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Millennial here. I’ve heard from the younger folks that it means something like “no lie”, or “I swear this is true”.
Being out of touch, I’m not sure if this is synonymous with “deadass”.
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I’d like to know the backstory for why “cap” became the slang, not so eager to find out why the asses are dead
Oh, I assumed it meant like no upper bound. “She’s the best basketball player, no cap.”
I haven’t tried to use it, but I guess I was close enough to understand what they were saying.
Pretty sure it directly replaces “for real”
