Buy & Swap Cap (CAP)

Three sides of one platform

Cap's ecosystem has three groups. Depositors supply dollars and earn yield. Borrowers take out unsecured USD loans. Underwriters guarantee those loans with their own capital.

Cap says it is headquartered in New York City. It presents the whole arrangement under the heading Covered Agents Protocol, with the promise of earning and borrowing backed by credible guarantees.^{[1], [2], [3]}

How depositors take part

Depositors earn USD yield by depositing approved assets. In return they receive cUSD, a token that keeps account of what they deposited.

In plain terms, cUSD is your receipt: it shows your share of the pool while your dollars are put to work lending to borrowers. The site displays platform deposits, guarantees issued and a seven-day average dollar yield, though these panels were not showing live figures when this profile was checked.^{[4], [5]}

Why underwriters matter

An unsecured loan has no collateral behind it, so the lender relies on someone else to cover a default. On Cap, that someone is the underwriter, which commits capital and earns a premium for taking the risk.

Cap names underwriters on its homepage, including Renzo's pzETH, Concrete and StakeStone, the last acting as both underwriter and borrower. It runs this as a guarantee marketplace, where borrowers and underwriters meet.^{[6], [7]}

Security and partners

Cap's partner page lists EigenLayer under shared security — a system where staked assets help secure other services and can be penalised if those services fail. That fits the idea of capital standing behind promises.

It also lists Chainlink and RedStone as price oracles, and security firms including Certora, Sherlock, Electisec and Recon. For lending and trading it names Aave, Morpho, Euler, Dolomite, Pendle, Curve and Balancer among others.^{[8], [9], [10], [11]}

Where CAP fits

Cap's homepage has a Tokens section, and CAP is the ticker associated with the project. The pages read for this profile do not say what holding CAP does — whether it earns fees, is used in governance or supports the guarantees.

Rather than guess, this profile marks those details as UNKNOWN. Cap's blog and news pages are the place to look for official token information.^[12]

Why a guarantee changes the picture

Most crypto lending asks borrowers to lock up more value than they borrow. That keeps lenders safe but makes loans expensive in capital. Cap's model lets a borrower take an unsecured loan because an underwriter has already committed its own funds to cover a default.

For depositors, the appeal is that the risk of a borrower failing is meant to fall first on the underwriter, who is paid a premium for accepting it. For underwriters, it is a way to earn on capital they already hold. For borrowers, it opens dollar credit without tying up large amounts of collateral.

Cap's word for this is verifiable: the deposits, guarantees and partners are meant to be visible on-chain and on its site rather than hidden in private agreements. Anyone considering the platform can check who is underwriting and what they have committed before depositing.^{[3], [6], [7], [5], [4]}

Token role and supply

CAP's uses, total supply and distribution are not stated on the official pages read for this profile. Those details are UNKNOWN from this source.^[12]