Skip to main content
P2P on/off ramping is essential financial infrastructure in emerging markets. Without a token, control over this infrastructure stays with a single operator who can change fees, censor users, or shut it down. The token transfers that control to the community.The token enables decentralized governance, trust staking, revenue-linked ownership, and censorship resistance. See Why the Token Exists for the full thesis.
Yes. This is protocol ownership, distinct from equity in a traditional company.$P2P holders control:
  • Protocol intellectual property
  • Treasury funds and deployment
  • Mint authority for new tokens
  • All governable protocol parameters
If protocol resources or IP were ever misappropriated, token governance gives holders the mechanism to redirect control. This is real, enforceable ownership applied to revenue-generating infrastructure.See Why the Token Exists for the full ownership thesis.
Users commit USDC during a 4-day window. If oversubscribed, allocations are pro-rata. Existing protocol users with XP get priority. No private rounds happen at TGE. The sale is the primary distribution event.Process:
  1. Users commit USDC during 4-day window
  2. Founders set discretionary cap on total raise
  3. If oversubscribed, pro-rata allocations and refunds
  4. 10M tokens distributed at launch
  5. Treasury provides 20% of USDC + 2.9M tokens to DEX pools
  6. Mint authority transfers to governance
See MetaDAO Sale for details.
12.9M tokens total (50% of supply):
  • 10M sale tokens distributed to participants
  • 2.9M liquidity tokens in DEX pools
Zero investor or team tokens unlock at launch.
  • Team tokens: Performance-based vesting at 2x, 4x, 8x, 16x, 32x ICO price
  • Investor tokens: 1-year cliff, then quarterly unlocks
See Token Allocation and Vesting Schedules.
20% of protocol revenue flows to the on-chain treasury, planned to increase to 35% as the protocol matures—subject to MetaDAO futarchy governance. Token holders decide how to deploy these funds.Buy-and-burn is one approved mechanism:
  • Tokens purchased on the open market via DEX
  • Purchased tokens sent to zero address
  • Permanent removal from supply
The treasury is funded entirely by real transaction revenue from a working product. More protocol usage means a larger treasury and stronger governance-directed value accrual.First treasury allocation expected Q2 2026 (~3 months post-TGE).See Treasury and Token Value for details.
Yes, fixed at launch (25.8M). Future issuance requires governance approval via futarchy.Futarchy governance:
  • Market participants stake capital on whether proposals increase/decrease token value
  • Proposals predicted to harm value are automatically rejected
  • Only proposals the market believes will increase value can pass
The protocol runs on transaction revenue, not token emissions. There is no inflationary reward structure.See Token Details for supply information.
Futarchy is a market-driven governance mechanism where decisions are made based on prediction markets rather than simple voting.How it works:
  1. Proposal submitted (e.g., increase treasury allocation to 35%)
  2. Prediction market created: “Will this proposal increase token value?”
  3. Participants stake real capital on YES or NO
  4. Market determines expected value impact
  5. Proposal passes only if market predicts positive value impact
This ensures proposals that harm token value are rejected, even if they might be politically popular.
Governance activates in three phases:Phase 1 (Months 0-6): Foundation multisig controls upgradesPhase 2 (Months 6-18): Token-holder voting for non-critical parametersPhase 3 (Month 18+): Full DAO control, foundation veto sunsetsSee Progressive Decentralization for details.
Three ways to participate:1. Circle Admin: Stake $P2P to operate merchant networks
  • Earn 8.89% of protocol revenue
  • Stake is slashable for misbehavior
  • Requires operational capacity
2. Delegator: Delegate $P2P to Circles
  • Earn share of 53.33% revenue (with merchants)
  • Get governance voting rights (for $P2P Circles)
  • No operational requirements
3. Merchant: Stake USDC as working capital
  • Earn from order fulfillment
  • Capacity bounded by stake size
  • Requires fiat payment method capabilities
See Staking Mechanics for details.
Base chain at launch. Low fees and fast finality make frequent small transactions practical.Solana deployment planned within six months.Chain choice does not lock the token design. The protocol can expand to multiple chains while maintaining unified governance and economics.See Why Base Chain for rationale.
On-chain protocol metrics available at: https://dune.com/p2pme/latestKey metrics tracked:
  • Monthly transaction volume
  • Growth rates
  • Active users
  • Revenue generation
  • Geographic distribution
Inline notes throughout the docs mark features planned for future releases.Currently live:
  • Onramp/offramp rails
  • Matching engine
  • Dispute resolution
  • On-chain parameter controls
  • Transaction processing
Planned features:
  • Full insurance-pool stack with programmable slash/reward logic
  • B2B SDK (June 2026)
  • Solana deployment (within 6 months)
  • Full governance activation (18+ months)
For contract-level detail on what is deployed, see For Builders.

Build docs developers (and LLMs) love

Get started for freeTalk to us