Qubic Capital Explained: Highlights From Qubic Community Space #3

How Qubic Capital pools smart contract shares, governs through QVAULT and manages its uncirculated QCAP supply

Qubic Community Space #3 recap on Qubic Capital (QCAP), a community DAO that pools funds to buy smart contract shares on Qubic

Qubic held its third Community Space in early November 2026, with PJ presenting Qubic Capital (QCAP). PJ has been part of QCAP since day one, and he summed up its purpose in one line: it was built so that "minnow wallets" can "play whale games." The first Space covered My Last Match, and the second explained qMine. This one walked through how Qubic Capital pools community funds into smart contract shares, how its treasury and DAO governance work, and why its uncirculated supply is one of the most misunderstood parts of the project.

What Is Qubic Capital? A Community Crypto Index Fund for Qubic Smart Contracts

Every smart contract on Qubic launches with 676 shares, sold in an IPO that runs as a Dutch auction. Every winning bidder pays the same lowest winning price, and the shares then earn part of the contract's revenue (the IPO documentation has the details). PJ pointed out the catch: at QX's IPO, a single share went for about 15 billion Qu, far beyond what most wallets on Qubic could ever spend.

Qubic Capital's answer is to pool capital. Its ecosystem listing describes a project that "leverages pooled capital to acquire dividend paying IPO shares, creating a shared income stream paid weekly." Holders own QCAP, and QCAP owns the shares. PJ compared it to an exchange-traded fund: one token that gives exposure to a basket of contracts, instead of one big bet on a single contract.

That basket has grown a lot. According to QCAP's public dashboard, Qubic Capital now holds:

• positions in 21 smart contracts

• the largest stake in 8 of them, and a top-three stake in 13

• holdings valued at about 1.3 trillion Qu, priced using the average of each share's last five trades

• about 890 holder addresses

Most of the value sits in the oldest dividend-paying contracts. PJ said QX and Random make up about 43% of the portfolio's value, and the top five positions about 69%. He also pointed to QVAULT, the governance contract QCAP runs on. QCAP owns 244 of its 676 shares, which takes them out of circulation for good, and QVAULT shareholders receive a fixed 3% of QCAP's revenue whatever happens to QCAP's supply.

How the Qubic Capital Treasury Works: Dividends and Fundraising

Money comes into Qubic Capital in two ways: dividends from the shares it holds and new QCAP sold in fundraising rounds.

Dividends. Contracts pay out at the end of each epoch, on Wednesday at 12:00 UTC. QCAP's revenue is currently split 97% to QCAP holders and 3% to QVAULT shareholders, with 0% kept for reinvestment. PJ said the reinvestment share sits at zero for now because dividends across the ecosystem are still small, and they will only grow with adoption. From Epoch 192 to Epoch 237, one QCAP received 2,743 Qu in total. Holders don't need to lock their QCAP to earn dividends, either. Locked QCAP keeps earning.

Fundraising rounds. Holders can vote to issue new QCAP at a fixed amount and price. The Qu raised goes into the reinvestment fund, and it can only be spent through another vote. Three rounds since QVAULT v2 have raised close to 52 billion Qu. PJ put that in context: if QCAP had relied only on a 45% reinvestment share of dividends, as it did in its early days, it would have raised about 3.6 billion Qu. That's why he called the uncirculated supply the engine for buying new assets.

Paying with QCAP. Qubic Capital can also buy shares with QCAP instead of Qu. Two holders sold QCAP one QX share each, for 37,500 and 37,000 QCAP, through marketplace proposals. PJ said the DAO prefers trades like this, because they keep liquid Qu free for IPOs.

The QPump IPO: How Adoption Turns Into Smart Contract Dividends

Qubic Capital's newest position is QPump, a token launch smart contract. According to the IPO proposal holders voted on, every successful token launch on QPump pays a 25 million Qu fee. Of that, 20 million Qu goes to QPump shareholders and 5 million to the contract's execution reserve. Trading fees of 1% are handled separately: 34% to QX shareholders, 33% to QDOGE purchases locked in the contract and 33% to the QTREAT dividend fund.

