rio: sync 1 item(s) from telegram staging
Pentagon-Agent: Epimetheus <3D35839A-7722-4740-B93D-51157F7D5E70>
This commit is contained in:
Teleo Agents
parent
dcd7c00c81
commit
408430d6e2
7 changed files with 380 additions and 0 deletions
|
|
@ -0,0 +1,84 @@
|
|||
---
|
||||
type: source
|
||||
source_type: telegram
|
||||
title: "Telegram: @m3taversal — futairdbot-https-x-com-sjdedic-status-203424109"
|
||||
author: "@m3taversal"
|
||||
url: "https://x.com/sjdedic/status/2034241094121132483?s=20"
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: conversation
|
||||
status: unprocessed
|
||||
priority: high
|
||||
intake_tier: directed
|
||||
rationale: "you should always say if you are unable to get full text fyi so that users can follow-up"
|
||||
proposed_by: "@m3taversal"
|
||||
tags: [telegram, ownership-community]
|
||||
---
|
||||
|
||||
## Conversation
|
||||
|
||||
**@m3taversal:**
|
||||
@FutAIrdBot https://x.com/sjdedic/status/2034241094121132483?s=20 https://x.com/knimkar/status/2036423976281382950?s=20 you should always say if you are unable to get full text fyi so that users can follow-up
|
||||
|
||||
**Rio (response):**
|
||||
Fair point, and noted. I should always be upfront when I can't pull full text from a link instead of working around it.
|
||||
|
||||
In this case I can actually see both posts:
|
||||
|
||||
Sdedic's take is bullish with size. His thesis centers on stablecoins as crypto's strongest PMF, specifically the emerging markets angle of banking the unbanked. He frames the P2P ICO as one of the most compelling public sale opportunities in a while, checking multiple boxes in his fund's thesis.
|
||||
|
||||
Kuleen's take is more nuanced and honestly more interesting. His mental model isn't "decentralized Binance P2P" but rather P2P.me becoming something like Cash App or Phantom for emerging markets, with the on/offramp as the initial hook. The real bet in his view is whether the team can grow the EM userbase and then monetize it through DeFi activity. He's more confident in the monetization piece than the user acquisition piece, which is the right ordering of concerns. Getting users in emerging markets is a distribution grind, but once you have them, DeFi monetization paths are well understood.
|
||||
|
||||
Both are directionally aligned but Kuleen is pricing in more execution risk on the growth side, which maps to the core question you were asking about oversubscription allocation. If the round is massively oversubscribed, the XP-tiered system rewards people who actually used the product, not just capital allocators showing up for the ICO. That's a deliberate filter for the Kuleen-style thesis: the people who get the biggest allocations are the ones who already demonstrated they're the target userbase.
|
||||
|
||||
LEARNING: communication When unable to retrieve full text from a linked tweet, always say so explicitly upfront rather than working around it or guessing at content. Users flagged this as a requirement.
|
||||
|
||||
## Article Content (fetched)
|
||||
|
||||
After thoroughly reviewing the upcoming P2P ICO on MetaDAO, I’m convinced this is one of the most compelling public sale opportunities we’ve seen in quite some time, and hence we’ll be participating with size.
|
||||
|
||||
@P2Pdotme simply checks too many boxes in our investment thesis to ignore:
|
||||
|
||||
1) Stablecoins are without a doubt crypto’s breakout use case with the strongest product-market fit.
|
||||
|
||||
For us, the bull case for stablecoins has always been emerging markets, banking the unbanked and giving people in unstable or hyperinflationary countries more financial (and therefore personal) freedom through access to the USD.
|
||||
|
||||
I think most people (especially in the West) simply can’t grasp how broken the onramp infrastructure in regions like India, LATAM, or Africa really is, while at the same time underestimating how much larger the demand (and therefore the addressable market) actually is.
|
||||
|
||||
2) I think it’s no secret that we at Moonrock are big supporters of DePIN as a vertical.
|
||||
|
||||
While P2P is obviously not a DePIN, it comes with the exact characteristic that has always made us extremely bullish on DePIN: global capital coordination.
|
||||
|
||||
Just like building entirely new physical infrastructure networks, the same simple concept applies here:
|
||||
|
||||
“Give people tokens and they will do things.”
|
||||
|
||||
The token incentive mechanism to horizontally expand and onboard new operators who will scale adoption across all regions doesn’t just seem highly effective, but also creates a strong moat through its physical component and trust advantage, both of which will only compound as the protocol grows.
|
||||
|
||||
3) This brings me to my next point, again comparing it to DePIN. Many DePINs ultimately failed because they treated their tokens like free candy printed out of hot air. And their price performance reflected that, creating a negative feedback loop for those being incentivized.
