply holding cUSD allows you to accumulate Caps with a 10x multiplier.
Advanced strategies on Pendle and others (up to 20x Caps)
To maximize your rewards, Cap encourages the use of structured products via platforms such as Pendle, Morpho, or Yield Optimizers (Beefy, etc.). These strategies offer the highest multipliers for accumulating Caps.
For users looking to go further, two strategies on Pendle are particularly lucrative:
- Deposit YT-stcUSD or provide liquidity to the pool for a x5 multiplier on Caps (accessible at this address);
- Deposit YT-cUSD or provide liquidity to the pool for a x20 multiplier on Caps (accessible at this address).
These options on Pendle allow you to isolate exposure to future returns (PT and YT), significantly increasing the efficiency of your farming.
Advanced farming strategies on platforms such as Pendle use structured products that may seem complex at first glance. Understanding PT and YT tokens is crucial to mastering Cap multipliers.
The PT, or Principal Token, represents the initial capital locked on Pendle. By purchasing a PT, a fixed return is guaranteed on this capital until maturity.
The YT, or Yield Token, represents the future yield stream (interest and rewards) generated by the underlying capital until maturity. By purchasing a YT, you gain leveraged exposure to the variable yield of the asset, allowing you to speculate on an increase in the interest rate or the accumulation of airdrop points, but it becomes worthless at maturity. Now, here’s what this corresponds to in the case of cUSD and stcUSD:
- PT-stcUSD: Token that represents the principal in stcUSD: it offers a fixed yield and can be exchanged 1:1 for 1 stcUSD at maturity;
- YT-stcUSD: Token that captures the yield of stcUSD: it accumulates stcUSD and Caps points as long as the position is open, then it is worth 0 at maturity;
- PT-cUSD: Token that represents the capital in cUSD: it gives access to a fixed yield and can be exchanged for 1 stcUSD at maturity;
- YT-cUSD: Token that captures the return on cUSD: it allows you to receive Caps points while the position remains open, but its value falls to 0 at maturity.
The idea is simple: the more you interact and lock value in the Cap ecosystem, the more Caps you accumulate for the airdrop.
