Airdrop guide
Cap airdrop step by step tutorial
Cap's airdrop was the Stabledrop, a payout in cUSD to everyone who took part in the Frontier points program, and as of 2 November 2026 it is over: The Defiant reported on 4 February 2026 that Frontier ended with that airdrop. Taking part meant earning points in Frontier, which ran two parallel points programs. The Defiant put the airdrop at $12 million in stablecoins, and Cap pointed participants on to a follow-on program called Homestead.
This airdrop has ended · checked 2 November 2026
As of 2 November 2026, The Defiant's report of 4 February 2026 says Frontier ended with a token airdrop, and Cap's own Stabledrop post says all Frontier participants receive cUSD.
Cap's Frontier points program ended with a cUSD Stabledrop for its participants. Read how the payout was worked out and what the ended campaign involved.
What is Cap?
Cap is a platform for USD yield, private credit and financial guarantees, which its homepage describes as three-sided. Depositors receive cUSD, Cap's digital dollar, at 1 cUSD for every dollar they put in. Cap then lends the reserve assets behind cUSD to institutions, called operators, so that the lending earns yield for depositors.
The third side is a financial guarantee market, which Cap says underwrites each individual loan to protect dollar depositors from default risk. Smart contracts on Ethereum run that market automatically.
Borrowing is permissioned: Cap calls its credit marketplace fully permissioned, which keeps out unidentified or unauthorized borrowers.
How Cap works
Cap pools dollar deposits into cUSD and lends the reserves to institutions. Cap says its financial guarantee market underwrites each loan to protect dollar depositors from default risk. According to Cap's zero-fee post, swapping between cUSD and USDC at a 1:1 rate carries no minting fee, and Cap says that route is open around the clock.
Frontier was the points phase that came before the Stabledrop. Cap ran it as two parallel points programs, and its Stabledrop announcement does not spell out how either kind of point was earned.
Frontier ended, according to The Defiant, and Cap announced that all of its participants would receive cUSD. The announcement publishes a fixed cUSD rate for each of the two kinds of point, and users multiply the points they hold by those rates to find their approximate Stabledrop. The Defiant described the result as an airdrop of $12 million in stablecoins.
After the Stabledrop, the announcement directs people who want to keep supporting the protocol to Homestead, a separate points program.
The cUSD (Stabledrop) airdrop
The Stabledrop paid cUSD, Cap's dollar token, to participants of the Frontier points program. Frontier ran two parallel points programs, and each kind of point converted to cUSD at a rate Cap published, so a user could multiply their points by it to estimate the amount. The Defiant put the total at $12 million in stablecoins and reported the end of Frontier on 4 February 2026.
Step by step: how to get the cUSD (Stabledrop) airdrop
Kept for reference: this is how the campaign worked while it ran.
Stay safe: a real airdrop never asks for your seed phrase or private key. Use only the official links on this page, and treat any message that offers help with a claim as a scam.
Step 1: Earn Frontier points
Frontier ran two parallel points programs, and its participants earned points through early use of the protocol. Cap's Stabledrop post does not break down the tasks behind them.
Step 2: Check that you took part in Frontier
Cap's Stabledrop post says all Frontier participants receive cUSD. Separately, Cap's analysis of YT-cUSD holders, who burned cUSD for a larger share of the airdrop, looked at users who stayed until the end.
Step 3: Work out your Stabledrop
Cap's Stabledrop post lists a cUSD rate for each kind of point. Multiplying your Frontier points by those rates gave an approximate payout.
Cap airdrop FAQ
Is the Cap airdrop still live?
- No. As of 2 November 2026 the Cap Frontier program is over: The Defiant reported on 4 February 2026 that Frontier ended with a token airdrop, and Cap's Stabledrop post says all Frontier participants receive cUSD. Cap's current homepage and recent posts show no open points campaign.
What token did the Cap airdrop pay?
- It paid cUSD, Cap's digital dollar, which Cap issues at 1 cUSD for every dollar deposited. Frontier participants received it as the Stabledrop. Cap published a cUSD rate for each kind of point, and users multiplied their points by those rates to estimate their amount.
Does the Cap airdrop cost anything or need KYC?
- Cap's zero-fee post says cUSD can be minted and redeemed 1:1 with USDC without fees or whitelists. Cap's Stabledrop post lists no Frontier requirements and mentions no identity check. The borrowing side is the permissioned part: Cap calls its credit marketplace fully permissioned.
Which chain does Cap run on?
- Cap's launch post places its financial guarantee market on Ethereum smart contracts. The Stabledrop announcement does not name the chain that carried the cUSD payout, so the Ethereum detail describes the guarantee market, not the airdrop itself.
What came after Cap's Frontier program?
- Cap's Stabledrop post points participants to a follow-on program called Homestead, which that post describes as live and issuing points when it was written. That is a description from the post's own date: as of 2 November 2026, Cap's homepage shows no open points campaign.
Sources for this listing
- 01cap: Verifiable Moneycap.app · read 2 November 2026
- 02From Stablecoin to Credit System: Introducing Capcap.app · read 2 November 2026
- 03Introducing Zero Deposit Feescap.app · read 2 November 2026
- 04Cap Airdrops $12 Million in Stablecoins to Early Users: The Defiantthedefiant.io · read 2 November 2026
- 05Cap Stabledropcap.app · read 2 November 2026
