CATCH is the protocol-layer token of Catch, a value-capture protocol for onchain markets. Catch’s cAsset markets each have an isolated reserve of their corresponding underlying asset. cCATCH is the CATCH-backed market: holders can burn cCATCH to redeem backing, while primary purchases follow a protected 64-step release schedule. Catch also maintains an operator-controlled cAsset portfolio, with public reporting of portfolio holdings, reserve contributions and redemptions.