Peer Review 2026: Non-Custodial P2P Crypto Ramp on Base

Peer, also listed on DefiLlama as ZKP2P, is a peer-to-peer crypto on and off ramp. Users buy or sell crypto, mainly USDC, with other people and pay through apps like Venmo, PayPal, Revolut, Cash App and Zelle. It is built by P2P Labs Inc and runs on Base according to DefiLlama.

The pitch is that payments are verified rather than identities. Peer says users connect a wallet or sign in with email or socials, and no additional ID checks are required. A buyer-generated cryptographic proof confirms the fiat payment, and a smart contract holds the crypto until then.

The homepage lists eleven payment apps and a wide range of tokens, and notes Alipay is live in Beta for CNY. DefiLlama files it under Payments, lists no token and no audits, and shows TVL of about $95.5K, down 9.8% over seven days. It has been listed since July 2025.

Peer is a peer-to-peer marketplace. A seller deposits USDC into an onchain smart contract on Base and sets the payment apps, currencies and rate they accept. A buyer picks an offer and pays the seller directly through an app such as Venmo or Revolut.

Starting an order locks the seller's USDC so it cannot move while the buyer pays. The buyer then generates a cryptographic proof that the payment happened. This is a zero-knowledge proof approach, which lets the contract check the payment while revealing only the amount, recipient and timestamp.

Once the proof is verified, the contract releases the USDC to the buyer's wallet. Peer says it never holds or transmits user funds. Sellers keep the fiat plus the spread they set. A manual release path exists in some cases, where the seller must confirm the payment is final.

Peer says it applies up to a 0.95% taker service fee on orders, paid by the buyer. If you bridge to another chain, up to a 0.5% bridge fee also applies. Sellers set their own rate, and the spread they set is theirs.

DefiLlama describes liquidity providers as pricing above market rate with zero platform fees. The two descriptions differ, so check the fee shown on the order screen before confirming. Network gas costs are not detailed publicly.

Peer is non-custodial by design: the seller's USDC sits in a smart contract until a payment proof is verified, and fiat moves directly between users. That removes a central custodian, but it shifts risk to the smart contracts, the proof system and user behaviour. DefiLlama lists zero audits for the protocol, and the project does not mention a security review, so users should look for audit reports in the docs and GitHub before using large amounts.

Fiat payments can be reversed or disputed on some payment apps, and Peer notes that manual releases need the seller to confirm the exact payment is final. Sellers should follow that guidance closely. The project does not describe a regulatory licence; the company behind the site is P2P Labs Inc, and the terms of service and privacy policy are linked on the homepage. Rules on peer-to-peer fiat trading and on third-party payment apps vary by country, so check what applies to you. The app is labelled Beta, and public sources mention no incidents.

Peer is for people who already use payment apps and want to buy or sell USDC and other crypto peer-to-peer, as well as liquidity providers who want to earn a spread by selling USDC. It is less suited to users who need deep liquidity for large orders, or anyone who needs documented third-party audits before trusting a protocol.