Darlehensgeber: Gesamtzinssatz
Versicherer: Sicherheiten & Realrendite
Vollständige Panne
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Zwei Rollen, zwei völlig unterschiedliche Risiken
Cap teilt das, was die meisten Kreditprotokolle in eine Rolle (Kreditgeber = Risikoträger) bündeln, in zwei separate Parteien auf. GELDGEBER wer cUSD prägt, erhält eine Rendite, die explizit von der Leistung einer einzelnen Strategie entkoppelt ist — sie basiert auf einer Protokolluntergrenze, einer nutzungsgesteuerten Komponente und einer Prämie, die der Kreditnehmer unabhängig vom Ergebnis zahlt, nicht vom Roh-PnL des Fremdkapitals. Das ist strukturell näher an einem Geldmarktzinssatz als an einer DeFi-Tresoraktie.
Versicherung are the ones actually underwriting credit risk — they choose which borrower to back, set that borrower's terms themselves, and post collateral worth more than the loan (200% in Cap's own worked example) against it. If the borrower defaults, the Underwriter's collateral gets liquidated automatically to make the Lender whole, and Cap's documentation describes a legal right of recovery against the borrower on top of that — a recourse layer closer to traditional credit insurance than typical on-chain liquidation.
Der angegebene Prämiensatz ist nicht die reale Rendite des Versicherers: Da die gestellte Sicherheit größer ist als das Darlehen, wird die tatsächliche Rendite des Eigenkapitals des Versicherers durch die Besicherungsquote verwässert, und diese Rendite muss noch übertroffen werden, was die gleichen Sicherheiten verdienen könnten, wenn sie etwas anderes tun, bevor sich das zusätzliche Ausfallrisiko lohnt.
FAQ
Was ist das Cap-Protokoll und wie unterscheidet sich cUSD von Ethenas sUSDe oder Resupply's reUSD?
Cap is a stablecoin protocol (backed by Franklin Templeton and RockawayX in its seed/strategic rounds) that splits yield generation from risk-bearing into two separate roles instead of one. Lenders deposit USDC/USDT to mint cUSD and earn a protocol-set benchmark rate, independent of any single operator's performance. Agent operators borrow that pooled capital to run yield strategies. Restakers/Underwriters separately post EigenLayer or Symbiotic-delegated collateral to back specific operators, earning a premium for taking on that operator's default risk. That is structurally different from Ethena (delta-neutral basis trade funds the yield directly) or Resupply (collateral is itself already yield-bearing before borrowing) — Cap's lender yield is explicitly decoupled from strategy risk by a dedicated underwriter layer standing in between.
Wie wird der Gesamtzinssatz des Kreditgebers tatsächlich berechnet?
Per Cap's documentation, Total Interest = Minimum Rate + Utilization Rate + Underwriting Premium. The Minimum Rate is the higher of a protocol-set Benchmark Rate or a Market Rate pulled from external lending oracles. The Utilization Rate follows a piecewise-linear curve with a kink at 90% pool utilization — below the kink, the rate rises gently with a Slope 1 per 100% utilization; above it, the rate rises much faster with a steeper Slope 2, standard money-market design to discourage draining the pool near full utilization. The Underwriting Premium is a fixed annual rate the borrower (agent operator) pays to whichever Underwriter is backing them, and that premium is added on top, not blended into the base rate.
Was stellt ein Underwriter tatsächlich auf und was passiert, wenn sein Kreditnehmer in Verzug gerät?
Cap's financial-guarantees documentation describes Underwriters escrowing collateral at a ratio they set per borrower — the protocol's own worked example uses 200% overcollateralization ($200M in ETH backing a $100M loan). Each Underwriter has full agency over risk-reward: they assess the borrower's credit and set that borrower's LTV themselves, so the ratio is not a single protocol-wide constant. If the borrower defaults, the system triggers immediate automated liquidation of the Underwriter's collateral to make the Lender whole first — and the Underwriter additionally holds a legal right of recovery against the defaulting Borrower for any shortfall beyond what the collateral covered, which is a traditional-finance-style recourse layer most on-chain lending protocols do not have.
Warum sollte die reale Rendite eines Underwriters viel niedriger sein als der von ihm angegebene Prämiensatz?
Because the premium is paid on the loan size, but the Underwriter has to lock up collateral worth more than the loan (200% in Cap's own example) to back it. A 6% annual premium on a $100M loan is $6M/year — but if that premium required locking $200M in collateral, the Underwriter's actual yield on their own capital is roughly 3%/year, not 6%, before accounting for the opportunity cost of what that ETH could have earned doing something else and the tail risk of total loss on default. The calculator above separates the quoted premium rate from the Underwriter's real yield-on-collateral so the gap is explicit, not hidden in marketing copy.
Ist dies das gleiche Risiko wie bei einem normalen EigenLayer AVS Restaker?
No, and conflating them is the most common mistake. A normal AVS restaker (see our restaking slashing calculator) is slashed automatically by on-chain protocol rules for provable misbehavior like double-signing or downtime — a mechanical, code-enforced penalty. Cap's Underwriter model layers a second, separate failure mode on top: even with perfect uptime, the Underwriter's collateral is liquidated if the specific agent/borrower they chose to back defaults on the loan itself — a credit-risk decision the Underwriter made, not a slashing-condition violation. You can be a perfectly honest, always-online restaker and still lose your Underwriter collateral entirely if you backed the wrong operator.