> 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/tokenomics.md).

# Tokenomics

### Overview

$CAP is the governance and utility token of Cap with a fixed supply of 10 billion tokens. Token holders' governance rights will be phased as the protocol matures.\
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Revenue generated will be used to conduct discretionary buybacks

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#### Token Allocation

| Allocation            | % of Supply |
| --------------------- | ----------- |
| Ecosystem & Community | 47.37%      |
| Private Investors     | ≤20.00%     |
| Project Team          | ≤20.00%     |
| ICO                   | 5.00%       |
| Private TVL Deals     | 3.75%       |
| Echo Community Sale   | 3.28%       |
| Market Makers         | 0.6%        |

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#### Supply Schedule

The circulating supply at TGE consists of the ICO allocation and 10% from the Ecosystem & Community allocation, summing up to roughly 15% of total supply.

Cliff-gated allocations (Private Investors, Project Team, Echo Community Sale) commence unlocking 12 months post-TGE. 25% of the allocation unlock at the one year anniversary of TGE, followed by linear monthly vesting for 3 years.