Cap Airdrop Status

1. RewardInferred

   Possible airdrop. Not announced

   Sources: cap-stabledrop-defiant, cap-stabledrop-protos, cap-overview-docs Recheck when: An official reward, allocation, conversion rule, checker, or closure changes.
2. DeadlineInferred

   No campaign deadline has been verified.

   Sources: cap-stabledrop-defiant, cap-stabledrop-protos, cap-overview-docs Recheck when: An official campaign source publishes or changes a deadline.
3. VerdictInferred

   Research candidate

   Sources: official-website, airdrops-com-directory, cap-funding-coindesk Recheck when: New evidence changes the reward state, cost, eligibility, or risk.
4. ProjectInferred

   Cap is an onchain credit platform on Ethereum that issues cUSD, a dollar-denominated stablecoin backed by financial guarantees from underwriters such as Bedrock, Lombard, and Solv, and routes those reserves into a marketplace where institutional borrowers (including Flow Traders and Odyssey) can take unsecured loans against them. Yield generated on reserves flows back to stcUSD (the yield-bearing wrapper) and is governed by Cap's $CAP token, which the project positions as a credit-rather-than-collateral primitive.

   Sources: official-website, airdrops-com-directory, cap-funding-coindesk Recheck when: The project changes its product, control model, or live status.

1. August 11, 2026
   Imported from the Airdrops.com homepage directory with listed status “Confirmed”; official reward details remain to be verified.Sources: airdrops-com-directory
2. August 11, 2026
   Refresh 2026-08-11: verified $11M seed (Franklin Templeton, Triton Capital, Susquehanna) and subsequent $8M round (RockawayX); audits by Spearbit and Electisec published; project now described as a cUSD/stcUSD yield-bearing stablecoin protocol on Ethereum. Reward mechanism reframed: Cap runs a $12M Stabledrop (USDC distribution) plus a Uniswap ICO — not a token airdrop. X timeline not captured (live fetch unavailable); used web search only. Score 64 → 70; tier unchanged (B).Sources: cap-funding-coindesk, cap-funding-rockawayx, cap-audit-docs, cap-overview-docs, cap-stabledrop-podcast
3. August 12, 2026
   Refresh 2026-08-12: $CAP governance token live on Upbit KRW/BTC/USDT (Ethereum only) per Globe Newswire (2026-08-06) — tokenomics 46.72% ecosystem, 20% team, 20% investors, 10% community, 3.28% ecosystem sales. Founders and senior team identified by name (Benjamin Sarquis Peillard CEO ex-QiDAO, Weso CTO ex-Beefy, Jaeyong Park Head of Research, Dave Liebowitz Head of Growth). Live X timeline captured from @CapApp (40 tweets, Jun 26 – Aug 11); top three announcements: stcUSD on Aave MegaETH v3 (231 likes), stcUSD hit supply cap within hours (110 likes), $180M BTC on platform (59 likes). Announced Stabledrop reduced from $12M to $4.2M after backlash (The Defiant / Protos, 2026-07-13); founder denied self-dealing claims. Score held at 70; tier held at B.Sources: cap-upbit-globenewswire, cap-tokenomics-biggo, cap-team-artemis, cap-funding-rockawayx, cap-stabledrop-defiant, cap-stabledrop-protos, cap-tweet-2073060955085578639, cap-tweet-2073809227941077317, cap-tweet-2082474140716658955, cap-discuss-ilmeaalim

What it does

Cap is an onchain credit platform on Ethereum that issues cUSD, a dollar-denominated stablecoin backed by financial guarantees from underwriters such as Bedrock, Lombard, and Solv, and routes those reserves into a marketplace where institutional borrowers (including Flow Traders and Odyssey) can take unsecured loans against them. Yield generated on reserves flows back to stcUSD (the yield-bearing wrapper) and is governed by Cap's $CAP token, which the project positions as a credit-rather-than-collateral primitive.

Who uses or pays

Who uses and pays for the product still needs verification.

What is live

The current live product state is not yet recorded separately from campaign research.

Where value flows

Cap reported an $11M seed round in April 2025 led by Franklin Templeton with Triton Capital and Susquehanna (SIG); a subsequent $8M round included RockawayX. The protocol has been audited by Spearbit (lead security) and Electisec per docs.cap.app. [cap-funding-coindesk, cap-funding-rockawayx, cap-audit-docs]

Who controls it

Upgrade, custody, and governance control still need verification.

Why users return

Demand without incentives still needs verification.

• Benjamin Sarquis Peillard, Founder & CEO. Previously founded QiDAO (scaled to ~$400M TVL)
• Weso, CTO. Founding member of Beefy Finance (peaked at ~$1B+ TVL)
• Jaeyong Park, Head of Research. Delivered Stanford University keynote on private credit, July 30 2026
• Dave Liebowitz, Head of Growth. Previously known as @defidave; participates in joint press with Franklin Templeton

Funding: Cap reported an $11M seed round in April 2025 led by Franklin Templeton with Triton Capital and Susquehanna (SIG); a subsequent $8M round included RockawayX. The protocol has been audited by Spearbit (lead security) and Electisec per docs.cap.app. [cap-funding-coindesk, cap-funding-rockawayx, cap-audit-docs]

1. Directory-listed opportunityStatus unclear

   Start unknown to end unknown

2. Stabledrop (cUSD distribution)Open for activity

   Start unknown to end unknown

3. Homestead program (cap points)Open for activity

   Start unknown to end unknown

• Cap has an identifiable project surface, but no official allocation or eligibility terms were verified.
• Re-rank 2026-08-11: $11M seed (Franklin Templeton lead, Triton Capital, Susquehanna) plus a subsequent $8M round including RockawayX; audits by Spearbit (lead security) and Electisec documented on docs.cap.app. Score raised from 64 to 70; tier held at B because the project's own reward mechanism is a stablecoin Stabledrop, not a token airdrop.
• Re-rank 2026-08-12: $CAP governance token is live on Upbit KRW/BTC/USDT markets (2026-08-06, Ethereum deposits only) per Globe Newswire; founders and senior team are now identified by name (Benjamin Sarquis Peillard CEO, ex-QiDAO; Weso CTO, ex-Beefy Finance; Jaeyong Park Head of Research; Dave Liebowitz Head of Growth). Credit platform metrics captured from the official timeline: Cap USD deposits +68.59% since July 14, ~$180M BTC and ~$40M ETH under custody, Aave MegaETH v3 listing for stcUSD, Flow Traders and Odyssey as institution-class borrowers. Score held at 70; tier held at B. The announced Stabledrop was reduced from $12M to $4.2M in July 2026 (The Defiant, Protos, Messari) and the founder was publicly accused of self-dealing via a wallet linked to his former employer; that is a credibility negative for the reward story and the main reason the score did not rise further despite clear product momentum.