Homestead Program
With the Homestead program, we’re entering the next phase of the protocol: sustained production.
Homestead timeline
Start date: January 29th, 2026
End date: July 23rd, 2026
Within the program, there are two tracks: Caps and Cogs
Caps
USD holders have a choice: yield or Caps. cUSD holders are incentivized to earn Caps. Those who join and remain active from the outset stand to earn the highest number of Caps.
Users can accrue Caps by exploring cUSD integrations across DeFi. The leaderboard for Caps can be found here.
For the first month of the program, users will earn Double Caps for all Homestead activities
Holding cUSD
Holding cUSD earns 10x Caps
Pendle
YT cUSD / LP cUSD: Holding YT cUSD or LP cUSD for 20x Caps
YT stcUSD / LP stcUSD: Holding YT stcUSD or LP stcUSD for 5x Caps
Pendle markets expire Jul 22 2026
Lending Markets
Lending stablecoins to stcUSD and Cap PTs earn 0.5x Caps per dollar per day
Further Integrations
Stay tuned for additional campaigns! Please follow Cap’s community handle on X for updates.
Cogs
Delegators on Cap will continue to earn COGs following the Frontier program.
The formula to calculate COGs is the following:
COGs = Delegation Value * Borrow Boost * Delegation Boost
Breaking it down, Delegators earn COGs proportional to the amount delegated.
The Borrow Boost is calculated as:
Borrow Boost = min (18 * LTV + 1, 10)
In English, the borrow boost is determined based on the current Loan To Value of the delegated Operator. If the Operator's LTV is currently 20%, the boost will be 4.6x. The minimum boost is 1x and is capped at 10x.
Finally, we are introducing the Delegation Boost. Delegations over certain USD amounts will receive a multiplier boost. Specifically, the boost follows a step function at 3 amounts: $25m, $50m, and $100m. For example, a $75M delegation will receive 1.5x COGs.
A minimum delegation of $2M is required to earn Cogs
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