Magic Guard is an ability that does many things at once for CAP32. The immunity to any form of chip damage means we are a lot less reliant on our raw bulk if we want to take certain hits. Additionally, our item slot is a lot less confined to Heavy-Duty Boots, as we don't have to worry about hazard damage. Notably this potentially lets us increase our offensive pressure as well, using a now drawback-less Life Orb for a free 1.3x boost to all our attacks. Out of all the abilities on the slate, Magic Guard is likely the strongest option, so it's no wonder it has been popular throughout this stage.
Adaptability has been mentioned as a surefire way to boost the damage output of our STABs by 1.3x, which means we don't have to spend as much of our limited stat budget on offenses. The ability is quite simple in practice, but it works well here.
Pixilate massively expands our list of usable Fairy STAB moves, adding many useful Normal-type moves to that pool, especially so on the physical side. It then also gives these moves a small power boost. This grants CAP32 access to tools most other currently relevant Fairy types do not, allowing it to carve out one or several niches for itself.
Levitate has been suggested as a more defensive ability CAP32 could make great use of. A ground-immune CAP32 matches up really well into most of the tier's relevant Ground types, and doesn't have to worry about catching stray Earthquakes from the likes of Roaring Moon and Dragonite. Even though Earth Eater has been popular as well, in the end I only wanted to slate one of the two abilities in order to create a more diverse ability slate, and out of the two Levitate has seen more support as of late.
Prankster gives our status moves priority, which can greatly improve our matchup especially against offensive team styles. Many offensive Pokémon fear statuses like paralysis and burn, as well as move disruption. CAP32 naturally matches up well into Dark-type Pokémon that would be immune to our Prankster-boosted moves, which means it is hard to stop CAP32 from generating value once it is in.
Electric Surge is more of a team-centric ability, as its main draw is the ability to enable other Pokémon on the team, such as strong Electric-type Pokémon as well as Pokémon with the Quark Drive ability. Looking at Pokémon like Torkoal and Pelipper, setting field conditions has been proven to be a relatively succesful route towards viability, even as a Pokémon with lower stats. As a small bonus, it also boosts CAP32s own Electric coverage by a fair bit and prevents sleep, though how much impact this will have remains to be seen.
Sharpness massively boosts one particular Fire-type STAB: Bitter Blade. This move is already quite good on its own, but boosting its power really helps CAP32 in maintaining offensive pressure while also keeping itself alive. What's more, Sharpness boosts the damage of a whole host of coverage moves by 1.5x as well, potentially allowing CAP32 to threaten more Pokémon with powerful pseudo-STAB moves.
Parental Bond has seen a lot of support towards the end of this stage, and for good reason. It inherently boosts the power of most attacking moves by 1.25x, which helps alleviate pressure on our offensive stats. However, due to these attacks hitting twice if they land, it also adds an added chance for secondary effects to occur, or even guarantees for them to occur a second time, letting CAP32 be more succesful in the utility department as well.