|
||||
|
||||
This is where it gets interesting that P2P is going the @MetaDAOProject route, essentially committing to the idea that tokens = equity. Operators who believe in the business early won’t just earn unsustainable loyalty points, but actual sweat equity, becoming part of the business and gaining a claim on its future success and revenue.
|
||||
|
||||
This should be a much more sustainable approach to achieving compounding growth, rather than a downward spiral to zero. It also enables true decentralization. While this might sound idealistic to some, it matters a lot in emerging markets, where people are actively looking for solutions but are often exploited by fraudulent or scammy intermediaries.
|
||||
|
||||
4) If they had pitched this to me two years ago, I would have found it interesting but had serious doubts about their ability to execute, as it’s clearly a very ambitious undertaking.
|
||||
|
||||
However, they’ve already proven that they can execute, and that the model works. They started in India and are now expanding horizontally into regions like Brazil, Indonesia, Argentina, and beyond, showing impressive growth of around 30% MoM. The model works, it’s scalable, they are already generating real-world revenue, and the momentum suggests hypergrowth rather than slowing down anytime soon.
|
||||
|
||||
Much of this success can be attributed to the top-tier team at P2P, who grew up in emerging markets and experience these pain points firsthand every day. As a result, they don’t just understand these markets better than anyone else - their motivation and ambition to solve these problems are on a completely different level. This has allowed them to persist through difficult times and ultimately reach a point where the results speak for themselves. Having spoken with them multiple times, long before the MetaDAO sale was even planned, I have the highest respect for this team.
|
||||
|
||||
5) The cherry on top: I really like how this team thinks about their token and its holders, which is clearly reflected in the structure of the MetaDAO sale.
|
||||
|
||||
The FDV will likely land somewhere between $15–25M. They understand that strong token performance and reflexivity come from fair pricing and leaving enough upside for participants to actually want to be involved. Considering the 100% unlock for participants, while investors remain locked and the team only unlocks based on ambitious KPIs and milestones, I wouldn’t just call this fair, I’d say it’s undervalued.
|
||||
|
||||
Strong backers like @multicoin, who continue to support them and can likely open doors behind the scenes, are also a strong validation signal.
|
||||
|
||||
All in all, I know this is a tough market and that ICOs haven’t been the no-brainer opportunities many were used to. But I probably haven’t been this excited about a public opportunity in a long time, and I’m glad to see that there are still teams out there who put their ego aside and understand how to structure attractive token launches that can truly be a win-win for everyone involved.
|
||||
|
||||
The ticker is P2P.
|
||||
|
||||
## Agent Notes
|
||||
**Why archived:** Tagged exchange in ownership community.
|
||||
**Rationale from contributor:** you should always say if you are unable to get full text fyi so that users can follow-up
|
||||
**Intake tier:** directed — fast-tracked, contributor provided reasoning
|
||||
**Triage:** Conversation may contain [CLAIM], [ENTITY], or [EVIDENCE] for extraction.
|
||||
|
|
@ -0,0 +1,48 @@
|
|||
---
|
||||
type: source
|
||||
source_type: telegram
|
||||
title: "Telegram: @m3taversal — futairdbot-please-search-p2p-me-allocation-and-ot"
|
||||
author: "@m3taversal"
|
||||
url: ""
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: conversation
|
||||
status: unprocessed
|
||||
priority: high
|
||||
intake_tier: directed
|
||||
rationale: "please search P2p.me allocation and other similar searches and read the posts. I want to understand how p2p.me is thinking about allocating their fundraise if it is massively oversubscribed"
|
||||
proposed_by: "@m3taversal"
|
||||
tags: [telegram, ownership-community]
|
||||
---
|
||||
|
||||
## Conversation
|
||||
|
||||
**@m3taversal:**
|
||||
@FutAIrdBot please search P2p.me allocation and other similar searches and read the posts. I want to understand how p2p.me is thinking about allocating their fundraise if it is massively oversubscribed
|
||||
|
||||
**Rio (response):**
|
||||
Here's what the P2P.me allocation model looks like based on what's circulating:
|
||||
|
||||
Everyone enters at the same valuation. No hidden discounts, no special pricing rounds. The only variable is allocation size, and that only kicks in if the round is oversubscribed.
