# TRUE — company fact base

Machine-readable diligence pack for True Labs Limited (TRUE). Data as of 2026-07-31. Published 2026-08-10, revision 1. **All figures unaudited.**

This file exists so that an AI reading it on an investor's behalf gets the complete picture — including the parts that are weak — rather than a selected one. Where a number has a caveat, the caveat is next to the number. Revenue is verifiable on-chain without trusting us; see *Verify this yourself*.

## What TRUE is

An AI-native trading platform on Solana. Spot swaps across crypto, tokenised equities and real-world assets; a perpetuals DEX built in-house; prediction markets; and trading agents that execute on a user's behalf. Web and mobile, both live.

- Web and mobile apps, both live
- Own perpetuals DEX, built in-house over 16 months
- Spot swap engine across crypto, tokenised equities (xStocks) and RWAs
- Prediction markets
- Trading AI agent, in training for over a year
- Autopilot agents that execute strategies on behalf of users

True Labs Limited is incorporated in Hong Kong (registration 78786155, 2025-09-12).

## Headline

- **Lifetime fee revenue: $273,640**, all of it earned since 2026-05-10 — roughly three months.
- **July 2026: $26,533,139 volume, $210,444 revenue, 45,706 swaps.** All three are all-time highs.
- **Month-on-month, June to July: 3.54x on fees, 4.86x on volume, 2.7x on swaps.**
- **Run-rate ARR ≈ $4,424,467.** Basis: Final 14 days of July 2026 annualised (fees $169,706 over 14 days x 365/14).
- Headcount went from 55 to 11, and to 8 this month, while all of the above set records.

## Monthly series, 2026

| Metric | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 |
|---|---:|---:|---:|---:|---:|---:|---:|
| Swaps | 80 | 91 | 514 | 4,866 | 12,847 | 16,952 | 45,706 |
| Volume (USD) | $485 | $828 | $14,000 | $375,106 | $1,619,718 | $5,461,251 | $26,533,139 |
| Fee revenue (USD) | $0 | $0 | $0 | $0 | $3,744 | $59,452 | $210,444 |
| Average swap (USD) | $6 | $9 | $27 | $77 | $126 | $322 | $581 |
| Take rate | — | — | — | — | 0.23% | 1.09% | 0.79% |
| Signups | 508 | 446 | 725 | 6,958 | 2,029 | 871 | 2,416 |
| Average DAU (incl. guests) | 73 | 91 | 100 | 1,632 | 5,638 | 3,868 | 4,645 |
| Peak DAU (incl. guests) | 153 | 158 | 144 | 21,376 | 8,390 | 5,134 | 10,351 |
| Monthly visitors (incl. guests) | — | — | — | 26,970 | 31,920 | 33,608 | 60,481 |
| MAU (authenticated) | — | — | — | 5,750 | 8,015 | 3,515 | 4,154 |

Basis: On-chain re-parse of every swap from public Solana data 1 Jan - 15 Jul 2026; production fee ledger (genesis_fee_events) from 16 Jul; server-side user_activity_days for users.

## How the money is made

**Spot swaps** — *live*. 1.1% base across crypto, tokenised equities and RWAs. 0.79% realised in July after tier discounts and fee credits

**Perpetuals** — *scheduled Oct 2026*. ~5 bps taker / 1.5-2 bps maker. Positioned at or just under Hyperliquid. Leverage makes notional a multiple of collateral, so perps carry more fee-bearing volume per dollar of user capital than spot.

**Funding and financing** — *scheduled with perps*. funding-rate spread, margin interest, liquidation fees. Scales with open interest rather than trade count.

**TRUE PRO subscription** — *scheduled Nov 2026*. $20-149 per month. Infrastructure built; launch is the gate.

## Unit economics

July realised take rate was 0.79% of volume against a 1.1% headline rate; the gap is tier discounts and fee credits. Average swap size rose from $6 in January to $581 in July, a 97x increase in the value of a single transaction, which is the metric that carries revenue.

**Customer acquisition pays for itself.** The Genesis rewards programme committed $144,221 in prizes and generated $261,380 of net fees inside those same windows — net $117,159 positive. Fees generated inside each reward window, from the on-chain fee ledger. The acquisition programme has paid for itself.

