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Colosseum — discover select projects from the proving ground for crypto's best builders
Learn more© MetaDAO LLC 2023-2026© 2023-2026. ALL RIGHTS RESERVED.
Colosseum — discover select projects from the proving ground for crypto's best builders
Learn more© MetaDAO LLC 2023-2026© 2023-2026. ALL RIGHTS RESERVED.
Decentralised Stablecoin On/Off Ramp for Emerging Markets
Description
P2P Protocol is a live, revenue-generating, non-custodial fiat-to-stablecoin on/off-ramp. We are a leading decentralized on/off-ramp, processing the highest monthly volume in this segment. The protocol matches users to merchants on-chain based on staked USDC, Most trades settle in under 90 seconds, and generates revenue entirely from transaction fees. We are currently live on Base and launching soon on Solana.
Problem
Billions of people in emerging markets need to move between local fiat and stablecoins. Centralized ramps custody user funds and can freeze accounts, censor users, expose user data to governments, or shut down entirely. Existing P2P platforms lack on-chain accountability, violate user privacy, disputes are settled off-chain, and these platforms are infested with fraud and scams. On platforms like Binance P2P, nearly one in three participants report experiencing scams according to community surveys in emerging markets. The result is high fraud, poor reliability, and no path to composability.
Solution
P2P Protocol coordinates fiat-to-stablecoin trades without custodying fiat. A user clicks "Buy USDC" or "Sell USDC" and the protocol assigns a merchant on-chain based on their staked USDC. Merchants provide fiat liquidity on local payment rails (UPI, PIX, QRIS, etc.) while settlement, matching, dispute windows, and fee routing all execute on-chain with no backend server or PII retention.
Fraud prevention is handled by the Proof-of-Credibility system, which combines ZK-TLS social verification, on-chain Reputation Points, and Reputation-based tiering to gate transaction limits. New users verify social accounts and government IDs through ZK-KYC (zero-knowledge proofs via Reclaim Protocol), earn Reputation Points with each successful trade, and unlock higher tiers as their on-chain credibility grows. This naturally gates new accounts and reduces fraud surface to fewer than 1 in 1,000 transactions, all without exposing personal data.
Operations are decentralized through Circles of Trust: community-backed groups of merchants run by Circle Admins who stake $P2P. Delegators stake $P2P to earn revenue share, and insurance pools cover disputes and slashing. Every participant has skin in the game through staked capital. The protocol earns revenue from transaction fees alone, with no token emissions or inflationary incentives.
Traction
Market and Growth
The fiat-to-crypto on/off-ramp market in emerging economies is massive. Over 1.5 billion people have mobile phones but lack reliable access to stablecoins. A fast, low-cost, non-custodial path between fiat and stablecoins is essential infrastructure for this population, expanding across Asia, Africa, Latin America, and MENA.
Three channels drive growth: (1) direct user acquisition via the p2p.me and coins.me apps, (2) a B2B SDK launching June 2026 that lets any wallet, app, or fintech embed P2P Protocol's on/off-ramp rails, and (3) community-led expansion via Circles of Trust where local operators onboard P2P merchants in new countries and earn revenue share. Post TGE, geographic expansion is permissionless through Circles of Trust and token-holder-driven parameter governance.
On the supply side, anyone with a bank account and $250 in capital can become a liquidity provider (P2P Merchant) and earn passive income. The protocol creates liquidity providers the way ride-hailing platforms onboard drivers — anyone with capital and a bank account can participate.This bottom-up liquidity engine is deeply local, self-propagating, and hard to replicate.
Monthly Allowance Breakup: $175,000
Roadmap and Milestones
Q2 2026 (months 1-3):
Q3 2026 (months 4-6):
Q4 2026 (months 7-9):
Q1 2027 (months 10-12):
Financial Projections
The protocol is forecast to reach operating profitability by mid-2027. At 30% monthly volume growth in early expansion phases, projected monthly volume reaches ~$333M by July 2027 with ~$383K monthly operating profit. Revenue is driven entirely by transaction fees (~2%-6% variable spread) on a working product. Full P&L projections are available in the docs.
Token and Ownership
Infrastructure as critical as this should not remain under the control of a single operator. $P2P is an ownership token. Protocol IP, treasury funds, and mint authority are controlled by token holders through futarchy-based governance, not by any single team or entity. Decisions that affect token supply must pass through a decision-market governance mechanism, where participants stake real capital on whether a proposal increases or decreases token value. Proposals the market predicts will harm value are automatically rejected.
No insider tokens unlock at TGE. 50% of total supply will float at launch (10M sale + 2.9M liquidity).
Investor tokens (20% / 5.16M): Fully locked for 12 months. 5 equal unlocks of 20% each: first at month 12, then at months 15, 18, 21, and 24. Fully unlocked at month 24. Locked tokens cannot be staked.
Team tokens (30% / 7.74M): Performance-based only. 12 months cliff period. 5 equal tranches unlocking at 2x, 4x, 8x, 16x, and 32x ICO price, post the cliff period. Price measured via 3-month TWAP. The team benefits when the protocol grows.
Past P2P protocol users get a preferential allocation at the same valuation as all the ICO investors based on their XP on https://p2p.foundation/
Value flows to holders because the protocol processes transactions, not because new tokens are printed. Exit liquidity comes from participants who want to stake, govern, and earn from a working protocol, not from greater-fool dynamics.