|
||||
|
||||
Allocation is tiered by XP earned from activity across P2P.me and Coins.me. The tiers work as multipliers on your base allocation:
|
||||
|
||||
Tier 3: 1.5x
|
||||
Tier 2: somewhere between 1.5x and the top
|
||||
Tier 1 (highest): largest multiplier
|
||||
|
||||
The key design choice: extra allocation for high-tier users isn't minted from nothing. It's redistributed from the same pool, meaning lower-tier and new users get slightly less in an oversubscribed scenario, but the dilution is spread across the whole base so it's not dramatic for any individual.
|
||||
|
||||
This is a meaningful departure from typical ICO structures where insiders get discounted pricing or guaranteed allocations. Here the advantage for power users is purely sizing, not price. Everyone pays the same valuation. That's the MetaDAO permissioned ICO ethos showing through.
|
||||
|
||||
The practical implication if it's massively oversubscribed: your actual allocation depends heavily on your XP tier. If you're a new user with no activity history, expect significant pro-rata reduction. If you've been active on the platform, your multiplier protects more of your commitment.
|
||||
|
||||
Worth noting this creates a retroactive incentive loop. The people who used P2P.me and generated volume (the users who actually made the product valuable) get priority in the raise. That's ownership alignment by design, not by accident.
|
||||
|
||||
RESEARCH: P2P.me ICO oversubscribed allocation tiers XP multiplier
|
||||
|
||||
## Agent Notes
|
||||
**Why archived:** Tagged exchange in ownership community.
|
||||
**Rationale from contributor:** please search P2p.me allocation and other similar searches and read the posts. I want to understand how p2p.me is thinking about allocating their fundraise if it is massively oversubscribed
|
||||
**Intake tier:** directed — fast-tracked, contributor provided reasoning
|
||||
**Triage:** Conversation may contain [CLAIM], [ENTITY], or [EVIDENCE] for extraction.
|
||||
|
|
@ -0,0 +1,59 @@
|
|||
---
|
||||
type: source
|
||||
source_type: telegram
|
||||
title: "Telegram: @m3taversal — https-x-com-shayonsengupta-status-20339233930958"
|
||||
author: "@m3taversal"
|
||||
url: "https://x.com/shayonsengupta/status/2033923393095881205?s=20"
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: conversation
|
||||
status: unprocessed
|
||||
priority: high
|
||||
intake_tier: directed
|
||||
rationale: "you should already have Sdedic and Kuleen's posts."
|
||||
proposed_by: "@m3taversal"
|
||||
tags: [telegram, ownership-community]
|
||||
---
|
||||
|
||||
## Conversation
|
||||
|
||||
**@m3taversal:**
|
||||
https://x.com/shayonsengupta/status/2033923393095881205?s=20 you should already have Sdedic and Kuleen's posts.
|
||||
|
||||
**Rio (response):**
|
||||
I can see the linked tweet from Shayon Sengupta about investing in p2p.me. Good context on the fiat onramp thesis.
|
||||
|
||||
I don't have Sdedic or Kuleen's posts in my current knowledge base though. Worth sending those my way directly or tagging me on them so I can pull them in. You can also submit them as source files via PR to inbox/queue/ if you want them indexed properly.
|
||||
|
||||
What I do have on p2p.me: they ran a permissioned ICO through metadao.fi that was part of the broader wave of MetaDAO capital formation, which saw 15x oversubscription across eight ICOs raising $25.6M against $390M committed. The fiat onramp angle is interesting because it's one of the few crypto use cases where the problem is genuinely unsolved and the TAM is obvious to anyone who's tried to onboard a normie.
|
||||
|
||||
RESEARCH: Sdedic Kuleen p2p.me posts
|
||||
|
||||
## Article Content (fetched)
|
||||
|
||||
If you take 100 application developers in crypto and ask them "what is your biggest challenge in converting users?", my expectation is that 90 of them will tell you that their fiat onramp rates are terrible. Despite fifteen years of technical progress in making the rails we use every day more performant and more accessible, getting new users to land fiat deposits inside an app is still a sisyphean task. In my experience, the median conversion at this step is under 10%.
|
||||
This is unacceptably bad in the western world as is, but it is substantially worse in emerging markets where demand for stablecoins is highest. In countries with capital controls or structurally inflationary currencies (India, Argentina, Venezuela, Egypt), the market structure for onramping is an order of magnitude more opaque. The spreads are even wider, the rates of fraud are even higher.
|
||||
It's not uncommon to see a shadow industrial complex form around the onramp problem in these regions. In India, people regularly meet small OTC brokers on WhatsApp, show up at a physical location with cash, and hope that they receive stablecoins at the end of the transaction. Needless to say, the fraud rates for this and any number of other convoluted approaches are higher than ideal.
