Token Utility
Ownership. $P2P is an ownership token. Treasury funds and mint authority are controlled by token holders through MetaDAO futarchy on Solana, and protocol IP, parameters, and upgrades are controlled by token holders through the on-chain Governor on Base, not by any single team, foundation, or entity. This means the token carries enforceable governance rights, including the mechanism to redirect control described in "Why the Token Exists." Decisions that affect token supply (minting) must pass through the MetaDAO futarchy decision-market, where participants stake capital on whether a proposal increases or decreases value and the market's prediction decides the outcome.
Governance. Token holders vote on protocol parameters such as fees, limits, merchant rules, and oracle configs through the on-chain Governor, where one staked $P2P = one vote, with delegation. Treasury allocation is governed separately through MetaDAO futarchy on Solana.
Staking. Circle Admins stake $P2P to operate merchant networks. Community members delegate USDC into a Circle's pool to share in merchant rewards. Merchants stake USDC as working capital. The staking design aligns incentives by requiring economic commitment at every layer.
Fee distribution. Protocol revenue is routed across participants.
| Recipient | Share of Revenue |
|---|---|
| Merchants + Delegators | 53.33% |
| Treasury | 20%, roadmap toward 33% buy-and-burn share (governed via MetaDAO futarchy) |
| Insurance Pools | 17.78% |
| Circle Admins | 8.89% |
No single party captures a majority of protocol revenue. Merchants earn the most because they provide working capital and operational labor. Treasury contributions tie protocol usage to the network treasury. Governance can direct these funds toward buy-and-burn or other uses through a MetaDAO futarchy decision-market. Insurance pools exist so disputes don't become externalised costs.