ZKP2P
A trustless P2P USD <-> USDC fiat onramp powered by ZK proofs and Venmo
Created on 2nd April 2023
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ZKP2P
A trustless P2P USD <-> USDC fiat onramp powered by ZK proofs and Venmo
The problem ZKP2P solves
New users face huge barriers to onboard funds onto web3
Users must register for a centralized exchange (e.g. Coinbase) or use centralized fiat onramps which charge high fees (e.g. 5%)
Crypto natives are unable to offboard funds into the real world
Only institutional accounts had direct access to convert USDC to USD. Existing P2P solutions either require meeting in person (e.g., LocalBitcoins) or rely on a centralized intermediary (e.g., OTC desks)
ZKP2P
ZKP2P enables an on-chain user to trade USDC for USD with a Venmo user using ZK proofs of email DKIM signatures. This is an use case built on top of ZK Email
Challenges we ran into
Setting up the development environment
- We had 8M+ constraints for our hack, so we needed to set up an EC2 instance to compile and generate proving keys. We followed the best practices for large circuits and used the the AWS z1d line of machines
- Proving key generation took 15-30 min depending on how many CPUs we were using. Compilation took around 9 min
Regexing the Venmo confirmation email
- Regex was a pain to work with especially in Circom. Luckily the ZK-email regex scripts helped a lot with converting regex into Circom templates
- Connecting the regex inputs to the UI
Covering edge cases to ensure the trade is trustless. We designed the flow below
- User cannot grief market maker by posting an order with no intention of completing the off-chain Venmo charge
- Market maker cannot grief users by never intending to fill order
- No race conditions if 2 users want to fill the same order
- We came up with the onramp user initiated order flow to mitigate these edge cases
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