🔸 In the MegaETH ecosystem, another dark horse project has emerged. 🔸 Yesterday, the stablecoin protocol @ capmoney_ announced the completion of an $8 million seed round, with many top VC investors participating. 🔸 Cap has completed three rounds of financing, raising a total of $11 million, making it one of the most funded projects in the MegaETH ecosystem. 🔸 Not only that, Cap also has strong ecological support: It has been selected for @ 0xMegaMafia (Core Dapp Circle); Obtained official investment from @ megaeth_1abs; It also attracted a group of Mega Mafia project co founders to become angel investors. 🔻 It seems that CAP is worth paying attention to. Let's talk about Cap and see what makes it special. 🪙 Cap： The first Type III revenue stablecoin The logic of a stablecoin is simple: the project holds the user's funds and executes a certain investment strategy to earn profits. According to different execution methods, stablecoins are currently divided into two categories: Type I and Type II. ▪️ Type I stablecoin: A single Dapp team leads decision-making and executes a single revenue strategy. Such as Ondo, Ethena, Usual, etc. ▪️ Type II stablecoin: Committee/DAO voting decisions and execution of diversified return strategies. Like Maple Sky。 However, both types of stablecoins have a problem: users bear the greatest risk. Once the strategy incurs losses, the custodian Rug/is stolen, or the team runs away, users will have no way to recover their funds. Cap aims to become the first Type III stablecoin protocol, outsourcing the task of generating revenue to other operators while ensuring that users can redeem their assets. In the CAP protocol, there are three parties involved. ▪️ Minter： Users who mint and hold cUSD stablecoins are responsible for providing stablecoins. ▪️ Operators： Operators responsible for executing revenue strategies, such as RWA agreements, private equity firms, high-frequency trading companies, Defi agreements, etc. ▪️ Restaker： Responsible for providing collateral, pledging assets to CAP, and selecting operators for trust delegation. Simply put, Minter provides stablecoins, Operators are responsible for borrowing and executing strategies, and Restaker decides which operators can borrow how much money. If the Operators strategy fails, loses money, or runs away, users can also obtain Restaker collateral assets to compensate for the losses. The logic of the CAP benefit mechanism is as follows: 1/USDC holders mint cUSD 1:1, and stablecoins enter the capital pool of CAP. In order to obtain loans from the capital pool, operators need to first enter the CAP whitelist and find a way to obtain Restaker's trust commission - the assets pledged by Restaker are the collateral for the operator's loans. Then, the operator can extract the corresponding amount of USDC from the capital pool to execute its strategy. After the loan period expired, the operator should have earned profits from the strategy. Part of it is used as benchmark interest to "cUSD holders" and part is used as commission to "restakers who provide collateral guarantees". 5/The remaining profits shall be retained by the operator. In short, Cap provides a mechanism to incentivize third-party participants. ▪️ User: Provide stablecoins and earn benchmark interest, while having Restaker's collateral assets as a security guarantee. ▪️ Operator: Stable coin loans can be obtained without collateral, enabling efficient execution of profit strategies. ▪️ Re pledger: It is necessary to carefully select the operator to prevent asset damage, but the advantage is that it can allow the locked re pledged assets to receive additional commission returns. At present, Cap has launched a test network on MegaETH, perhaps we can focus on interaction.