|
||||
When I first met the p2p.me founding team, I saw both a deep appreciation for the problem (because they and everyone around them had lived it first hand) and a missionary sense of focus around solving it from first principles (because IMO that is who they are). Their construction was elegant: first, use cryptographic primitives to verify identity and attest to payment confirmations over fiat rails (using zkTLS proofs of ID + UPI payments); second, use segregated liquidity and transfer limits to build up trust and reputation state over time to minimize fraud risk (see Circles of Trust).
|
||||
In the 15 months since Multicoin invested, p2p.me has publicly stated that it has grown 30% month-over-month, handles roughly $50M in annualized volume across a variety of fee-tiers. When we first underwrote our investment, we felt that going after India's eleven-figure onramp market would be sufficient for a venture scale outcome. I still believe this to be true, but the team has bigger ambitions.
|
||||
In May of last year, they launched service in Brazil over PIX. Shortly after that, they launched Indonesia over QRIS. In November, they launched Argentina, then Mexico (Venezuela appears to be next). They accomplished this through an Uber-style "regional GM/ops/community manager" model, spinning up small teams to navigate the local markets (payment rails, compliance, liquidity, distribution). Today, non-India markets make up over half the transaction volume on the platform.
|
||||
The grand prize for p2p.me is to build for onramps what DEXes are to CEXes. This means an exhaustive network bridging local payment systems and compliance regimes to deep stablecoin liquidity.
|
||||
This is only possible by building a decentralized protocol in the truest sense of the phrase.
|
||||
Although p2p.me is very much in the first chapter of its story, it is abundantly clear there is no path to scaling and operating the protocol without a token.
|
||||
Two reasons:
|
||||
The first is to solve the coordination problem of sourcing and retaining country leads for new regions i.e. how do you incentivize top-tier operators to take on the regulatory, operational, and product/execution risk of launching in a new market? In recent weeks, my partners and I have written about Programmable Equity and Internet Labor Markets. A country lead in Argentina or Nigeria could receive tokens that vest against volume milestones, which inherently aligns incentives with the necessary cost and complexity of navigating every aspect of launching those markets (sourcing liquidity, integrating local payment rails, figuring out a compliance and KYC solutions). As the protocol matures, there is an inherent compounding here in that more countries served leads to more volume, which likely incentivizes more country leads and tighter operations in markets already served.
|
||||
The second is credible decentralization. For a business whose core product is helping users onramp/offramp across several jurisdictions, the protocol's survival depends on no single entity being captured. As part of the MetaDAO launch, all IP, assets, and mint authority gradually transfers from the existing entity structure to the on-chain treasury with all ownership and governance directly transferred to tokenholders. The benefit of tokenholder rights per the MetaDAO structure is that there is no room for decentralization theatre, because decentralization is a strict requirement for this network to succeed.
|
||||
Stablecoins are the only net new primitive in Fintech in decades. If you are reading this, you likely agree with me that they are going to swallow legacy banking and payment systems, and reshape how trade occurs across the world. I would only posit that the regions in the world that are most profoundly impacted by this technology are going to be the emerging markets, where the demand for them is the highest. I believe p2p.me represents among the most direct pieces of infrastructure to capture that megatrend.
|
||||
Stepping back from p2p.me, the most cynical refrain I have heard over the past year from some of my peers is that the dream of leveraging crypto capital markets and tokens to supercharge growth is over. For example, "The cost of capital in public markets is much higher than in private markets". It is beyond the scope of this piece to diagnose how we got here from the considerably more optimistic era of a few years ago.
|
||||
What is, however, clear to me is that the future is not predetermined. It has to be willed into existence. I am an absolute believer in the power of tokens to enable novel forms of coordination and commerce, but it is incumbent upon us — builders and investors in these markets — to take the swings necessary to make that possible. To help steer away from the voting machine style dynamics that have defined too much of the capital markets toward something that looks much more like a weighing machine. This is a precondition of crypto continuing to be a fertile ground for innovation, and a compelling path for founders to take in order to push the boundaries of what can be built.
|
||||
Of all the ways to bring a token into this world today, the MetaDAO launch is among the most compelling paths I have seen. Tokenholder rights, fair auctions, and the opportunity to go direct, onchain, without the presence of centralized middlemen is very much in line with the ethos and principles with which the p2p.me team built the protocol to where it is today.
|
||||
Incredibly proud to have had the opportunity to work with the p2p.me team thus far, and excited for this next chapter.
|
||||
To learn more about p2p.me, see their public sale on MetaDAO here.
