Protocol Actors

cUSD holders receive cUSD in exchange for depositing whitelisted assets to the collateral pool. The underlying assets are always redeemable.
stcUSD holders receive stcUSD by staking cUSD. stcUSD earns auto-compounding yield generated by Cap's network of operators. Yield can be redeemed at any time.
Operators generate yield by borrowing reserve capital to execute proprietary strategies . To be eligible to borrow, they are required to secure delegations from restakers.
Restakers delegate locked assets to operators via shared security markets. Each restaker selects an operator they wish to underwrite the risk of. Restaker delegations are used to protect cUSD holders against default risk.
Liquidators slash undercollateralized positions via permissionless Dutch auctions once the operator's loan-to-value falls under the safety threshold.

cUSD holders can spend cUSD on any network with transparency guarantees. The reserve is always transparent via fully on-chain contracts. They can also use cUSD to off-ramp to any of reserve assets.
stcUSD holders earn yield regardless of market condition and size. More importantly, their principal is protected by verifiable recourse.
Operators can source additional capital with no cost basis, retaining any surplus yield after restaker and hurdle rate fees. Furthermore, borrow terms are flexible as operators are able to negotiate with their restaker underwriting them.
Restakers earn fees in exchange for their delegations. They have full autonomy to charge risk premium per operator, paid out in blue chip assets such as ETH and USD.
Liquidators earn liquidation bonuses. Dutch auctions facilitate faster liquidations as liquidators earn higher bonuses if they are able to liquidate faster.

Last updated 13 days ago

cUSD holders receive cUSD in exchange for depositing whitelisted assets to the collateral pool. The underlying assets are always redeemable.
stcUSD holders receive stcUSD by staking cUSD. stcUSD earns auto-compounding yield generated by Cap's network of operators. Yield can be redeemed at any time.
Operators generate yield by borrowing reserve capital to execute proprietary strategies . To be eligible to borrow, they are required to secure delegations from restakers.
Restakers delegate locked assets to operators via shared security markets. Each restaker selects an operator they wish to underwrite the risk of. Restaker delegations are used to protect cUSD holders against default risk.
Liquidators slash undercollateralized positions via permissionless Dutch auctions once the operator's loan-to-value falls under the safety threshold.

cUSD holders can spend cUSD on any network with transparency guarantees. The reserve is always transparent via fully on-chain contracts. They can also use cUSD to off-ramp to any of reserve assets.
stcUSD holders earn yield regardless of market condition and size. More importantly, their principal is protected by verifiable recourse.
Operators can source additional capital with no cost basis, retaining any surplus yield after restaker and hurdle rate fees. Furthermore, borrow terms are flexible as operators are able to negotiate with their restaker underwriting them.
Restakers earn fees in exchange for their delegations. They have full autonomy to charge risk premium per operator, paid out in blue chip assets such as ETH and USD.
Liquidators earn liquidation bonuses. Dutch auctions facilitate faster liquidations as liquidators earn higher bonuses if they are able to liquidate faster.

Last updated 13 days ago