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Mar 03 2023


12:00 pm

Your Time

  • Timezone: America/New_York
  • Date: Mar 03 2023
  • Time: 7:00 am



Capapult Launch

March 3 update – the team confused AM and PM. The launch is actually at 12pm, not 12am as originally listed. Their Twitter pinned still says 12am, but it is 12pm.

Launch of a stablecoin and borrowing protocol on Terra.

  • SOLID is Capapult’s first native stablecoin
  • SOLID is an overcollateralized stablecoin soft-pegged to the US dollar 
  • Users can borrow (mint) SOLID by depositing a collateral; i.e. open a collateralized debt position (CDP)
  • A mint fee is applied based on the exchange rate of SOLID against USD – the lower the exchange rate, the higher the mint fee
    • If the exchange rate is greater or equal to 1, the mint fee is 0.5%
    • If the exchange rate is less than 1, the mint fee is greater than 0.5%
  • Only liquid staking derivatives (LSD) will be accepted as collaterals
    • LSDs are tokenized representations of staked assets, and are auto-compounding
    • Initially accepted LSD collaterals include: LunaX, ampLuna, bLuna and Steak
    • The amount of locked collateral is always evaluated in Luna
  • Users can retrieve their collateral as long as their CDP is not liquidated
  • Users who wish to acquire collateral when a CDP is liquidated can join a liquidation queue
    • In order to join, they have to lock SOLID and bid for a premium (discount); maximum premium possible is 30%
  • Users can earn via;
    • arbitrage – borrow SOLID when its price is high and then use it to buy another asset, buy back SOLID if the USD value of SOLID decreases or if the USD value of the asset increases, close their debt position and make a profit from the extra amount of SOLID
    • liquidity provider – provide SOLID to one or more liquidity pools on Astroport and receive rewards in ASTRO and CAPA
    • Rewards received for being a CAPA staker
  • CAPA is the governance token
  • CAPA stakers earn governance power and receive a share of the mint fees in SOLID tokens
  • At launch, the total supply of CAPA will be minted and distributed as follows;
    • 10% for Airdrop Genesis
    • 20% for Lockdrop
    • 15% for the Team
    • 10% for liquidity pool providers
    • 35% for the Gov Pool
    • 5% for Luna stakers
    • 5% for CAPA stakers
  • Capapult delegators will receive a 20% boost on the CAPA that is distributed for Airdrop Genesis and Luna staking
  • Lockdrop event – during a 7-day period, 20% of the CAPA supply will be distributed to users who lock LUNA on the protocol
    • 20% of the lockdrop CAPA rewards will be available to claim immediately after the 7 days period has expired
    • Locked Luna + remaining 80% of the lockdrop CAPA rewards will be available after 6 months – during the 6 months, the locked Luna and the 80% of CAPA will be used to provide initial liquidity for the CAPA-Luna pool on Astroport
Links & Resources
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