ProveX has entered beta testing, learn how ProveX works, how liquidity and pricing are set, and what makes it different from traditional on-ramps.

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On February 9, Richard Heart announced on X that ProveX has officially entered beta testing, with users now actively experimenting on https://app.provex.com.

As with all early-stage blockchain software, ProveX is still evolving. The goal of this article is to explain what ProveX is, how it functions, and why pricing and liquidity may look different from traditional exchanges.

This article is for informational purposes only. It is not financial, legal, or professional advice of any kind. Always ensure your actions are legal, ethical, and compliant within your jurisdiction.

What Is ProveX?

ProveX is a peer-to-peer fiat-to-crypto exchange protocol that allows users to swap fiat currency for crypto — or vice versa — without relying on a centralized exchange or trusted intermediary.

Instead of custodying funds or processing payments itself, ProveX connects two individuals:

  • One person who wants to exchange fiat for crypto
  • Another person who wants to exchange crypto for fiat

The entire process is enforced by smart contracts and zero-knowledge proofs, meaning neither party needs to trust the other.

ProveX is a fork of ZKP2P, and introduces its own ecosystem token, PROVEX.

The ProveX Sacrifice

The ProveX sacrifice phase has now concluded, with the following figures:

  • $404 million USD sacrificed
  • 1.237 trillion sacrifice points (which may correspond to the total token supply)
  • Approximately 15,600 participants

The PROVEX token is expected to be distributed to the completed sacrifice set.

The Core Idea: Trustless Fiat On- and Off-Ramps

Most crypto on-ramps depend on custodians, banks, or centralized exchanges. ProveX takes a different approach.

It turns everyday payment apps — such as Venmo, Zelle, Cash App, Wise, or Revolut — into trustless crypto gateways, using cryptography rather than intermediaries.

The key innovation is that payments are proven, not revealed.

  • No screenshots.
  • No emails.
  • No account details posted on-chain.
  • Only cryptographic proof.

How a ProveX Trade Works

To make this concrete, let's walk through a simplified example using Venmo and USDC on PulseChain.

Step 1: A Seller Creates an Offer

A liquidity provider (the seller):

  • Locks a chosen amount of USDC into a smart contract escrow
  • Sets:
    • The fiat payment platform they'll accept (e.g., Venmo)
    • The maximum and minimum order size
    • The price they're willing to sell at (e.g., $1.02 per USDC)

Once posted, the crypto is locked and cannot be withdrawn unless the order expires or is canceled before proof submission.

Step 2: A Buyer Accepts the Offer

A buyer:

  • Selects the offer they like
  • Initiates the order

The smart contract officially reserves the USDC for that buyer. At this point, neither party can cheat — the rules are enforced on-chain.

Step 3: Fiat Is Sent Normally

The buyer sends fiat exactly as they normally would:

  • Open Venmo
  • Send the required amount to the seller
  • Receive the standard Venmo confirmation

No special steps, no modified payment flow.

Step 4: Payment Is Proven (Privately)

Using a browser extension such as PeerAuth (or a mobile equivalent), the buyer generates a zero-knowledge proof that confirms:

  • The correct amount was sent
  • The payment went to the correct recipient
  • The timestamp and transaction ID are valid
  • The buyer controls the sending account

Crucially: No personal data is exposed, and nothing sensitive is written on-chain.

Step 5: Crypto Is Released Automatically

  • The buyer submits the proof to the smart contract
  • The contract verifies it cryptographically
  • If valid, the locked USDC is released instantly to the buyer's wallet

The seller keeps the fiat. The buyer receives crypto. No escrow agent required.

How Pricing Works on ProveX

ProveX does not use automated market makers or pooled liquidity.

Instead:

  • Every price is set by individual sellers
  • Buyers choose which offers they are willing to accept
  • This creates a pure order-based market.

A seller can list:

  • 100 USDC for $0.95 per token
  • Or 100 USDC for $5 per token

Whether that order fills depends entirely on buyer demand.

Example Quote Breakdown

If a buyer has $100 USD and accepts a seller price of $1.02 per USDC:

  • $100 ÷ $1.02 ≈ 98.03 USDC
  • Minus a 2% protocol fee
  • Final payout ≈ 96.07 USDC

Fee structures may change as ProveX continues development.

Liquidity Limits and Order Size

Each ProveX order is matched against a single seller.

This means:

  • Orders are not split across multiple sellers
  • If the largest available offer is 50 USDC, that is the maximum order size
  • To acquire more, buyers must submit multiple transactions

This behavior mirrors existing P2P markets and encourages granular liquidity provisioning.

Payment Platforms and Availability

Buyers are limited to where sellers choose to provide liquidity.

If no one is offering liquidity via PayPal, then PayPal simply isn't available — regardless of demand.

During beta testing, liquidity has primarily appeared on:

  • Venmo
  • Zelle

Other routes may open as more participants begin providing liquidity.

Sellers may avoid certain platforms due to:

  • Chargeback risk
  • KYC exposure
  • Account restrictions
  • Personal preference

This is a feature of a permissionless market, not a flaw.

Fees on ProveX

Currently, ProveX applies a 2% on-chain fee, which effectively reduces the buyer's final crypto amount.

Earlier discussions suggested a potential 1% buyer / 1% seller split, but implementing this cleanly is non-trivial when fiat platforms cannot enforce automatic deductions.

At present, all fees are enforced directly by the smart contract, ensuring transparency and consistency.

Final Thoughts

ProveX is not a traditional exchange — and it's not trying to be.

It is a cryptographically enforced P2P marketplace, where:

  • Liquidity exists only if users provide it
  • Prices exist only if buyers accept them
  • Trust is replaced by math

Like all open markets, outcomes depend entirely on participant behavior.

As beta testing continues, ProveX offers a glimpse into what fully trustless fiat on- and off-ramps could look like at scale.

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