Peer

Peer is the Base deployment of ZKP2P. Makers escrow USDC, choose payment platforms, currencies, intent sizes and minimum conversion rates, and earn a spread when takers prove fiat payment. This is working capital for a payment market, not lending, an AMM LP or credit to an off-chain borrower. DefiLlama measured $55,114 on 2026-08-16, only 0.06% of the size floor. We reject version 1 because it is below that floor and do not open the individual review of escrow, proof, fiat reversal, guardian and withdrawal controls until it clears it.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and class applicability

A maker creates an escrow deposit on Base, chooses accepted payment processors and currencies, sets conversion rates and intent limits, and may let someone manage the deposit without giving that person withdrawal rights. A taker locks an intent, pays the maker through the outside payment rail and submits proof before the escrow releases the crypto. The spread pays for fiat settlement and available inventory, not interest on a borrower loan or passive rebalancing of an AMM reserve.

Control and loss applicability

The protocol depends on escrow contracts, payment-verification records, provider templates, intent guardians, expiry rules and outside payment rails. Zero-knowledge or TEE evidence can disclose less information, but it cannot make fiat payments irreversible or remove risks from proof templates, guardians, contracts and operations. A delegated operator can manage deposit terms, but the official contract guide says the operator cannot withdraw the maker’s funds.

Current accounting and exit

DefiLlama reported $55,114 on Base on 2026-08-16. A maker can withdraw available funds, but money locked in active, unexpired intents remains locked until each intent expires or is fulfilled. The maker may need to request a withdrawal again. Total escrow TVL is therefore not all available at once and does not show 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 outside fiat payment. Unlike a stablecoin lending market, its return depends on pricing and filling payment intents. We do not open the individual review until escrow TVL exceeds the size floor for 30 days. We would then verify the exact contracts, upgrades, guardians, attestation and payment providers, fraud and reversal losses, and a proposed-size withdrawal under active-intent stress.

Research status

This is a capacity-unproven record for Peer, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.