After thoroughly reviewing the upcoming P2P ICO on MetaDAO, I’m convinced this is one of the most compelling public sale opportunities we’ve seen in quite some time, and hence we’ll be participating with size. @P2Pdotme simply checks too many boxes in our investment thesis to ignore: 1) Stablecoins are without a doubt crypto’s breakout use case with the strongest product-market fit. For us, the bull case for stablecoins has always been emerging markets, banking the unbanked and giving people in unstable or hyperinflationary countries more financial (and therefore personal) freedom through access to the USD. I think most people (especially in the West) simply can’t grasp how broken the onramp infrastructure in regions like India, LATAM, or Africa really is, while at the same time underestimating how much larger the demand (and therefore the addressable market) actually is. 2) I think it’s no secret that we at Moonrock are big supporters of DePIN as a vertical. While P2P is obviously not a DePIN, it comes with the exact characteristic that has always made us extremely bullish on DePIN: global capital coordination. Just like building entirely new physical infrastructure networks, the same simple concept applies here: “Give people tokens and they will do things.” The token incentive mechanism to horizontally expand and onboard new operators who will scale adoption across all regions doesn’t just seem highly effective, but also creates a strong moat through its physical component and trust advantage, both of which will only compound as the protocol grows. 3) This brings me to my next point, again comparing it to DePIN. Many DePINs ultimately failed because they treated their tokens like free candy printed out of hot air. And their price performance reflected that, creating a negative feedback loop for those being incentivized. This is where it gets interesting that P2P is going the @MetaDAOProject route, essentially committing to the idea that tokens = equity. Operators who believe in the business early won’t just earn unsustainable loyalty points, but actual sweat equity, becoming part of the business and gaining a claim on its future success and revenue. This should be a much more sustainable approach to achieving compounding growth, rather than a downward spiral to zero. It also enables true decentralization. While this might sound idealistic to some, it matters a lot in emerging markets, where people are actively looking for solutions but are often exploited by fraudulent or scammy intermediaries. 4) If they had pitched this to me two years ago, I would have found it interesting but had serious doubts about their ability to execute, as it’s clearly a very ambitious undertaking. However, they’ve already proven that they can execute, and that the model works. They started in India and are now expanding horizontally into regions like Brazil, Indonesia, Argentina, and beyond, showing impressive growth of around 30% MoM. The model works, it’s scalable, they are already generating real-world revenue, and the momentum suggests hypergrowth rather than slowing down anytime soon. ...