The vote passed with about 94% in favor, and roughly 60% of QCAP's voting power took part, well above the 51% quorum. QVAULT then bid in the IPO automatically with 5.88 billion Qu and came away with 196 shares.

PJ used QPump to show why adoption matters so much for QCAP. By his count, QPump's first 20 or so token launches would send about 116 million Qu to QCAP's 196 shares. That works out to around 32 Qu per QCAP, and it's more than seven times what the whole portfolio earned the epoch before. It was due at the epoch change on November 11 at 12:00 UTC.

DAO Governance: How QCAP Holders Vote Through QVAULT

Qubic Capital runs as a decentralized autonomous organization through QVAULT v2. Its governance manual sets out the rules, and PJ walked through the parts that matter most:

• Voting power. Holders transfer QCAP management rights to QVAULT and lock it there. Voting power becomes active the following epoch, and votes are weighted by how much QCAP is locked. PJ said a voice in governance starts at 100 locked QCAP. Just under 1 million QCAP is locked today, so 100,000 locked QCAP carries roughly 10% of the vote.

• Submitting proposals. PJ said a proposer needs 10,000 QCAP or one QVAULT share. Every proposal also needs a GitHub write-up and a 10 million Qu fee. The fee deters spam and goes to QVAULT shareholders.

• Passing proposals. Quorum is 51% of locked QCAP, and Yes votes must beat No votes. Voting closes automatically at the epoch change, and QVAULT carries out the result on-chain. The one exception is a general proposal, which admins carry out off-chain once it passes.

• Quorum changes. The quorum used to be 67%. Holders lowered it to 51%, as a temporary measure, because turnout dropped as some holders went quiet with QCAP still locked. PJ said dealing with inactive voters is still on the list.

QVAULT supports seven proposal types:

The track record so far: 26 proposals, 15 passed and 11 failed, one of which was a workflow test. "If they say no, it's no," PJ said. "If they say yes, it's yes."

DAO Treasury Security: Why No Single Admin Controls QCAP Funds

For a fund that holds about 1.3 trillion Qu in smart contract shares, crypto security starts with who can move the money. PJ was direct about it: "There's not one of the admins who has authority to outrank anything that's determined by the group itself." Funding, payments and share purchases all go through a vote, and QVAULT executes the result. That's the core idea behind a DAO treasury, as Ethereum's DAO guide puts it: no one can spend the money without the group's approval.

PJ added that nobody on the admin team draws a wage or receives assets. The 2% that once went to a dev wallet paid for the website and development, and it was removed once QCAP became self-funded.

Holders have also put treasury funds toward blockchain safety elsewhere on Qubic. In a marketplace proposal that passed with 91% in favor, Qubic Capital contributed 1.605 billion Qu to the QSwap bug bounty, which was 15 million Qu for each of its 107 QSwap shares. The proposal said the bounty is there to "attract security researchers and protect the liquidity" QSwap holds. Funded bug bounties are a common part of smart contract security, because they reward researchers for reporting flaws before attackers can use them.

The October Qubic wallet drain, a crypto hack that exploited weak wallet seeds, touched QCAP too. PJ said a few QCAP holders hit by the weak-seed incident are still waiting to get access back to their wallets, and the QCAP in them carries voting power the DAO would like restored before the QLoan IPO.

Uncirculated QCAP Supply and the Token Burn Debate

PJ spent the most time on QCAP's tokenomics, because he says this is where most of the misinformation sits.

Uncirculated QCAP has never been sold, and it isn't anyone's stack. PJ described it as unissued capacity:

• It earns no dividends, because the contract divides revenue only by circulating supply.

• It carries no vote and isn't counted in QCAP's fair value.

• It can only leave the reserve through a proposal that holders pass. About 3 million of it is set aside as a long-term reserve, and holders decide how that is used.

Burns were part of QVAULT's design from the start. Its original design locked the burn allocation until January 1, 2029, so the treasury could build reserves first. Holders then passed "Unlock Burn Feature," a general proposal, with 98% in favor, which hands that decision back to them. Unlocking doesn't start a burn. Any burn would still need its own allocation vote.