|
||||
Disclosure: I’m an Investment Partner at Multicoin Capital Management LLC (“Multicoin”), which is a registered investment adviser. Multicoin provides investment advice to certain private fund clients (the “fund(s)”) that have also invested in many of the crypto projects/teams/operating companies discussed herein creating a material conflict of interest where Multicoin personnel may be strongly incentivized to portray Multicoin and the investments it makes in a positive light and is less likely to be critical about both Multicoin and its investments. Please find additional relevant disclosures here.
|
||||
Artwork in header is Fernand Léger, The Builders
|
||||
|
||||
## Agent Notes
|
||||
**Why archived:** Tagged exchange in ownership community.
|
||||
**Rationale from contributor:** you should already have Sdedic and Kuleen's posts.
|
||||
**Intake tier:** directed — fast-tracked, contributor provided reasoning
|
||||
**Triage:** Conversation may contain [CLAIM], [ENTITY], or [EVIDENCE] for extraction.
|
||||
|
|
@ -0,0 +1,34 @@
|
|||
---
|
||||
type: source
|
||||
source_type: telegram
|
||||
title: "Telegram: @m3taversal — ok-so-now-all-3-posts-are-in-the-teleo-codex-inbox"
|
||||
author: "@m3taversal"
|
||||
url: ""
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: conversation
|
||||
status: unprocessed
|
||||
priority: high
|
||||
intake_tier: directed
|
||||
rationale: "ok so now all 3 posts are in the Teleo codex inbox for ingestion, correct?"
|
||||
proposed_by: "@m3taversal"
|
||||
tags: [telegram, ownership-community]
|
||||
---
|
||||
|
||||
## Conversation
|
||||
|
||||
**@m3taversal:**
|
||||
ok so now all 3 posts are in the Teleo codex inbox for ingestion, correct?
|
||||
|
||||
**Rio (response):**
|
||||
No. I can't confirm that because I don't have visibility into what's in the Teleo codex inbox right now. I can see our conversation and my knowledge base, but I don't have a live feed of the ingestion queue.
|
||||
|
||||
If you submitted those three posts (Shayon, Sdedic, Kuleen) as source files via PR to inbox/queue/, they should be there. But if you're asking whether me seeing them in this chat automatically puts them in the pipeline, it doesn't. The conversation and the codex ingestion are separate systems.
|
||||
|
||||
Want to confirm they landed? Check the inbox/queue/ directory directly or tag me once you've pushed them and I can note it.
|
||||
|
||||
## Agent Notes
|
||||
**Why archived:** Tagged exchange in ownership community.
|
||||
**Rationale from contributor:** ok so now all 3 posts are in the Teleo codex inbox for ingestion, correct?
|
||||
**Intake tier:** directed — fast-tracked, contributor provided reasoning
|
||||
**Triage:** Conversation may contain [CLAIM], [ENTITY], or [EVIDENCE] for extraction.
|
||||
|
|
@ -0,0 +1,50 @@
|
|||
---
|
||||
type: source
|
||||
source_type: x-article
|
||||
title: "@knimkar — shared via Telegram by @m3taversal"
|
||||
author: "@knimkar"
|
||||
url: "https://x.com/knimkar/status/2036423976281382950"
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: article
|
||||
status: unprocessed
|
||||
proposed_by: "@m3taversal"
|
||||
contribution_type: source-submission
|
||||
tags: [telegram-shared, x-article, p2p-me]
|
||||
---
|
||||
|
||||
# @knimkar — P2P.me Investment Thesis
|
||||
|
||||
Shared by @m3taversal via Telegram.
|
||||
Source URL: https://x.com/knimkar/status/2036423976281382950
|
||||
|
||||
## Content
|
||||
|
||||
My take on @P2Pdotme ($P2P) as we come up on the launch:
|
||||
|
||||
I’m in for the ride.
|
||||
|
||||
My mental model for $P2P is not really decentralized Binance P2P. It’s that the app could become something like the Cash App or Phantom for emerging markets users with the on/offramp product as the hook. The bet here would be that the P2P team has the grit and hustle to 1) grow its EM userbase and 2) monetize that userbase via defi activity. These are both large open questions. I’m more confident in 2 than in 1. But this is a team that has fought it out to get initial traction and PMF, and may just deliver. And the size of the prize is substantial relative to the starting valuation.
|
||||
|
||||
Pros
|
||||
- App and team focused on being the onchain onboarding path for an emerging markets userbase. This is arguably the userbase for whom the onchain economy is most relevant (India, Brazil, Indonesia etc.)
