Cap
MegaETH's stablecoin engine — cUSD synthetic dollar with $205M TVL; the Homestead points program ended in July 2026
Farming Overview
Key Statistics
How to Farm Cap
- Homestead points ended in July 2026 — holding cUSD no longer accrues 'caps'
- The Stabledrop was CUT from ~$12M to $4.2M and re-targeted — only Pendle YT buyers who took losses qualify
- Plain cUSD holders and Pendle LPs are EXCLUDED — check the criteria before assuming eligibility
- cUSD and stcUSD still function as a yield-bearing stablecoin, independent of any airdrop
Why Farm Cap?
- $205M TVL makes it the second-largest protocol on MegaETH behind Kumbaya
- Homestead points run through July 2026 — 5 months of accumulation remaining
- Already proven to reward users with the $12M Stabledrop — precedent for future distributions
- Low-risk farming: holding stablecoins with no impermanent loss
- Core MegaETH infrastructure — cUSD will be composable across the ecosystem
About Cap
Cap is the stablecoin engine powering MegaETH's DeFi ecosystem. It issues cUSD (a synthetic dollar backed by a USDC/USDT basket) and stcUSD (a yield-bearing staked version). Yield is generated by institutional operators — HFT firms, banks, and market makers — who deploy the capital in off-chain strategies. Cap executed a $12M 'Stabledrop' airdrop on February 4, 2026, rewarding early users. The CAP governance token launched via a CCA (Continuous Collateral Auction) on Uniswap. The active Homestead program runs through July 23, 2026.
Fee Structure
Key Features
- Synthetic stablecoin (cUSD) backed by diversified USDC/USDT basket
- stcUSD yield-bearing token — institutional operators generate real yield
- Already distributed $12M Stabledrop to early users — proven track record
- Homestead points program: 10 caps per cUSD held per day
- CAP governance token live — purchased via Uniswap CCA mechanism
Homestead Points Program
- Earn 10 'caps' points per cUSD held per day — accumulates automatically
- Program runs January 29 through July 23, 2026 — approximately 5 months remaining
- Staking cUSD for stcUSD earns yield from HFT operators while still accumulating Homestead points
- Multiplier events boost point earnings — first month had a 2x boost, watch for future bonus periods
- Using cUSD across MegaETH DeFi protocols may provide composable yield stacking opportunities
- $12M Stabledrop already distributed to early users — Homestead rewards follow the same precedent
Similar DeFi Protocols
Frequently Asked Questions
What is Cap and how does it work?
Cap is the stablecoin engine powering MegaETH's DeFi ecosystem. It issues cUSD (a synthetic dollar backed by a USDC/USDT basket) and stcUSD (a yield-bearing staked version). Yield is generated by institutional operators — HFT firms, banks, and market makers — who deploy the capital in off-chain strategies. Cap executed a $12M 'Stabledrop' airdrop on February 4, 2026, rewarding early users. The CAP governance token launched via a CCA (Continuous Collateral Auction) on Uniswap. The active Homestead program runs through July 23, 2026.
How do I farm the Cap airdrop?
To farm the Cap airdrop, you should: Homestead points ended in July 2026 — holding cUSD no longer accrues 'caps'. The Stabledrop was CUT from ~$12M to $4.2M and re-targeted — only Pendle YT buyers who took losses qualify. Plain cUSD holders and Pendle LPs are EXCLUDED — check the criteria before assuming eligibility. cUSD and stcUSD still function as a yield-bearing stablecoin, independent of any airdrop. Cap is currently in the concluded farming stage with token live airdrop status.
What is the expected value of the Cap airdrop?
The Cap airdrop has an expected value rating of 2 out of 5 ($$). The farming stage is concluded and the airdrop status is token live. Expected value ratings on The Farmers Market consider factors like protocol TVL, funding, team quality, and token economics.
Why should I farm Cap?
$205M TVL makes it the second-largest protocol on MegaETH behind Kumbaya Homestead points run through July 2026 — 5 months of accumulation remaining Already proven to reward users with the $12M Stabledrop — precedent for future distributions