Peer-to-peer (P2P) file sharing systems generate a major portion of the Internet traffic, and this portion is expected to increase in the future. We explore the potential of deploying proxy caches in different Autonomous Systems (ASes) with the goal of reducing the cost incurred by Internet service providers and alleviating the load on the Internet backbone. We conduct an eight-month measurement study to analyze the P2P traffic characteristics that are relevant to caching, such as object popularity, popularity dynamics, and object size. Our study shows that the popularity of P2P objects can be modeled by a Mandelbrot