Today I came across the news that Cap has launched, and I find it quite interesting.

Cap is a stablecoin yield protocol, and its core idea is to make $USDC on-chain smarter. After users deposit USDC, they can mint cUSD, and further stake it into stcUSD to automatically enjoy on-chain yields. The whole logic is very simple: cUSD is stable, stcUSD generates interest, and both the yields and risks are clearly stated in the contract. It's clear who puts in the money, who earns the profit, and who bears the risk.

It allows your USDC to slowly generate money on-chain. You deposit → mint cUSD → if you want yields, stake it into stcUSD, and the rest is handled by the on-chain mechanism. The yields are transparent, risks are controllable, and you don't have to keep an eye on operations every day, which is quite relieving.

One aspect I like about it is the clear logic: who puts in the money, who earns the yields, and who bears the risks are all recorded on-chain, crystal clear. Even if the strategy doesn’t go well, there is a liquidation mechanism to back it up, and users' principal won't be casually touched.

If you have previously played DeFi, and always felt that yields seem a bit based on intuition, and risks feel like a black box, this mechanism might provide some reassurance. It's like having a little steward that automatically generates interest for your money; you just watch the numbers grow without daily worries.

Of course, smart contracts still carry risks, and the volatility of assets staked on-chain might also have an impact, so it’s good to take it slow and go at your own pace.

Overall, Cap feels quite comfortable; stablecoins are not just stable, they can also slowly generate yields on their own, with transparent rules and clear logic. It feels steady and secure, like sipping coffee in autumn while watching the account numbers gradually rise.