> ## Documentation Index
> Fetch the complete documentation index at: https://mintlify.com/p2pdotme/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Token Utility

> How $P2P tokens function within the protocol

## Ownership

\$P2P is an ownership token. Protocol IP, treasury funds, and mint authority are all controlled by token holders through futarchy-based governance—not by any single team, foundation, or entity. This means the token carries real, enforceable ownership: if resources were ever misappropriated, governance provides the mechanism to redirect control.

Decisions that affect token supply (minting) must pass through a prediction-market governance mechanism, where participants stake real capital on whether a proposal increases or decreases token value. Proposals that the market predicts will harm value are automatically rejected.

## Governance

Token holders vote on protocol parameters such as:

* Fees
* Limits
* Merchant rules
* Oracle configs
* Treasury allocation

One staked \$P2P = one vote, with delegation.

## Staking

**Circle Admins** stake $P2P to operate merchant networks. Community members delegate $P2P to Circles to participate in revenue sharing. Merchants stake USDC as working capital. The staking design creates skin-in-the-game at every layer.

## Fee Distribution

Protocol revenue is routed across participants:

| Recipient              | Share of Revenue                                             |
| ---------------------- | ------------------------------------------------------------ |
| Merchants + Delegators | 53.33%                                                       |
| Treasury               | 20%, planned increase to 35% (governed via MetaDAO futarchy) |
| Insurance Pools        | 17.78%                                                       |
| Circle Admins          | 8.89%                                                        |

<Info>
  No single party captures a majority of protocol revenue. Merchants earn the most because they provide working capital and operational labor.
</Info>

Treasury contributions connect token value to protocol usage—governance can direct these funds toward buy-and-burn or other value-accruing measures via MetaDAO futarchy. Insurance pools exist so disputes don't become externalized costs.