Cap and discount in a Note or SAFE are discreet alternatives to one another. The cap value never changes. The discount only applies when the cap value isn’t reached.

https://www.joyancepartners.com/blog/2018/4/7/cap-or-a-discount-why-it-matters#:~:text=Cap%20and%20discount%20in%20a,cap%20value%20isn't%20reached.

joyancepartners.com

Cap or a Discount? Why it Matters — Joyance Partners

Lately, we are seeing Notes and SAFEs with no option for a discount. We think this is a terrible idea.