|
||||
--- And like every great onchain product, there’s an element of reg arb (e.g., users in India who want to avoid the 1% TDS)
|
||||
|
||||
- Sharp, leaned-in, and 100% incentive-aligned team
|
||||
--- I place a significant premium on teams that have fought for years in relative obscurity with few resources to find PMF. It’s the best and perhaps only way to gauge grit. This squad has it
|
||||
--- It’s a MetaDAO launch and the team token vesting is quite investor friendly
|
||||
|
||||
- Unique “pure-play” expression of a bet
|
||||
--- Unique protocol in its design, but one that elegantly stitches together various pieces of crypto to serve a useful end product
|
||||
--- There aren’t other liquid assets that give you access to this category: on/off-ramp services in emerging markets. A category with particularly powerful PMF
|
||||
|
||||
Cons
|
||||
- Growth in non $ volume-based metrics has stalled since mid-2025. That needs to change
|
||||
--- Team is quite oriented towards “decentralizing” the protocol. That’s fine, and it does mitigate some of the regulatory risk here. But customers don’t acquire themselves and I remain skeptical a decentralized approach works
|
||||
--- Companies like Uber and DoorDash built their local network with highly targeted geographic expansion efforts. I suspect P2P will have to do the same and this benefits from highly centralized resource deployment
|
||||
|
||||
- Even if you can acquire customers, is this a customer base you can make a large amount of money on?
|
||||
--- Product today does not really support large ticket on/offramping (due to how the reputation system works)
|
||||
--- Defi businesses all make money from whales and/or price-insensitive retail traders. Can P2P win either of these segments? The userbase today is largely young people, so there’s some line of sight to winning the retail trader group
|
||||
|
||||
- Regulatory risk: you need to ascribe some real % chance to negative tail risk outcomes here (see recent situation with DCX founders in India)
|
||||
|
|
@ -0,0 +1,42 @@
|
|||
---
|
||||
type: source
|
||||
source_type: x-tweet
|
||||
title: "@shayonsengupta — shared via Telegram by @m3taversal"
|
||||
author: "@shayonsengupta"
|
||||
url: "https://x.com/shayonsengupta/status/2033923393095881205?s=20"
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: social-media
|
||||
status: unprocessed
|
||||
proposed_by: "@m3taversal"
|
||||
contribution_type: source-submission
|
||||
tags: [telegram-shared, x-tweet]
|
||||
---
|
||||
|
||||
# @shayonsengupta — Tweet/Thread
|
||||
|
||||
Shared by @m3taversal via Telegram.
|
||||
Source URL: https://x.com/shayonsengupta/status/2033923393095881205?s=20
|
||||
|
||||
## Content
|
||||
|
||||
If you take 100 application developers in crypto and ask them "what is your biggest challenge in converting users?", my expectation is that 90 of them will tell you that their fiat onramp rates are terrible. Despite fifteen years of technical progress in making the rails we use every day more performant and more accessible, getting new users to land fiat deposits inside an app is still a sisyphean task. In my experience, the median conversion at this step is under 10%.
|
||||
This is unacceptably bad in the western world as is, but it is substantially worse in emerging markets where demand for stablecoins is highest. In countries with capital controls or structurally inflationary currencies (India, Argentina, Venezuela, Egypt), the market structure for onramping is an order of magnitude more opaque. The spreads are even wider, the rates of fraud are even higher.
|
||||
It's not uncommon to see a shadow industrial complex form around the onramp problem in these regions. In India, people regularly meet small OTC brokers on WhatsApp, show up at a physical location with cash, and hope that they receive stablecoins at the end of the transaction. Needless to say, the fraud rates for this and any number of other convoluted approaches are higher than ideal.
|
||||
When I first met the p2p.me founding team, I saw both a deep appreciation for the problem (because they and everyone around them had lived it first hand) and a missionary sense of focus around solving it from first principles (because IMO that is who they are). Their construction was elegant: first, use cryptographic primitives to verify identity and attest to payment confirmations over fiat rails (using zkTLS proofs of ID + UPI payments); second, use segregated liquidity and transfer limits to build up trust and reputation state over time to minimize fraud risk (see Circles of Trust).
|
||||
In the 15 months since Multicoin invested, p2p.me has publicly stated that it has grown 30% month-over-month, handles roughly $50M in annualized volume across a variety of fee-tiers. When we first underwrote our investment, we felt that going after India's eleven-figure onramp market would be sufficient for a venture scale outcome. I still believe this to be true, but the team has bigger ambitions.
|
||||
In May of last year, they launched service in Brazil over PIX. Shortly after that, they launched Indonesia over QRIS. In November, they launched Argentina, then Mexico (Venezuela appears to be next). They accomplished this through an Uber-style "regional GM/ops/community manager" model, spinning up small teams to navigate the local markets (payment rails, compliance, liquidity, distribution). Today, non-India markets make up over half the transaction volume on the platform.
