Cap Labs closed its public auction for CAP tokens Wednesday night, raising $16.4 million from 1,002 unique bidders. The sale was oversubscribed by 5.5 times, signaling strong demand for the EigenLayer-backed stablecoin protocol's native token.
A five-times oversubscribed sale
The auction, which opened June 8, attracted commitments far exceeding the supply on offer. With 1,002 individual bids, the total raised hit $16.4 million — a figure that pushed the allocation to 5.5 times what was available. The company did not disclose the exact number of tokens sold, but the oversubscription rate points to heavy interest from both retail and institutional participants.
Pricing and valuation
At the close, the final clearing price settled at $0.011 per CAP token. That price implies a fully diluted valuation of $106 million for the entire token supply. The valuation reflects the market's assessment of Cap Labs' potential as a stablecoin issuer built on EigenLayer's restaking infrastructure.
EigenLayer's role
Cap Labs is an EigenLayer-backed project, meaning it leverages EigenLayer's restaking protocol to secure its stablecoin operations. EigenLayer allows users to reuse staked ETH to secure other networks, and Cap Labs is one of several protocols building on that framework. The strong auction turnout suggests investors are betting on EigenLayer's model gaining traction in the stablecoin space.
The $16.4 million raised will go toward developing the protocol and expanding its stablecoin ecosystem. Cap Labs has not announced a specific timeline for token distribution or exchange listings, but the auction's completion marks a key milestone for the startup.
