# P2P.me MetaDAO ICO

**Parent Entity:** [[p2p-me]]  
**Platform:** [[metadao]]  
**Date:** 2026-03-26  
**Status:** Active (scheduled)  
**Category:** Fundraise  

## Decision Parameters

**Fundraising target:** $15.5M FDV  
**Token supply:** 25.8M tokens  
**ICO price:** $0.60  
**Liquidity at TGE:** 50% (10M ICO + 2.9M liquidity seeding)  
**Valuation multiple:** 182x gross profit  

## Context

P2P.me is a peer-to-peer USDC-to-fiat conversion platform with:
- 1,000+ liquidity providers
- <1/25,000 fraud rate
- 23,000 registered users (78% in India)
- 2,000-2,500 weekly actives
- Prior $2M VC round from Multicoin Capital and Coinbase Ventures

## Market Assessment

Pine Analytics (March 19, 2026): "Strong fundamentals, valuation stretched." Key concerns:
- $82K annual gross profit → 182x multiple
- Growth plateau since mid-2025
- 50% liquid at TGE creates liquidation risk similar to FairScale

## Strategic Significance

This ICO tests whether MetaDAO's futarchy quality filter appropriately prices:
1. **VC-backed valuation stretch:** Does Multicoin + Coinbase imprimatur override market skepticism?
2. **Good product, wrong price:** Can futarchy distinguish genuine traction from overvaluation?
3. **Structural liquidation risk:** Does 50% liquid at TGE get priced in, or does narrative override structure?

## Outcome

[To be updated after March 26, 2026]

## Related

- [[metadao-ico-platform-demonstrates-15x-oversubscription-validating-futarchy-governed-capital-formation]]
- [[futarchy-governed-liquidation-is-the-enforcement-mechanism-that-makes-unruggable-ICOs-credible-because-investors-can-force-full-treasury-return-when-teams-materially-misrepresent]]