# OmniRamp: Decentralized P2P Fiat-to-Crypto Infrastructure for Nigeria's Regulatory Emergency

### Project Overview
Non-custodial cross-chain fiat-to-crypto transitions powered by Polkadot, addressing [regulatory crack downs](https://azasend.com/news/binance-p2p-ban-in-nigeria-reasons-timeline-and-a-safer-alternative-for-crypto-traders/#:~:text=In%20early%202024%2C%20Nigeria%20made,concerns%20among%20millions%20of%20users.) on Nigeria's rapidly growing [on-chain economy](https://x.com/nairametrics/status/1982506243341050201?s=46).

OmniRamp addresses a $50B Nigerian crypto transaction market displaced by regulatory bans, with a clear path to generating over $4M in annual revenue by capturing just 5% of displaced users.

Redefining fiat-to-crypto transition through a secure, decentralized peer-to-peer (P2P) onramp/offramp trading protocol. Combining on-chain governance, cross-chain interoperability and privacy-first infrastructure to create a non-custodial marketplace that eliminates reliance on centralized exchanges (CEXs), empowering users to trade fiat and crypto assets directly.

#### ⚠️ NIGERIA'S CRYPTO EMERGENCY

Volume vacuums are created due to the centralized exchanges restrictions.

* Nigerian crypto users are displaced when these restriction happens
* Naira volatility hedge demand spikes annually
* **Regulatory precedent**: Nigeria's actions have made regulation a top priority for policymakers across Africa

Leveraging Polkadot, OmniRamp addresses this immediate crisis while building sustainable infrastructure for further on-chain adoption, bridging traditional finance and decentralized ecosystems while prioritizing security, accessibility, and user sovereignty.

### Core Value Proposition
#### Decentralized P2P Marketplace

* **Non-Custodial Trading**: Assets secured via multi-signature escrow contract, removing third-party custody risks
* **Initial Naira Focus**: NGN/USDT and NGN/DOT pairs first, expanding to other currencies
* **Proof-of-Personhood KYC**: Addressing regulatory concerns while maintaining privacy

#### Cross-Chain Liquidity Engine
* **Polkadot Native**: Leverages XCM for seamless asset transfers across parachains
* **AssetHub Deployment**: Building as dApp on Polkadot Hub
* **Future multi-chain Integration**: Utilizing Hyperbridge on Polkadot Hub for trustless finanacial ramp product across EVM based chain

#### Regulatory-Resistant Architecture
* **Non-custodial design**: No centralized entity to sanction
* **Arbitration System**: Randomly selected arbitrators with fee incentives

## Commercial Opportunity & Financial Projections

### Market Size & Revenue Potential
OmniRamp targets immediate revenue generation by capturing displaced trading volume from Nigeria's $50B crypto transaction market ([SEC DG Report](https://x.com/nairametrics/status/1982506243341050201?s=46)). Nigeria ranks **#1 globally in P2P trade volume** ([Chainalysis 2023](https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/)), demonstrating resilient demand for non-custodial trading solutions.

#### 📊 Financial Projection (Year 1 - Conservative Scenario)

| Metric | Assumption & Calculation | Projected Value |
| :--- | :--- | :--- |
| **Target User Base** | 5% of 10M displaced Binance/Paxful users | **500,000 users** |
| **Annual Trading Volume** | $1,000 average volume per user | **$500 Million** |
| **Platform Trading Fees** | 0.75% fee on successful trades | **$3.75 Million** |
| **Arbitration Revenue** | Estimated at 5-10% of disputed amount | **$375,000** |
| **🚀 Total Projected Revenue** | Trading + Arbitration Fees | **~$4.1 Million** |

#### 📈 Growth Roadmap

| Metric | Year 1 (Launch) | Year 2 (Scale) | Year 3 (Expand) |
| :--- | :--- | :--- | :--- |
| **Target Users** | 500,000 (5%) | 2 Million (20%) | 5 Million (50%) |
| **Avg. Trade Volume/User** | $1,000 | $1,200 | $1,500 |
| **Annual Platform Volume** | $500M | $2.4B | $7.5B |
| **Projected Revenue** | **~$4.1M** | **~$18M** | **~$56M** |

**Growth Levers:**
1. **User Acquisition**: Increase capture rate of displaced 10-15M users
2. **Volume Expansion**: Higher average trading through Naira volatility hedging
3. **Market Expansion**: Additional currency pairs and African market expansion

### Team Motivation
#### The Nigerian Crisis as Catalyst
Our team in Lagos witnessed firsthand on Febuary 2024 Binance P2P ban impact: overnight, millions lost their primary hedge against Naira volatility. This isn't theoretical—it's our reality. We are building OmniRamp as a trustless finanacial ramp product for Nigeria's rapidly growing on-chain economy.

