Ten days. That’s all it took for Cap’s governance token to elbow its way into the number two spot among lending and borrowing protocol tokens by trading volume, sitting behind only Aave.
CAP generated more than $355 million in trading volume during its first seven days on the market following its token generation event on June 26.
What Cap actually does
Cap operates a dual stablecoin system: cUSD, which is pegged to the dollar, and stcUSD, a yield-bearing version that lets holders earn returns while maintaining dollar exposure.
The protocol launched on Ethereum in August 2025 and quickly attracted serious capital. Its total value locked hit roughly $500 million by early 2026, a figure that has since settled to around $259 million. At one stage, over $360 million of cUSD reserves, representing more than 80% of the total, was supplied to Aave V3.
