Cap

Reports an account's Cap Finance position as two USDC-denominated legs — liquid cUSD (Supplied) and staked stcUSD (Staking).

Reports an account's Cap Finance position as two structurally distinct legs, each valued in USDC: the base synthetic dollar cUSD (held directly) and the staked, yield-bearing savings token stcUSD. Splitting them lets a consumer tell held cUSD apart from staked stcUSD. The adapter wraps one fixed Cap deployment, so it is a plain adapter.

• Type: Plain adapter
• protocolSubId: keccak256("cap")
• Source: CapBalanceAdapter.sol

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Positions returned

Up to two positions per account — each leg is skipped when its balance is zero:

Leg	PositionKind	isDebt	Description
cUSD	Supplied	false	Directly-held cUSD, valued in USDC via the burn quote
stcUSD	Staking	false	Staked cUSD (stcUSD shares), redeemed to cUSD then valued in USDC

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Balance calculation

Cap adapter — how the underlying balances reported to the NAV Calculator are derived.

The NAV path (getAdapterPositions) values each leg independently:

cUSD leg:   cUSD.balanceOf(account) > 0
            → amount = CUSD.getBurnAmount(USDC, cUSD balance).amountOut          // Supplied

stcUSD leg: stcUSD.balanceOf(account) > 0
            → cUsdEquiv = stcUSD.convertToAssets(stcUSD balance)                 // ERC-4626 redeem to cUSD
            → amount    = CUSD.getBurnAmount(USDC, cUsdEquiv).amountOut          // Staking

getBurnAmount also returns a protocol fee, which is discarded — only amountOut is reported.

The no-arg balance getters (getAdapterBalances / getAdapterBalanceForAsset) still report the combined USDC total for the USDC asset (quoting the burn on cUSD + stcUSD→cUSD in one call). Only the NAV getAdapterPositions path splits the two legs; the split figures may differ from the combined one by at most burn-quote rounding.

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Identity

• positionId: abi.encode(address token) — cUSD for the supplied leg, stcUSD for the staking leg
• positionKind: Supplied (cUSD) · Staking (stcUSD)
• labels: ["Stablecoin", "cUSD"] · ["Savings", "stcUSD"]
• shape enumeration: the adapter implements IPositionEnumerable, advertised via ERC-165. Both shapes are pinned at construction, so positionIds() returns the cUSD and stcUSD ids — byte-identical to the ones the legs emit — letting a configuration view list and label the pair with no account. This adapter is why the interface exists: it derives labels per positionId, so it answers the account-less positionLabels("") probe with an empty array and was otherwise indistinguishable from a broken adapter.

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Constructor

constructor(address cUsd_, address stcUsd_, address usdc_, address navCalculator_)

Parameter	Description
cUsd_	Cap cUSD token (ERC-20 + getBurnAmount quote interface)
stcUsd_	Cap stcUSD token (ERC-4626-like, redeems to cUSD)
usdc_	USDC address — the underlying asset reported, and the getBurnAmount target
navCalculator_	NAV Calculator contract

The three token addresses and navCalculator_ must each be deployed contracts; a zero address reverts with InvalidArguments.

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Registration

Plain adapter — registered with addBalanceAdapters([adapter]) and removed with removeBalanceAdapters([adapter]) (MANAGER-gated). No instance set.