---
type: decision
domain: internet-finance
parent_entity: p2p-me
status: active
proposal_date: 2026-03-26
category: fundraise
created: 2026-03-19
---

# P2P.me ICO (March 2026)

## Decision

P2P.me is conducting an ICO on MetaDAO's futarchy platform targeting $6M raise at approximately $15.5M fully diluted valuation.

## Structure

- **Price**: $0.60/token
- **Tokens sold**: 10M
- **Total supply**: 25.8M
- **Liquid at launch**: 50%
- **Team unlock**: Performance-based, no benefit below 2x ICO price
- **Target raise**: $6M
- **FDV**: ~$15.5M

## Pine Analytics Assessment

### Primary Concerns

1. **Valuation mismatch**: 182x multiple on current gross profit ($82K). Monthly revenue would need to scale to ~$875K just to cover operating costs from treasury contributions.

2. **Growth stagnation**: Active users plateaued mid-2025. Historical 27% MoM volume growth came from market conditions, not organic acquisition. Geographic expansion to 20+ countries risks spreading thin before saturating existing 80%-concentrated markets.

3. **Runway reality**: $175K monthly burn with approximately 34 months of runway including current revenue contributions.

### Bull Case

- B2B SDK deployment potential
- Circles of Trust merchant onboarding model for geographic expansion
- Performance-based team unlock aligns incentives (team has no upside below 2x ICO price)
- On-chain P2P with futarchy governance prevents rug-pull risk

## Market Context

This ICO follows Hurupay's failure despite stronger metrics ($7.2M monthly volume vs P2P.me's $3.95M peak). The outcome will test whether MetaDAO's futarchy filter correctly identifies overvalued raises or whether community optimism overrides fundamental analysis.

The 50% liquid at launch creates immediate below-NAV vulnerability if market disappoints, enabling the FairScale implicit put option playbook.

## Status

Scheduled for March 26, 2026. Outcome pending.

## Sources

- Pine Analytics, "$P2P: MetaDAO ICO Analysis", March 15, 2026