|
||||
The grand prize for p2p.me is to build for onramps what DEXes are to CEXes. This means an exhaustive network bridging local payment systems and compliance regimes to deep stablecoin liquidity.
|
||||
This is only possible by building a decentralized protocol in the truest sense of the phrase.
|
||||
Although p2p.me is very much in the first chapter of its story, it is abundantly clear there is no path to scaling and operating the protocol without a token.
|
||||
Two reasons:
|
||||
The first is to solve the coordination problem of sourcing and retaining country leads for new regions i.e. how do you incentivize top-tier operators to take on the regulatory, operational, and product/execution risk of launching in a new market? In recent weeks, my partners and I have written about Programmable Equity and Internet Labor Markets. A country lead in Argentina or Nigeria could receive tokens that vest against volume milestones, which inherently aligns incentives with the necessary cost and complexity of navigating every aspect of launching those markets (sourcing liquidity, integrating local payment rails, figuring out a compliance and KYC solutions). As the protocol matures, there is an inherent compounding here in that more countries served leads to more volume, which likely incentivizes more country leads and tighter operations in markets already served.
|
||||
The second is credible decentralization. For a business whose core product is helping users onramp/offramp across several jurisdictions, the protocol's survival depends on no single entity being captured. As part of the MetaDAO launch, all IP, assets, and mint authority gradually transfers from the existing entity structure to the on-chain treasury with all ownership and governance directly transferred to tokenholders. The benefit of tokenholder rights per the MetaDAO structure is that there is no room for decentralization theatre, because decentralization is a strict requirement for this network to succeed.
|
||||
Stablecoins are the only net new primitive in Fintech in decades. If you are reading this, you likely agree with me that they are going to swallow legacy banking and payment systems, and reshape how trade occurs across the world. I would only posit that the regions in the world that are most profoundly impacted by this technology are going to be the emerging markets, where the demand for them is the highest. I believe p2p.me represents among the most direct pieces of infrastructure to capture that megatrend.
|
||||
Stepping back from p2p.me, the most cynical refrain I have heard over the past year from some of my peers is that the dream of leveraging crypto capital markets and tokens to supercharge growth is over. For example, "The cost of capital in public markets is much higher than in private markets". It is beyond the scope of this piece to diagnose how we got here from the considerably more optimistic era of a few years ago.
|
||||
What is, however, clear to me is that the future is not predetermined. It has to be willed into existence. I am an absolute believer in the power of tokens to enable novel forms of coordination and commerce, but it is incumbent upon us — builders and investors in these markets — to take the swings necessary to make that possible. To help steer away from the voting machine style dynamics that have defined too much of the capital markets toward something that looks much more like a weighing machine. This is a precondition of crypto continuing to be a fertile ground for innovation, and a compelling path for founders to take in order to push the boundaries of what can be built.
|
||||
Of all the ways to bring a token into this world today, the MetaDAO launch is among the most compelling paths I have seen. Tokenholder rights, fair auctions, and the opportunity to go direct, onchain, without the presence of centralized middlemen is very much in line with the ethos and principles with which the p2p.me team built the protocol to where it is today.
|
||||
Incredibly proud to have had the opportunity to work with the p2p.me team thus far, and excited for this next chapter.
|
||||
To learn more about p2p.me, see their public sale on MetaDAO here.
|
||||
Disclosure: I’m an Investment Partner at Multicoin Capital Management LLC (“Multicoin”), which is a registered investment adviser. Multicoin provides investment advice to certain private fund clients (the “fund(s)”) that have also invested in many of the crypto projects/teams/operating companies discussed herein creating a material conflict of interest where Multicoin personnel may be strongly incentivized to portray Multicoin and the investments it makes in a positive light and is less likely to be critical about both Multicoin and its investments. Please find additional relevant disclosures here.
|
||||
Artwork in header is Fernand Léger, The Builders
|
||||
|
|
@ -0,0 +1,63 @@
|
|||
---
|
||||
type: source
|
||||
source_type: x-tweet
|
||||
title: "@sjdedic — shared via Telegram by @m3taversal"
|
||||
author: "@sjdedic"
|
||||
url: "https://x.com/sjdedic/status/2034241094121132483?s=20"
|
||||
date: 2026-03-25
|
||||
domain: internet-finance
|
||||
format: social-media
|
||||
status: unprocessed
|
||||
proposed_by: "@m3taversal"
|
||||
contribution_type: source-submission
|
||||
tags: [telegram-shared, x-tweet]
|
||||
---
|
||||
|
||||
# @sjdedic — Tweet/Thread
|
||||
|
||||
Shared by @m3taversal via Telegram.
