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glossary
Intent
A signed message from a taker indicating they want to buy USDC from a specific deposit. Once signaled on-chain, the taker has a time window to complete the fiat payment.
When you click "Buy USDC", you create an intent that reserves the USDC from the maker's deposit.
Deposit
USDC locked in the protocol by a maker, available for takers to purchase with fiat. Makers set the rate, accepted currencies, and payment platforms.
A maker creates a $1,000 deposit accepting EUR via Revolut at 1.02 rate.
Signal
The on-chain transaction that creates an intent, reserving USDC from a deposit for a taker to complete their purchase.
After selecting a quote, you signal your intent to lock in the rate.
Verifier / Platform
The payment platform (Revolut, Venmo, Cash App, etc.) used for fiat transfers. Each platform has its own zero-knowledge proof circuit.
If you're buying via Revolut, the Revolut verifier validates your payment proof.
Maker
A liquidity provider who deposits USDC into the protocol and receives fiat payments from takers. Makers earn the spread between their rate and the market rate.
Makers are the sell-side of the market, providing USDC liquidity.
Taker
A user who buys USDC by sending fiat payment to a maker. Takers pay a slight premium (the spread) for the convenience of P2P trading.
Takers are the buy-side, exchanging fiat for USDC.
APR (Annual Percentage Rate)
The projected yearly return for a maker based on their turnover rate, extrapolated from the selected time period. Higher turnover = higher APR.
A maker with 200% APR would earn $2,000 on a $1,000 deposit over a year.
Spread
The difference between a maker's rate and the mid-market exchange rate. This is the maker's profit margin on each trade.
If mid-rate is 1.00 and maker rate is 1.02, the spread is 2%.
Turnover
The ratio of fill volume to deposit size, indicating how efficiently capital is being utilized. Higher turnover means the deposit is being used more actively.
A $1,000 deposit with $5,000 in fills has 5x turnover.
Cohort
A group of deposits with similar characteristics (currency, platform, size range) used for benchmark comparisons.
Your EUR/Revolut deposit is compared against other EUR/Revolut deposits in its cohort.
Fulfill
When a maker releases USDC to a taker after verifying they received the fiat payment. This completes the trade.
After the taker submits payment proof, the maker fulfills the intent.
Prune
When an intent expires without being fulfilled, the reserved USDC returns to the maker's available balance.
If a taker doesn't complete payment in time, the intent is pruned.
PeerAuth
A browser extension that generates zero-knowledge proofs of your fiat payment without exposing your banking credentials or transaction details.
PeerAuth proves you sent $100 via Revolut without revealing your bank balance.
Zero-Knowledge Proof (ZK Proof)
A cryptographic method that proves a statement is true without revealing the underlying data. ZKP2P uses ZK proofs to verify fiat payments.
You can prove you made a payment without showing your bank statement.
Utilization
The percentage of a deposit's total capacity currently locked in pending intents. High utilization means most funds are being actively used.
A deposit with $800 in pending intents out of $1,000 has 80% utilization.
Staleness
How long since a deposit last had activity (fills or new intents). High staleness may indicate uncompetitive rates or low demand.
A deposit with no activity for 7 days is considered stale.
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