Liquidity providers deposit funds into Cap and receive trading fees from traders (supply-side fees).

Cap is a non-custodial exchange for perpetual contracts built on Arbitrum. Cap was founded by an anonymous team and launched in 2021.

CAP token holders own and govern the protocol. They currently take a cut of trading fees paid by traders (revenue).

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# Cap Maximum token supply Methodology

## 1. Overview

The CAP token supply maximum metric represents the predetermined maximum number of CAP tokens that can ever exist according to the protocol's tokenomics design. This metric provides the upper bound for token circulation and is essential for calculating token scarcity metrics, market capitalization ratios, and inflation rates. The maximum supply is set at token launch and remains constant throughout the protocol's lifetime.

## 2. Data sources

This metric relies on protocol design specifications rather than dynamic blockchain data:
- **Protocol tokenomics design**: The original specification defining CAP token's maximum supply parameters
- **Token launch configuration**: Launch date and initial token parameters as defined in the protocol documentation
- **Smart contract deployment parameters**: The immutable maximum supply value embedded in the token contract design

## 3. Step-by-step calculation

### Component A: Maximum supply configuration
- **Purpose**: Define the fixed maximum token supply and launch date for CAP tokens
- **Logic**: Set a hardcoded maximum supply of 120,000 CAP tokens with an effective date of July 5, 2020. This represents the protocol's predetermined tokenomics where the maximum possible supply is capped at exactly 120,000 tokens
- **Key fields**: `timestamp` set to the token launch date, `token_supply_maximum` set to 120,000 tokens, and `timestamp_grain` indicating daily granularity

### Final aggregation
- **Temporal propagation**: The single maximum supply record is extended across all dates from the launch date forward using a fill-forward strategy
- **Time coverage**: The maximum supply value of 120,000 tokens is replicated for every day from July 5, 2020 onward, ensuring consistent historical coverage
- **Data consistency**: The finalize metric macro standardizes the output format and ensures the maximum supply value persists unchanged across the entire timeline
- **Final calculation**: The result is 120,000 CAP tokens as the maximum supply for every date from token launch forward, providing a constant reference point for supply-based calculations and ratios

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Maximum number of tokens that can exist under the current token economics.

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Maximum token supply

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