Past Investors
Team
Links
For additional terms and information please refer to the P2P Protocol Terms of Service and MetaDAO Terms of Service.
Backed by
Description
P2P Protocol is a live, revenue-generating, non-custodial fiat-to-stablecoin on/off-ramp. We are a leading decentralized on/off-ramp, processing the highest monthly volume in this segment. The protocol matches users to merchants on-chain based on staked USDC, Most trades settle in under 90 seconds, and generates revenue entirely from transaction fees. We are currently live on Base and launching soon on Solana.
Problem
Billions of people in emerging markets need to move between local fiat and stablecoins. Centralized ramps custody user funds and can freeze accounts, censor users, expose user data to governments, or shut down entirely. Existing P2P platforms lack on-chain accountability, violate user privacy, disputes are settled off-chain, and these platforms are infested with fraud and scams. On platforms like Binance P2P, nearly one in three participants report experiencing scams according to community surveys in emerging markets. The result is high fraud, poor reliability, and no path to composability.
Solution
P2P Protocol coordinates fiat-to-stablecoin trades without custodying fiat. A user clicks "Buy USDC" or "Sell USDC" and the protocol assigns a merchant on-chain based on their staked USDC. Merchants provide fiat liquidity on local payment rails (UPI, PIX, QRIS, etc.) while settlement, matching, dispute windows, and fee routing all execute on-chain with no backend server or PII retention.
Fraud prevention is handled by the Proof-of-Credibility system, which combines ZK-TLS social verification, on-chain Reputation Points, and Reputation-based tiering to gate transaction limits. New users verify social accounts and government IDs through ZK-KYC (zero-knowledge proofs via Reclaim Protocol), earn Reputation Points with each successful trade, and unlock higher tiers as their on-chain credibility grows. This naturally gates new accounts and reduces fraud surface to fewer than 1 in 1,000 transactions, all without exposing personal data.
Operations are decentralized through Circles of Trust: community-backed groups of merchants run by Circle Admins who stake $P2P. Delegators stake $P2P to earn revenue share, and insurance pools cover disputes and slashing. Every participant has skin in the game through staked capital. The protocol earns revenue from transaction fees alone, with no token emissions or inflationary incentives.
Traction
Market and Growth
The fiat-to-crypto on/off-ramp market in emerging economies is massive. Over 1.5 billion people have mobile phones but lack reliable access to stablecoins. A fast, low-cost, non-custodial path between fiat and stablecoins is essential infrastructure for this population, expanding across Asia, Africa, Latin America, and MENA.
Three channels drive growth: (1) direct user acquisition via the p2p.me and coins.me apps, (2) a B2B SDK launching June 2026 that lets any wallet, app, or fintech embed P2P Protocol's on/off-ramp rails, and (3) community-led expansion via Circles of Trust where local operators onboard P2P merchants in new countries and earn revenue share. Post TGE, geographic expansion is permissionless through Circles of Trust and token-holder-driven parameter governance.
On the supply side, anyone with a bank account and $250 in capital can become a liquidity provider (P2P Merchant) and earn passive income. The protocol creates liquidity providers the way ride-hailing platforms onboard drivers — anyone with capital and a bank account can participate.This bottom-up liquidity engine is deeply local, self-propagating, and hard to replicate.
Monthly Allowance Breakup: $175,000
Roadmap and Milestones
Q2 2026 (months 1-3):
Q3 2026 (months 4-6):
Q4 2026 (months 7-9):
Q1 2027 (months 10-12):
Financial Projections
The protocol is forecast to reach operating profitability by mid-2027. At 30% monthly volume growth in early expansion phases, projected monthly volume reaches ~$333M by July 2027 with ~$383K monthly operating profit. Revenue is driven entirely by transaction fees (~2%-6% variable spread) on a working product. Full P&L projections are available in the docs.
Token and Ownership
Infrastructure as critical as this should not remain under the control of a single operator. $P2P is an ownership token. Protocol IP, treasury funds, and mint authority are controlled by token holders through futarchy-based governance, not by any single team or entity. Decisions that affect token supply must pass through a decision-market governance mechanism, where participants stake real capital on whether a proposal increases or decreases token value. Proposals the market predicts will harm value are automatically rejected.
No insider tokens unlock at TGE. 50% of total supply will float at launch (10M sale + 2.9M liquidity).
Investor tokens (20% / 5.16M): Fully locked for 12 months. 5 equal unlocks of 20% each: first at month 12, then at months 15, 18, 21, and 24. Fully unlocked at month 24. Locked tokens cannot be staked.
Team tokens (30% / 7.74M): Performance-based only. 12 months cliff period. 5 equal tranches unlocking at 2x, 4x, 8x, 16x, and 32x ICO price, post the cliff period. Price measured via 3-month TWAP. The team benefits when the protocol grows.
Past P2P protocol users get a preferential allocation at the same valuation as all the ICO investors based on their XP on https://p2p.foundation/
Value flows to holders because the protocol processes transactions, not because new tokens are printed. Exit liquidity comes from participants who want to stake, govern, and earn from a working protocol, not from greater-fool dynamics.
Past Investors
Team
Links
For additional terms and information please refer to the P2P Protocol Terms of Service and MetaDAO Terms of Service.