#### CEX Vulnerabilities Demonstrated
Recent exchange hacks and regulatory actions validate our approach:

* Binance Nigeria Ban (Feb 2024): Creating a market vacuum
* ByBit Hack (Feb 2025): Billions of dollars lost due to centralized custody

These incidents underscore the urgent need for permissionless systems to become the default onramp/offramp upholding the true ethos of decentralization. Centralized platforms, while first to market, remain vulnerable to security breaches, regulatory risks, and operational failures.

#### Decentralized Systems Advocacy
Our team brings years of combined experience in:

* **Substrate Development**: Core contributors to Polkadot Parachains since 2021, current Polkadot fellowship members.
* **Interoperability**: Background in building cross-chain protocols (Hyperbridge)
* **Governance**: Architected DAOs (Secretary Program for Polkadot fellowship)
* **Nigerian Market Expertise**: Lagos-based team with firsthand regulatory experience

### Project Details
#### Protocol Overview
OmniRamp enables seamless, decentralized fiat-crypto transitions through a refined four-step process.

#### 1. Offer Creation
* **Token Selection**: Naira to Stablecoin pairs are prioritized, addressing Naira volatility hedge need
* **Pricing**: Market-based rates defined by sellers.
* **KYC Integration**: Proof-of-Personhood verification

#### 2. User Engagement
* **Order Matching**: Filter by action, pairs, price, and participant reputation
* **Escrow Initialization**: Multi-sig escrow via Polkadot Hub
* **Frontend Priority**: User experience prioritized over blockchain complexity

#### 3. Settlement
* **Off-Chain Payment**: Nigerian bank transfers
* **Proof Submission**: Payment receipts via IPFS
* **Auto-Release**: Configurable timeouts

#### 4. Asset Release or Dispute
* **Auto-Release**: Confirmed payments trigger automatic crypto release
* **Dispute Trigger**: Unresolved payments escalate to arbitration
* **Arbitration System**: Randomly selected arbitrators, loser-pays-fee model

### Escrow Model: Secure, Time-Bound Custody
OmniRamp's escrow system ensures fairness and eliminates counterparty risk:

#### Multi-Signature System User Scenario (Oversimplification)

#### 1. Chinedu wants to sell 1000 USDT for ~₦1.5M (Best Case)

**Step 1**: Chinedu Lists

Creates an offer for 1000 USDT @ ₦1,460/USDT with a 0.75% fee

1000 USDT gets locked via escrow

Offer goes live!

**Step 2**: Amina Buys

Amina buys the offer

Sends ₦1,460,000 to Chinedu's declared NGN bank account

Completes payment and sends proof

Notification goes out to Chinedu

**Step 3**: Chinedu Confirms

Chinedu confirms the payment and sends proof

1000 USDT is sent to Amina

#### 2. Amina accepts offer but ghosts

Timeline:

Escrow created, Chinedu's USDT locked

1hr: Amina accepts but doesn't mark as paid

24hrs: Single-key release (timeout condition)

Chinedu's USDT is returned

Penalties:

Amina: Deduct reputation points, reduced trading limit

Chinedu: No penalty, can immediately relist

#### 3. Amina pays ~₦1.5M, Chinedu ghosts (Most Common)

Timeline:

Amina pays ₦1.46M, submits proof

24hrs: Chinedu is unresponsive, 1000 USDT held in escrow.

25hrs: Amina initiates arbitration (Abiration fee)

48hrs: No counter evidence/response from Chinedu -> System timeout

Arbitration concludes in Amina's favor, signs for 1000 USDT in escrow.

