Cap Marks One Year Onchain With 430% Growth in Average Underwriter Capital
Cap, a credit platform backed by financial guarantees, celebrated its one-year anniversary by reporting a 430% increase in average underwriter delegations, rising from $39.6 million to $209.6 million in its second half. The platform demonstrated resilience during the October 2025 liquidation cascade and the Stream Finance contagion, maintaining full redemption capabilities while competitors faced liquidity freezes. By separating borrowers from underwriters who escrow their own capital, Cap addresses the principal-agent problem inherent in traditional credit markets. The platform's second year of operation saw the onboarding of major institutional players including Susquehanna Crypto, Flow Traders, ether.fi, M11 Credit, and FalconX. Additionally, Cap integrated institutional assets such as Franklin Templeton’s BENJI and WisdomTree’s WTGXX, further bridging traditional finance with onchain infrastructure. With over 88% of its cUSD supply staked, the protocol maintains a competitive yield of 5.11% compared to a 3.29% peer average. This growth signals a shift in onchain credit from experimental yield-chasing toward utility-driven institutional infrastructure.
