Peer

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Peer is the Base deployment of ZKP2P: makers escrow USDC, define payment platforms, currencies, intent sizes and minimum conversion rates, and earn a spread when takers prove fiat payment. This is payment-market working capital, not lending, an AMM LP or off-chain borrower credit. DefiLlama measured $55,114 on 2026-08-16, only 0.06% of the $100M floor. The version-1 below-materiality dossier rejects before escrow, proof, fiat reversal, guardian and withdrawal controls could support advised use.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism and class applicability

A maker creates a Base escrow deposit, selects accepted payment processors and currencies, sets conversion rates and intent limits, and may delegate management without delegating withdrawal. A taker locks an intent, pays the maker through the external rail and submits proof before escrowed crypto is released. The spread is compensation for fiat settlement and inventory availability, not interest on a borrower loan or passive AMM reserve rebalancing.

Control and loss applicability

The protocol depends on escrow contracts, payment-verification attestations, provider templates, intent guardians, expiry rules and external payment rails. Zero-knowledge or TEE evidence can reduce disclosure but does not make fiat payments irreversible or eliminate proof-template, guardian, contract and operational risk. A delegated operator can manage deposit terms but the official contract guide says it cannot withdraw maker funds.

Current accounting and exit

DefiLlama reported $55,114 on Base on 2026-08-16. A maker can withdraw available funds, but liquidity locked in active non-expired intents cannot close until the intent expires or is fulfilled; the maker may need to call withdrawal again. Aggregate escrow TVL is therefore not instantly free liquidity and does not prove that a proposed advised allocation can exit without disrupting quotes.

Comparison and measurable reopening test

Unlike MoonPay or another centralized ramp, Peer keeps crypto in onchain escrow and verifies an external fiat leg; unlike a stablecoin lending market, return depends on pricing and fulfilling payment intents. Reopen after escrow TVL exceeds $100M for 30 days, then verify exact contracts, upgrades, guardians, attestation and payment providers, fraud/reversal losses and a proposed-size withdrawal with active-intent stress.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Peer Docs — current product and protocol index · primary · accessed 2026-08-16
  Supports: Peer identity, ZKP2P protocol, maker and taker roles, current lifecycle
• ZKP2P Contracts — creating maker deposits · primary · accessed 2026-08-16
  Supports: escrow deposit, rates and limits, delegation, active intents, withdrawal
• Peer — open-source client SDK · primary · accessed 2026-08-16
  Supports: SDK, deposit controls, attestation integration, current implementation
• Peer — protocol contracts repository · primary · accessed 2026-08-16
  Supports: Base escrow contracts, intent lifecycle, withdrawal authority, protocol code
• Peer Support — deposit and withdrawal lifecycle · primary · accessed 2026-08-16
  Supports: maker liquidity, pending orders, withdrawal operations, user support lifecycle
• DefiLlama — Peer survey record · secondary · accessed 2026-08-16
  Supports: $55,114 TVL, Base perimeter, Payments category, current lifecycle

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.