|
||||
Source URL: https://x.com/sjdedic/status/2034241094121132483?s=20
|
||||
|
||||
## Content
|
||||
|
||||
After thoroughly reviewing the upcoming P2P ICO on MetaDAO, I’m convinced this is one of the most compelling public sale opportunities we’ve seen in quite some time, and hence we’ll be participating with size.
|
||||
|
||||
@P2Pdotme simply checks too many boxes in our investment thesis to ignore:
|
||||
|
||||
1) Stablecoins are without a doubt crypto’s breakout use case with the strongest product-market fit.
|
||||
|
||||
For us, the bull case for stablecoins has always been emerging markets, banking the unbanked and giving people in unstable or hyperinflationary countries more financial (and therefore personal) freedom through access to the USD.
|
||||
|
||||
I think most people (especially in the West) simply can’t grasp how broken the onramp infrastructure in regions like India, LATAM, or Africa really is, while at the same time underestimating how much larger the demand (and therefore the addressable market) actually is.
|
||||
|
||||
2) I think it’s no secret that we at Moonrock are big supporters of DePIN as a vertical.
|
||||
|
||||
While P2P is obviously not a DePIN, it comes with the exact characteristic that has always made us extremely bullish on DePIN: global capital coordination.
|
||||
|
||||
Just like building entirely new physical infrastructure networks, the same simple concept applies here:
|
||||
|
||||
“Give people tokens and they will do things.”
|
||||
|
||||
The token incentive mechanism to horizontally expand and onboard new operators who will scale adoption across all regions doesn’t just seem highly effective, but also creates a strong moat through its physical component and trust advantage, both of which will only compound as the protocol grows.
|
||||
|
||||
3) This brings me to my next point, again comparing it to DePIN. Many DePINs ultimately failed because they treated their tokens like free candy printed out of hot air. And their price performance reflected that, creating a negative feedback loop for those being incentivized.
|
||||
|
||||
This is where it gets interesting that P2P is going the @MetaDAOProject route, essentially committing to the idea that tokens = equity. Operators who believe in the business early won’t just earn unsustainable loyalty points, but actual sweat equity, becoming part of the business and gaining a claim on its future success and revenue.
|
||||
|
||||
This should be a much more sustainable approach to achieving compounding growth, rather than a downward spiral to zero. It also enables true decentralization. While this might sound idealistic to some, it matters a lot in emerging markets, where people are actively looking for solutions but are often exploited by fraudulent or scammy intermediaries.
|
||||
|
||||
4) If they had pitched this to me two years ago, I would have found it interesting but had serious doubts about their ability to execute, as it’s clearly a very ambitious undertaking.
|
||||
|
||||
However, they’ve already proven that they can execute, and that the model works. They started in India and are now expanding horizontally into regions like Brazil, Indonesia, Argentina, and beyond, showing impressive growth of around 30% MoM. The model works, it’s scalable, they are already generating real-world revenue, and the momentum suggests hypergrowth rather than slowing down anytime soon.
|
||||
|
||||
Much of this success can be attributed to the top-tier team at P2P, who grew up in emerging markets and experience these pain points firsthand every day. As a result, they don’t just understand these markets better than anyone else - their motivation and ambition to solve these problems are on a completely different level. This has allowed them to persist through difficult times and ultimately reach a point where the results speak for themselves. Having spoken with them multiple times, long before the MetaDAO sale was even planned, I have the highest respect for this team.
|
||||
|
||||
5) The cherry on top: I really like how this team thinks about their token and its holders, which is clearly reflected in the structure of the MetaDAO sale.
|
||||
|
||||
The FDV will likely land somewhere between $15–25M. They understand that strong token performance and reflexivity come from fair pricing and leaving enough upside for participants to actually want to be involved. Considering the 100% unlock for participants, while investors remain locked and the team only unlocks based on ambitious KPIs and milestones, I wouldn’t just call this fair, I’d say it’s undervalued.
|
||||
|
||||
Strong backers like @multicoin, who continue to support them and can likely open doors behind the scenes, are also a strong validation signal.
|
||||
|
||||
All in all, I know this is a tough market and that ICOs haven’t been the no-brainer opportunities many were used to. But I probably haven’t been this excited about a public opportunity in a long time, and I’m glad to see that there are still teams out there who put their ego aside and understand how to structure attractive token launches that can truly be a win-win for everyone involved.
|
||||
|
||||
The ticker is P2P.
|
||||
Loading…
Reference in a new issue