Cap Protocol has opened registration for its upcoming CAP token ICO, with the sale infrastructure now live on both Uniswap and the Predicate launchpad. The ICO will be conducted as a Uniswap concentrated crowd auction (CCA), with the token sale contract already deployed and a registration and KYC window now active for prospective participants. According to prior sale parameters, the offering will allocate 10% of the total CAP supply, accept cUSD on Ethereum mainnet, target a $150 million FDV (with a maximum of $250 million), and apply no lockup, with tokens fully liquid at TGE. The registration phase is part of a multi-step auction process that segments access into whitelisted and general bidding phases, designed to prioritize existing community members and strategic partners while still allowing broader participation. Whitelisted groups (including CAPS holders, Frontier participants, and select partners) receive early bid rights via pre-bid and early-bid windows before the sale opens to all users in a general bid period. Cap Protocol pairs this sale with an experimental “Stabledrop” mechanism, directing a portion of ICO proceeds in cUSD back to Frontier participants rather than issuing them CAP tokens, with the aim of better aligning short-term rewards and long-term token stability. The ICO also marks the transition from Cap’s Frontier phase to its Homestead phase, where new Pendle markets will open for asset rollover and continued points accrual as the protocol moves toward a more mature DeFi ecosystem.

AI-generated background, compiled from web sources — not editorial content.

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