Cap Founder Acknowledges Stabledrop Over-Promise, Cuts Airdrop from 11M to 4.2M

According to ChainCatcher, Cap founder Benjamin admitted the team had prematurely committed to an 11 million airdrop allocation when funding was not fully confirmed. Due to market environment changes, the funding fell short of expectations, requiring the airdrop pool to be reduced to 4.2 million.

To prevent early yield token holders from suffering principal loss, the team adjusted the distribution mechanism from linear allocation to a restructured model ensuring no participant loses money. Benjamin also clarified that a large wallet flagged by the community for suspected insider activity belongs to a former colleague, not the team, and did not use project treasury funds. He stated that Cap protocol remains healthy; the recent TVL decline was primarily due to higher USDM borrowing rates on Aave MegaETH causing arbitrageurs to exit, unrelated to the airdrop dispute.