# P2P Protocol

**Type:** Decentralized fiat-to-stablecoin on/off-ramp protocol  
**Status:** Live, generating revenue  
**Focus:** Emerging markets (India, LATAM, Southeast Asia)  
**Governance:** MetaDAO futarchy

## Overview

P2P Protocol is a non-custodial fiat-to-stablecoin on/off-ramp that matches users to merchants onchain for direct fiat-to-USDC exchange. The protocol leverages ZK-KYC and onchain incentives to facilitate trades without custodial intermediaries.

## Market Position

Targets emerging market fiat-to-stablecoin conversion, a market estimated at tens to hundreds of billions of dollars in annual volume with billions in gross revenue. These markets face high spreads, fraud rates, frozen accounts, censorship, data leaks, and money laundering risks.

The protocol is counter-positioned against centralized incumbents like Binance P2P through its non-custodial ZK-KYC architecture.

## Technology

- **Architecture:** Non-custodial with ZK-KYC
- **Matching:** Onchain user-to-merchant matching
- **Settlement:** Direct fiat-to-USDC exchange

## Governance

Protocol IP, treasury funds, and mint authority are controlled by MetaDAO decision-market governance.

## Team

Team has relevant background including experience at emerging market centralized exchanges and ZK protocols underlying P2P's architecture. Backed by existing long-term investors who vouch for competency.

## Token Economics

**Team vesting:** Performance-gated with 20% unlocks at 2x, 4x, 8x, 16x, and 32x ICO price (3-month TWAP), 12-month cliff

**Investor vesting:** 20% unlocks at months 12, 15, 18, 21, and 24; locked tokens cannot be staked

## Timeline

- **2025-06-15** — MetaDAO ICO announced with detailed bull case from Jon Charb highlighting emerging market opportunity