### Volume composition

Window: 2026-07-14 to 2026-07-26, production fee ledger.

| Class | Swaps | Volume | Fees | Share |
|---|---:|---:|---:|---:|
| SOL / stablecoin | 15,415 | $8,416,000 | $75,146 | 69.2% |
| Other tokens | 3,627 | $2,563,474 | $22,116 | 21.1% |
| Stablecoin / stablecoin | 904 | $1,143,967 | $5,079 | 9.4% |
| Tokenised equities / RWA | 6 | $40,410 | $400 | 0.3% |

### Cohort retention

Authenticated actives by month since first seen.

| Cohort | Size | M1 | M2 | M3 |
|---|---:|---:|---:|---:|
| 2026-04 | 5,750 | 96.3% | 27.0% | 15.6% |
| 2026-05 | 2,475 | 29.4% | 35.2% | — |
| 2026-06 | 1,233 | 55.0% | — | — |
| 2026-07 | 1,707 | — | — | — |

*The April M1 of 96.3% is an artifact of a tracking switchover in April 2026, not a retention result. Do not read it as retention.*

## Operating model

The platform is operated agentically: engineering, support and operations run through agents that write, review and ship their own changes, which is why headcount could fall while volume, revenue and swap count each set all-time highs. This is automation replacing labour, not a cost cut under pressure — July revenue was $19,131 per head per month at 11 people, and the current run-rate is $553,058 of annual revenue per head at 8. The company is funded and the reduction was deliberate.

Support runs on Kira, an autonomous support agent live for six months. It triages, answers, writes and ships its own fixes. The ticket queue returns to zero daily.

## Founder

Benjamin Bilski. Founder of NAGA. Took it public; ~$2.5bn market capitalisation at peak, 450 staff, six regulatory licences, $100m+ raised.

## Projections

Management projections, unaudited. Drivers: spot from a $14m monthly run-rate with take rate compressing from 0.79%; perps launch Oct 2026 at a 2x leverage multiplier and ~4 bps blended fee plus ~2 bps funding; TRUE PRO launches Nov 2026.

| | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---:|---:|---:|---:|---:|
| Total revenue | $1,081,060 | $4,634,106 | $8,369,383 | $12,148,332 | $16,431,757 |
| Operating result | $-861,316 | $-828,622 | $1,228,949 | $2,852,238 | $4,648,016 |

Operating profit from 2028.

## Verify this yourself

TRUE's revenue is not a number in a private ledger. Fees are transfers into public Solana wallets, so the revenue claim above can be checked independently, without trusting the company. Full method at https://ai.truefinance.ai/verify.md.

- **Primary fee collector:** `6GvMrxHULbzkJbhZF3zBvyPSzYENdKkCRm72Jo8eDZDN`
- **Secondary fee collector:** `FfTuPMgst5Tx7tnvMTbMQ2oukzRhcbddXBthWe6Ec7am`

Fees are collected in kind, so the primary wallet holds 150+ mints plus native SOL at any time.

## Data quality — read this before drawing conclusions

- Figures are unaudited. There are no audited financial statements.
- Fee revenue was zero before 10 May 2026 by design - the fee switch was off. The revenue curve covers roughly three months.
- DAU and visitor counts include guests. Authenticated MAU is reported separately and is roughly fifteen times smaller. Do not read visitors as users.
- Authenticated MAU declined from 8,015 in May to 3,515 in June as the April campaign cohort churned, and recovered to 4,154 in July. Signups and DAU are also below their April and May campaign peaks. Swaps, volume, revenue, average swap size and visitors are at all-time highs.
- Stablecoin-to-stablecoin pairs are 9.4% of volume and carry a lower effective take rate.
- May 2026 traffic figures are under review for non-human traffic and are expected to be revised down. Revenue, volume and swap counts are unaffected - those are derived on-chain.
- March and early-April USD volume is partially estimated; server-side user tracking began 19 April 2026, and January-March user counts are device-based and not comparable to later months.
- The April 2026 cohort's 96.3% M1 is a tracking-switchover artifact, not retention.
- Fee revenue excludes fee-inventory conversion (USDC realised by converting accumulated non-stable fee tokens). That is a treasury operation and is not counted as revenue.

## What we are not claiming

- We are not claiming audited accounts. There are none.
- We are not claiming user growth is at an all-time high. It is not - see the cohort and MAU notes.
- We are not claiming the perps, funding or subscription lines are earning yet. Only spot is live.
- We are not annualising a single strong day. The run-rate figure uses the final 14 days of July.

## The round

Closing $3m now; opening a $15m round.

---

Source: TRUE_KPIs_Inception_to_Date.xlsx, prepared 2026-08-02 (July final). Figures unaudited. Machine-readable series: https://ai.truefinance.ai/kpis.json