PJ then made his case against burning the reserve. If all uncirculated QCAP were burned:

"Deflation isn't value," he said. A burn adds no assets and no revenue. A bigger treasury is what gives holders more to share. He also acknowledged that issuance has a cost: selling new QCAP below its fair value dilutes holders a little, so the discipline lies in the price holders vote for. Sometimes they may still choose that trade to grow the holdings.

QLoan, QBond and Qubic Capital's Role in the Qubic Ecosystem

Because QCAP is the largest or a top-three shareholder in so many contracts, PJ said its vote "carries weight well beyond QCAP." He also said people from the QCAP community have stepped in when contract developers moved on, naming QSwap and Nostromo. The community has built new contracts from scratch too, including QBond, a liquid version of Qearn, and QLoan, which is still to come.

QLoan shows how the DAO pays for development. The idea came from the community, Qubic Capital sourced and hired the developers, and holders voted 100% in favor of the final payment of 51,629 QCAP, about $8,200. That completed a build that came to about $10,200 after the developers took 15% off the original $12,000 price because of delays. PJ said 97% of QLoan's fees are proposed to go to QCAP holders, though the contract isn't live yet and the fees aren't final. It is waiting for Computor approval after an earlier proposal was turned down once.

PJ also touched on BPP-9000, the Bitcoin price-direction model that Qubic miners train as their useful work. He said results on historical data have come in above 60%, and that a version working on live Bitcoin data is planned, with no date set. If an IPO tied to it comes up, QCAP would follow its usual route: a holder vote, a set budget and an automatic bid.

What's Next for Qubic Capital: Questions for Holders

PJ closed the presentation with open questions rather than announcements. "They belong to you, the holder," he said.

• The revenue split. QVAULT's 3% is fixed, so the question is whether all of the other 97% should keep going to holders, or whether part should go back into reinvestment.

• The next capital plan. Another funding round has been discussed, but it would need its own proposal and vote.

• Swapping shares for QCAP. Anyone holding contract shares can propose selling them to Qubic Capital for QCAP through a marketplace proposal.

Q&A Highlights From the Qubic Community Space

Is there a calculator for QCAP earnings? Not an automatic one. The Qubic Capital website shows revenue, holdings and payout history. Your share of each payout depends on how much of the circulating supply you hold.

Will QVAULT shareholders still get 3% if burns happen? Yes. The QVAULT share is permanently fixed at 3%, whatever happens to supply.

Which contracts could bring in the biggest fees? Speaking personally, and stressing that it isn't financial advice, PJ picked Random, since randomness could be needed every time AI is used on Qubic. He also named QX, because trades on Qubic run through it. He pointed to QPump's trading fees, a share of which goes to QX shareholders.

How does IPO participation through Qubic Capital work? A holder submits an IPO proposal. Everyone who votes Yes enters the most they would spend, and the final budget is the weighted average of those amounts. If the proposal passes quorum, QVAULT bids automatically at the epoch change. For QPump, the agreed budget was 5.88 billion Qu, and QCAP ended up with exactly that amount in shares.

When will QLoan go live? It's waiting for Computor approval of the QLoan smart contract proposal, which PJ hoped would come this epoch or the next.

Is qMine one of QCAP's smart contracts? No. qMine is a token, not a smart contract.

Are QVAULT updates planned? Yes, several. PJ said one of them is a way to deal with low voter turnout.

Why does diversification matter? No one can tell which contracts will succeed. Holding a little of everything means that even if only some contracts end up paying, the basket still benefits.

Where to Learn More About Qubic Capital

The Qubic Capital dashboard shows the treasury, holdings, revenue and every proposal, active or finished. The governance manual and whitepaper explain the rules in detail. News goes out on X at @Qubic_Capital. PJ's tip for questions was the general chat in the Qubic Capital Discord, where plenty of experienced holders answer quickly. The recording of the Space stays up for anyone who missed it, and the next Community Space will be announced in the Qubic Discord.

PJ spoke from his own experience as a QCAP holder. Holdings and proposal figures come from Qubic Capital's public dashboard on November 12, 2026. This recap explains how Qubic Capital works and is not financial advice.