> For the complete documentation index, see [llms.txt](https://docs.cap.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cap.app/overview/readme.md).

# Introduction

Welcome to the Cap documentation!\
\
Cap is a credit platform backed by financial guarantees built on the Ethereum blockchain. Each loan is underwritten with escrowed collateral to secure the Lender.

The platform relies on a market of Underwriters to independently originate and insure USD loans. Underwriters put their own capital behind each allocation decision and receive an underwriting premium from credit spreads. Lenders earn secured yield that is insured by Underwriter collateral, with all risk coverage transparent and enforced by smart contracts.


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