Upbit expands CAP token access with triple-market launch

Trading for CAP commenced at 14:00 Korea Standard Time, with Upbit mandating that all deposits and withdrawals be processed exclusively through the Ethereum network using contract address 0x99991c6aabba5a096f24f250b73580f5179b9999. To maintain market stability during the opening phase, the exchange enforced temporary restrictions, including a five-minute block on buy orders and limitations on sell orders priced more than 10% below the previous day's closing price. For the initial two hours, order types were restricted to limit orders only.

Market impact and protocol structure

Following the announcement, CAP saw a 15.3% price increase to approximately $0.02735, though market analysts note that isolating the listing's direct impact from broader volatility remains difficult. With a circulating supply of 1.56 billion tokens out of a 10 billion total, the project currently maintains a fully diluted valuation of roughly $273 million. Cap functions as a credit platform where users mint cUSD against collateral, utilizing CAP as a governance tool for managing protocol parameters and fees. While the project asserts that its structure offers downside protection for stablecoin holders, these claims remain subject to inherent smart contract and liquidity risks.