Blog

Cap Stabledrop

Feb 4, 2026

Thank you to everyone who participated in the Cap Frontier program! Frontier was the first step in bootstrapping our insured yield product. We hope that Frontier exceeded your expectations, and we welcome you to continue your journey at Cap with our Homestead program.

Throughout Frontier, Cap has flipped the script on how traditional financial institutions interact with onchain platforms. Instead of integrating with legacy systems, we’ve brought institutions onchain to integrate with our systems. This paradigm shift is the reason we built Cap, and it is only poised to grow stronger.

All Frontier participants will receive cUSD as a show of our appreciation for their early use of our protocol. This airdrop is nothing like the ones that have come before, and is based on our fundamental respect for Cap and the value that we’re creating.

Below is a breakdown of how the Stabledrop will be awarded to our two parallel points programs.

Below is the return per point to be received. Users may multiply the amount of points they have for Frontier by these values in order to arrive at their approximate Stabledrop.

cUSD per caps: 0.000027772
cUSD per COG: 0.000021267

How We Calculated the Stabledrop Amount

The Stabledrop is not like other airdrops. There is no playbook for how many stablecoins to give users in a Stabledrop. As a result, our team had to analyze user activity to arrive at a number that exceeded market expectations.

Our guiding principle was keeping the Stabledrop value around what 5% of Cap’s value would be at $250M FDV. This percentage is in line with previous stablecoin project airdrops.

In order to verify that this amount was sufficient to reward users, we focused on the profile of user that took the most risk during Frontier: YT-cUSD holders. These users speculated on the airdrop amount on cUSD, burning cUSD for the right to receive more of the airdrop.

Specifically, we analyzed the distribution of YT-cUSD implied APY paid by each user. This allowed us to calculate a weighted mean of the price that these users paid for YTs. The final number chosen for the Stabledrop ensures that YT-cUSD users receive a much higher implied APY than what the market was pricing. As a result, all users that entered YT-cUSD and stayed until the end should be profitable.

Looking Forward

Our focus will remain on continuing to onboard institutions into our network of operators. So far, we’ve onboarded a mix of blue chip borrowers including Flow Traders, Susquehanna Crypto, Amber Group, Flowdesk, Portofino, and many others. This traction proves that smart contract enabled platforms can serve the same institutions that are currently served by legacy private credit firms. We look forward to continuing this traction.

For those that want to keep supporting our protocol, our Homestead program is live and issuing points. For the first month, all caps rates are doubled. See our announcement here for more details.