Author | @0xChefGoose

Compiled by Odaily Planet Daily ( @OdailyChina )

Translator | Dingdang ( @XiaMiPP )

Editor's Note: As a highly anticipated infrastructure project, the MegaETH public sale has now concluded. Official data shows that the MegaETH public sale raised $1.3 billion (actually capped at $50 million), representing an oversubscription of 27.8 times. MegaETH's core application is MegaMafia, an accelerator program supporting native on-chain applications, which is key to MegaETH's unique identity. Cap Money is the first project on MegaETH to launch a points program; this article provides data-driven calculations of the potential of participating in this program.

This article isn't about introducing @capmoney_ , but rather a bold, and potentially wrong, speculation—some conjecture about the first points program on MegaETH. Cap is an innovative stablecoin protocol—I can explain this in more detail later, or you can check out @phtevenstrong 's recent video (link in the original post ).

@capmoney_ is the first project to be included in MegaMafia ( @megaeth 's accelerator program), and it has now officially launched on the Ethereum mainnet and introduced its own points program.

As for why it was launched on Ethereum, we can directly look at the explanation from founder @Benjamin918_ :

Cap Frontier Program: Cap's points program

This points program, called the Cap Frontier Program, officially launched on August 18th. It is currently in three phases:

Epoch #1: Launching on August 18th

Epoch #2: Launching on September 1st

Epoch #3: Launching on October 13th

So, how much is one point actually worth? Let's look at some publicly available data first:

According to Dune's data dashboard, as of the time of writing, 115,947,711,804 points (caps) have been distributed.

• Epoch #1 started on August 18th and has been running for approximately 71 days.
• On average, approximately 1.633 billion points are distributed daily.
• The project is scheduled to continue until January 18, 2026 (it may end earlier, depending on internal metrics).
• Based on this calculation, there are approximately 83 days remaining.

Assuming the points program continues until January 18, 2026, and the daily distribution rate remains constant, the final estimated total is approximately 250 billion points.

Simulated valuation scenario:

This table illustrates the calculation logic for the integral value under different conditions:

• Row: Represents how much of the total token supply will be airdropped to participants in the points program. A more generous airdrop ratio is typically 20%-30%.
• Column: Represents the fully diluted valuation (FDV) at the time of token listing.

Note: The author states that he is not certain about a reasonable valuation range, so he has listed a wide range, leaving it to "smarter people" as a basis for speculation.

How much are those points actually worth?

The conclusions are shown in the figure below.

To be honest, this number might not be very large —because they're issuing just too many points. But we can look at the potential "hopium" and "copium" in different contexts.

Based on the current data, let's look at it from another perspective:

• It takes approximately 150 million points to enter the top 1% of the leaderboard.
• To enter the top 10%, approximately 5.9 million points are required.

Personally, I believe that as the MegaETH mainnet launch approaches, @capmoney_'s attention and total value locked (TVL) will continue to rise, and this growth will be even more significant after the mainnet launch.

So here's the question: Should I bet on Cap?

I'm currently in the top 1% of the points program, so I'm biased. But if you ask me if it's worth participating? I'd say—yes. Here's why:

• The team is highly capable and has excellent execution skills.
• The concept and product mechanism are both good.
• There are still more than half of the points program's cycle left (not too late).
• Community interest is high, and the current TVL has exceeded $350 million.
• By integrating into the MegaETH ecosystem, users may gain additional exposure opportunities in the future. Cap users may have a higher chance of winning in future public sales.
• The project is currently still "niche" with relatively low competition.

Even if you can't participate in the pre-sale this week, you can still take the lead – get ahead of the MegaETH ecosystem, starting with Cap.