Operator Onboarding

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

1. Identify a Delegator to Receive Stake From

The list of active delegators can be found in the Cap App. The operator-delegator bundle should agree to loan parameters, notably the restaker rate.

2.Setup a wallet

Create a new 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.

3. Register to a SSN of choice

Currently, Cap supports the following Shared Security Networks.

1. Symbiotic

2. EigenLayer (coming soon)

4. Complete Legal Agreements (Optional)

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

5. Cap Whitelisting

Operators must first be whitelisted by Cap to be eligible to borrow. Contact Cap’s onboarding team in order to start the due diligence process.

6. 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., 70% = 0.7e27)

• LTV Buffer: Minimum gap between LTV and liquidation threshold (5% = 0.05e27)

Borrows and repays can be initiated via the Borrow page or directly through Etherscan.

Coverage will be displayed in the Operator page, and can also be queried directly through SymbioticNetworkMiddleware.

7. Change 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.