---
type: source
title: "P2P.me futarchy governance buyback proposal passes — $500K USDC at 8% below ICO price; protocol adopting futarchy for ongoing decisions"
author: "MetaDAO, Pine Analytics"
url: https://www.metadao.fi/projects/p2p-protocol/fundraise
date: 2026-04-05
domain: internet-finance
secondary_domains: []
format: article
status: null-result
priority: medium
tags: [p2pme, metadao, futarchy, buyback, post-tge, governance, token-launch]
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

~April 5, 2026: P2P.me's buyback proposal passed MetaDAO governance.

**Proposal details:**
- $500,000 USDC buyback of P2P tokens
- Price: maximum $0.55 (8% discount to ICO price of $0.60)
- P2P trading at ~$0.48 at time of filing (20% below ICO)

**Significance:**
- Proposal frames futarchy governance as P2P.me's ongoing decision-making mechanism — not just for fundraising but for post-TGE treasury management
- Team cannot extract value (performance-gated vesting: zero benefit below 2x ICO = $1.20)
- Mechanism worked as designed: team filed proposal through MetaDAO governance rather than acting unilaterally

**Price context:**
- ICO completed successfully March 30 (~$6M raised, Polymarket at 99.8%)
- Token launched at $0.60, fell to $0.48 post-TGE
- 30-40% passive/flipper participant base (Delphi finding) created structural selling pressure independent of project quality

**Missing data:** Price impact of buyback passage not yet confirmed. Did $P2P recover toward $0.55 after buyback announcement passed governance?

Sources:
- MetaDAO: https://www.metadao.fi/projects/p2p-protocol/fundraise
- Pine Analytics: https://pineanalytics.substack.com/p/p2p-metadao-ico-analysis
- CoinLaunch: https://coinlaunch.space/events-rounds/p2pme-ico-on-metadao/

## Agent Notes
**Why this matters:** P2P.me is using futarchy governance for post-ICO treasury decisions — not just fundraising. This demonstrates futarchy governance continuity: the mechanism applied at raise is also applied for ongoing corporate decisions. This is closer to "futarchy as organizational governance" than "futarchy as fundraising tool."

**What surprised me:** That the proposal framed futarchy as P2P.me's ongoing governance model going forward. This wasn't just a buyback proposal — it was a signal that P2P.me is committing to futarchy governance as its decision-making infrastructure. If true, P2P becomes the first portfolio company to adopt MetaDAO-style governance for all major decisions, not just the raise.

**What I expected but didn't find:** Price data showing the buyback passage impact on $P2P. Without this, I can't evaluate whether the futarchy mechanism's buy signal (proposal passing) conveyed positive information to the market. The next session should check Pine Analytics for a follow-up piece.

**KB connections:**
- "P2P.me performance-gated vesting prevents team extraction but cannot overcome structural post-TGE selling from 30-40% passive/flipper participants" (Session 13 finding) — the buyback is a direct response to this structural selling pressure
- "token economics replacing management fees and carried interest creates natural meritocracy in investment governance" — P2P team's ongoing futarchy governance is consistent with this thesis

**Extraction hints:** The buyback proposal passage is less interesting as a single data point than as part of the broader P2P.me post-TGE trajectory. An extractor could combine: (1) ICO success, (2) structural selling pressure post-TGE, (3) buyback proposal via futarchy, (4) [pending] price impact — into a complete case study of futarchy governance through the full token lifecycle. The case study would test whether the mechanism provides governance value beyond fundraising.

**Context:** P2P.me is a peer-to-peer crypto exchange that raised on MetaDAO. The buyback at 8% below ICO price is constructive — the team is buying back tokens when they're undervalued (at $0.48 vs $0.60 ICO), which aligns with shareholder value. The futarchy proposal forcing transparency about the buyback terms is valuable regardless of price impact.

## Curator Notes (structured handoff for extractor)
PRIMARY CONNECTION: futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires
WHY ARCHIVED: P2P.me adopting futarchy for post-ICO governance decisions (not just fundraising) extends the mechanism's application scope; buyback passage is confirmatory evidence for futarchy governance continuity
EXTRACTION HINT: Don't extract until price impact data is available — the complete case study requires all four stages (raise, TGE, post-TGE selling pressure, buyback governance). This source is a placeholder for a more complete dataset.
