Ten days after its token generation event, Cap's CAP token has become the second-most-traded lending and borrowing protocol token tracked by CoinGecko, behind only Aave.
CAP generated more than $355 million in trading volume in its first seven days on the market, Cap said in a statement, a level the company said "underscored strong market demand and positioned the protocol among DeFi's leading credit platforms."
Cumulative volume has since reached $862 million over 10 days, an average of about $78 million a day, according to Cap, which said volume spiked again over the past weekend and that the token "remains steadfast" in the number two spot by total volume.
Volume data compiled from CoinGecko for the week of June 26 to July 3 shows Aave leading the lending and borrowing category with $2.3 billion in trading volume, followed by CAP at $394 million. Maple Finance's SYRUP token ranked third at $163 million, trailing Morpho at $146 million, Compound at $99 million, and Spark at just under $99 million. CoinGecko lists CAP under its Lending/Borrowing Protocols category alongside those tokens.
Cap operates a credit platform where lenders earn yield on USD loans backed by escrowed collateral. The platform's underwriters source and vet loans to companies, posting their own collateral against default risk, a model Cap has used to originate loans including a $100 million revolving credit facility to Susquehanna Crypto. The company's investors include Franklin Templeton, Susquehanna, IMC Trading, and other financial institutions.
