pipeline: archive 1 source(s) post-merge

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inbox/archive/internet-finance/2026-03-25-tg-shared-knimkar-2036423976281382950.md

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+---
+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)