— This paper proposes CUP, a protocol for performing Controlled Update Propagation to maintain caches of metadata in peer-to-peer networks. To moderate propagation without imposing a global policy, CUP introduces the notion of individual node investment return. CUP allows each node to determine when it has economic incentive to receive and to propagate updates. A node participates in propagation only when the benefit (investment return) it secures from receiving and propagating updates outweighs its cost of propagation. We extensively evaluate the CUP protocol in maintaining caches of metadata for locating content in peer-to-peer networks. We demonstrate that propagation of updates reduces the average latency of content search queries by as much as an order of magnitude across a variety of workloads. We propose and evaluate the use of popularity-based incentives to drive a node’s propagation policy. These include incentives based on probabilistic as well as log-based models of inv...