Operator Onboarding

The following outlines the process for onboarding as an operator to borrow from Cap.

1. Setup

Ensure you have:

• Delegator Profile: the list of active delegators can be found here.

• Restaker Rate: Operators and restakers should agree on a fixed restaker rate to pay the Delegator

• Wallet: an Ethereum Externally Owned Account (EOA) or multisig wallet to serve as your operator identity

Operators must generate a new wallet for each new delegator to receive stake from. Addresses cannot be changed after deployment. For best practices, we recommend using a multisig for the address.

2. Register to a SSN of choice

Currently, Cap supports the following Shared Security Networks.

1. Symbiotic

2. EigenLayer

3. Complete Legal Agreements (Optional)

Operators and delegators may enter into legal agreements outlining terms of delegation, responsibilities, and compliance.

4. Participate in Loan Activity

At this step, operators may engage in borrowing activities. They can verify delegations and borrowing power from Cap's Operator Page.

Review the risk parameters prior to loan:

• LTV (Loan-to-Value): Maximum borrowing capacity (e.g., 50% = 0.5e27)

• Liquidation Threshold: Health factor at which liquidation can occur (e.g., 80% = 0.7e27)

• LTV Buffer: Minimum gap between LTV and liquidation threshold (10% = 0.05e27)

5. Updating Parameters

Should delegators and operators wish to change loan parameters, please contact the Cap team to do so.

Namely, delegation admin can update the restaker rate via the setRestakerRate function, and the LTV and LT via the modifyAgent function.