Penalties:

Chinedu: Deduct reputation points, reduced trading limit.

Amina: No penalty

#### 4. Disputed Payment

Chinedu claims: "I never got the ₦1,460,000, here's the proof"
Amina claims: "I sent it, here's the proof"

**Step 1**: Both Enter Arbitration

Amina/Chinedu starts dispute, each paying a 1% fee of the disputed amount. Bringing the arbitration pot to ~₦29,200 in USDT.

**Step 2**: Evidence Review

A random set is chosen for arbitration, viewing evidences from both parties and concluding on a wining party or demanding more evidence from both parties.

**Step 3**: Resolution & Outcomes

If Payment Verified (Amina's Position Upheld)

Unlocks and recieves the 1000 USDT in escrow + Arbitration fee refund.

Chinedu pays: Abitration fee + Reputation cost

If Payment Not Verified (Chinedu's Position Upheld):

Gets 1000 USDT back + Arbitration fee refund

Amina pays the arbitration cost + Reputation cost

If Inconclusive

More time is alocated for abitration until a conclusive outcome.

Economic incentives ensure arbitrator participation regardless of dispute frequency.

#### [Market Opportunity Analysis](https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/)

NIGERIAN MARKET SIZE:
├── Chainalysis data positions Nigeria as a global leader
in crypto activity, ranking second worldwide for grassroots
adoption and first for peer-to-peer (P2P) trading volume.
├── Naira Hedge Premium

YEAR 1 TARGETS (OMNIRAMP):
├── Market Capture: 5-10% of displaced volume
├── User Acquisition: 100k+ Nigerian traders
└── Revenue: Bases on trading fees and abitrations fees

#### Revenue Model
**Primary**: Transaction Fees
* 0.75% per successful trade
* 0.5% as a volume discounts

**Secondary**: Arbitration Fees
* 2-5% of disputed amount

#### Technical Implementation
##### Architecture Decision: Polkadot Hub dApp
* ink! dApp on Polkadot Hub
* Benefits: Faster deployment (2-3 months), lower costs, XCM/ISMP compatibility
* Timeline: MVP within 60 days of funding

#### Development Stack

BLOCKCHAIN LAYER:
├── Polkadot Hub (primary deployment)
├── XCM for cross-chain asset transfers
└── Multi-sig escrow contract

FRONTEND PRIORITY:
├── React/Next.js for Nigerian user experience
├── Browser based dApp

COMMUNICATION:
├── LibP2P for decentralized messaging
├── End-to-end encryption
└── IPFS for evidence storage

#### Ecosystem Fit & Competitive Advantage

**No decentralized fiat access solution for Nigerian market to onboard directly into the Polkadot ecosystem**. OmniRamp becomes the non-custodial for 15M displaced users.

#### Competitive Landscape (Nigeria Focus)

| Competitor | Status in Nigeria | Key Limitation | OmniRamp Advantage |
| ------------- | ------------------ | -------------------------------------------------- | ---------------------------------- |
| Binance P2P | BANNED (Feb 2024) | Centralized , regulatory target | Decentralized, regulator-resistant |
| Paxful | CLOSED (Nov 2025) | Under scrutiny, Custodial model, compliance issues | Non-custodial, Proof-of-Personhood |
| ByBit P2P | High risk after hack | Security vulnerabilities | No custody, insured escrow |
| LocalBitcoins | CLOSED (July 2025) | Operational Challenges, high fees | Nigerian-optimized, lower fees |

#### Target Audience (Prioritized)
* **Displaced Binance Users**: 10-15M Nigerians needing immediate alternative
* **Naira Hedgers**: Users converting NGN to stablecoins (primary use case)
* **Parachain Teams**: Projects needing Nigerian user onboarding
* **African Exchanges**: Platforms facing similar regulatory pressure

#### Team 👥
Core Team (Lagos-Based)
**Jesse Chejieh**
* Polkadot Fellowship Member
* 3+ years Software Engineering

**Damilare Akinlose**
* Polkadot Fellowship Member
* 3+ years cross-chain protocol development

#### Advisory & Support
* Jonathan Boyd (Velocity Labs): Ongoing guidance on GTM strategy