Cap, a Franklin Templeton-backed stablecoin protocol, has cut its Stabledrop reward program from $12 million to $4.2 million due to a token sale in June that raised less than initially expected. Founder Benjamin Sarquis Peillard apologized, acknowledging that the promised figure was unrealistic. The protocol also faced accusations of self-dealing, which it denied, stating that the wallet in question belonged to a former colleague and was not funded by Cap. The CAP governance token fell roughly 20% over the past week, while total value locked slipped to $230 million from $262 million. Frontier participants can claim their rewards starting Monday through October 13.
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