P2P Protocol

P2P

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P2P NAV Buyback Program

Start

Jul 13, 2026, 7:02:23 PM

End

Jul 16, 2026, 7:02:23 PM

TWAP

Jul 14, 2026, 7:02:23 PM

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Market Overview

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Net Trader Tilt

Market Overview

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Total Volume

Type: Operations Direct Action
Author(s): Community Members
SummaryIf passed, up to 1,000,000 USDC of treasury funds will be used to purchase P2P tokens at prices up to the current net asset value (NAV) per P2P, as calculated below, over a period of 7 days.
All acquired P2P will be transferred to the project treasury.
MotivationP2P is currently trading below net asset value. This creates a gap between the market price of P2P and the liquid USDC value backing each externally circulating token.
When an ownership token trades below NAV, the treasury can buy back tokens at accretive prices. This gives sellers a path to exit near treasury value while increasing the NAV per remaining externally held P2P token.
This buyback serves three purposes:
Reduce the incentive for NAV arbitrage or liquidation pressure.
Provide liquidity to holders who prefer to exit.
Concentrate ownership among holders who want P2P to continue building.
The proposal does not authorize purchases above NAV. Any unspent funds will remain under DAO control.
NAV CalculationFor NAV purposes, DAO-owned P2P is not treated as a treasury asset. Instead, DAO-owned P2P is removed from effective supply.
This avoids circularly valuing the DAO's own token as treasury value, especially where P2P is held inside a DAO-owned LP position.
P2P in the meteora pool won't be used in calculation as irrelevant for nav purposes of an asset trading under nav
NAV is calculated as:
NAV =
(USDC in treasury - July 2026 operating spend + USDC in DAO-owned LP)
/
(total P2P supply - DAO-owned P2P - P2P in DAO-owned LP)
Current DAO-owned LP balances:
P2P in LP:                 2,324,825.82 P2P
USDC in LP:                1,032,335.42 USDC
Using the above methodology:
DAO owned assets =
3,810,178.89036 (USDC owned by the DAO)
175,000.00 (July max allowance)
1032335.42 (USDC in DAO owned LP)
Effective supply =
12,000,000 (total p2p supply)
940795.468 (DAO-owned P2P outside LP)
2,324,825.82 (DAO-owned P2P in LP)
NAV = DAO owned assets / effective supply = 0.53438
The maximum buyback price shall be set to the resulting NAV per P2P at the time of proposal execution.
LogisticsUp to 1,000,000 USDC of treasury funds will be used to purchase P2PXup1ZvMpCDkJn3PQxtBYgxeCSfH39SFeurGSmeta (P2P) tokens with a maximum price of $0.53438 per token.
Orders will be placed via Jupiter recurring orders every five minutes over a period of 7 days, for a total of 2,016 orders.
SpecificationsParameterValue
Amount1,000,000 USDC
Order TypeRecurring
Order Quantity2,016
Order FrequencyEvery 5 minutes
Effective Time Horizon7 days
Maximum Order Price0.53438
Estimated P2P Purchased1,871,327.51 , assuming full use at max price
Acquired Token DispositionAll P2P tokens acquired through this program will be transferred to the project treasury: 9Rykf7i9fxUaXD8iD6GSGpRaoWQQP51Uiq1oxSE9oDzx.
Acquired tokens may be used for:
Future ecosystem incentive programs (subject to governance approval)
Strategic partnership allocations (subject to governance approval)
Token burns (subject to governance approval)
Acquired tokens shall not be:
Sold back into the market
Allocated to insiders or affiliates on preferential terms
Used as market making inventory
ProcessThis proposal includes instructions to execute a Jupiter recurring order as stated above.
NOTE:
Any funds remaining in the order (should it fail to complete its total number of orders in quantity) will remain in the DCA account until there is a subsequent proposal to redirect or cancel the order.
All P2P tokens acquired will be transferred to the project treasury.

Type: Operations Direct Action Author(s): Community Members

Summary

If passed, up to 1,000,000 USDC of treasury funds will be used to purchase P2P tokens at prices up to the current net asset value (NAV) per P2P, as calculated below, over a period of 7 days. All acquired P2P will be transferred to the project treasury.

Motivation

P2P is currently trading below net asset value. This creates a gap between the market price of P2P and the liquid USDC value backing each externally circulating token. When an ownership token trades below NAV, the treasury can buy back tokens at accretive prices. This gives sellers a path to exit near treasury value while increasing the NAV per remaining externally held P2P token.

This buyback serves three purposes:

Reduce the incentive for NAV arbitrage or liquidation pressure.
Provide liquidity to holders who prefer to exit.
Concentrate ownership among holders who want P2P to continue building. The proposal does not authorize purchases above NAV. Any unspent funds will remain under DAO control.

NAV Calculation

For NAV purposes, DAO-owned P2P is not treated as a treasury asset. Instead, DAO-owned P2P is removed from effective supply. This avoids circularly valuing the DAO's own token as treasury value, especially where P2P is held inside a DAO-owned LP position. P2P in the meteora pool won't be used in calculation as irrelevant for nav purposes of an asset trading under nav NAV is calculated as: NAV = (USDC in treasury - July 2026 operating spend + USDC in DAO-owned LP) / (total P2P supply - DAO-owned P2P - P2P in DAO-owned LP)

Current DAO-owned LP balances: P2P in LP: 2,324,825.82 P2P USDC in LP: 1,032,335.42 USDC

Using the above methodology: DAO owned assets = 3,810,178.89036 (USDC owned by the DAO)

175,000.00 (July max allowance)

1032335.42 (USDC in DAO owned LP) Effective supply = 12,000,000 (total p2p supply)

940795.468 (DAO-owned P2P outside LP)
2,324,825.82 (DAO-owned P2P in LP)

NAV = DAO owned assets / effective supply = 0.53438 The maximum buyback price shall be set to the resulting NAV per P2P at the time of proposal execution.

Logistics

Up to 1,000,000 USDC of treasury funds will be used to purchase P2PXup1ZvMpCDkJn3PQxtBYgxeCSfH39SFeurGSmeta (P2P) tokens with a maximum price of $0.53438 per token.

Orders will be placed via Jupiter recurring orders every five minutes over a period of 7 days, for a total of 2,016 orders.

Specifications

Parameter	Value
Amount	1,000,000 USDC
Order Type	Recurring
Order Quantity	2,016
Order Frequency	Every 5 minutes
Effective Time Horizon	7 days
Maximum Order Price	0.53438
Estimated P2P Purchased	1,871,327.51 , assuming full use at max price

Acquired Token Disposition

All P2P tokens acquired through this program will be transferred to the project treasury: 9Rykf7i9fxUaXD8iD6GSGpRaoWQQP51Uiq1oxSE9oDzx. Acquired tokens may be used for:

Future ecosystem incentive programs (subject to governance approval)
Strategic partnership allocations (subject to governance approval)
Token burns (subject to governance approval) Acquired tokens shall not be:
Sold back into the market
Allocated to insiders or affiliates on preferential terms
Used as market making inventory

Process

This proposal includes instructions to execute a Jupiter recurring order as stated above. NOTE: Any funds remaining in the order (should it fail to complete its total number of orders in quantity) will remain in the DCA account until there is a subsequent proposal to redirect or cancel the order. All P2P tokens acquired will be transferred to the project treasury.