{
  "$comment": "SINGLE SOURCE OF TRUTH for the AI diligence endpoint. Edit here, run build.py, redeploy. Nothing else contains a hard-coded number.",
  "meta": {
    "company": "True Labs Limited",
    "product": "TRUE",
    "jurisdiction": "Hong Kong",
    "registration_no": "78786155",
    "incorporated": "2025-09-12",
    "as_of": "2026-07-31",
    "published": "2026-08-10",
    "revision": 1,
    "source": "TRUE_KPIs_Inception_to_Date.xlsx, prepared 2026-08-02 (July final)",
    "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.",
    "audited": false
  },
  "monthly": {
    "columns": [
      "2026-01",
      "2026-02",
      "2026-03",
      "2026-04",
      "2026-05",
      "2026-06",
      "2026-07"
    ],
    "swaps": [
      80,
      91,
      514,
      4866,
      12847,
      16952,
      45706
    ],
    "volume_usd": [
      485,
      828,
      14000,
      375106,
      1619718,
      5461251,
      26533139
    ],
    "fee_revenue_usd": [
      0,
      0,
      0,
      0,
      3744,
      59452,
      210444
    ],
    "avg_swap_usd": [
      6,
      9,
      27,
      77,
      126,
      322,
      581
    ],
    "take_rate_pct": [
      null,
      null,
      null,
      null,
      0.2311,
      1.0886,
      0.7931
    ],
    "signups": [
      508,
      446,
      725,
      6958,
      2029,
      871,
      2416
    ],
    "avg_dau": [
      73,
      91,
      100,
      1632,
      5638,
      3868,
      4645
    ],
    "peak_dau": [
      153,
      158,
      144,
      21376,
      8390,
      5134,
      10351
    ],
    "visitors": [
      null,
      null,
      null,
      26970,
      31920,
      33608,
      60481
    ],
    "mau_authenticated": [
      null,
      null,
      null,
      5750,
      8015,
      3515,
      4154
    ]
  },
  "headline": {
    "lifetime_fee_revenue_usd": 273640,
    "monetisation_start": "2026-05-10",
    "run_rate_arr_usd": 4424467,
    "run_rate_basis": "Final 14 days of July 2026 annualised (fees $169,706 over 14 days x 365/14).",
    "mom_growth_jun_jul": {
      "fees": 3.54,
      "volume": 4.86,
      "swaps": 2.7
    }
  },
  "cohorts": {
    "note": "Authenticated actives by month since first seen.",
    "rows": [
      {
        "cohort": "2026-04",
        "size": 5750,
        "m1": 0.963,
        "m2": 0.27,
        "m3": 0.156
      },
      {
        "cohort": "2026-05",
        "size": 2475,
        "m1": 0.294,
        "m2": 0.352,
        "m3": null
      },
      {
        "cohort": "2026-06",
        "size": 1233,
        "m1": 0.55,
        "m2": null,
        "m3": null
      },
      {
        "cohort": "2026-07",
        "size": 1707,
        "m1": null,
        "m2": null,
        "m3": null
      }
    ],
    "caveat": "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."
  },
  "volume_mix": {
    "window": "2026-07-14 to 2026-07-26, production fee ledger",
    "rows": [
      {
        "class": "SOL / stablecoin",
        "swaps": 15415,
        "volume_usd": 8416000,
        "fees_usd": 75146,
        "share": 0.692
      },
      {
        "class": "Other tokens",
        "swaps": 3627,
        "volume_usd": 2563474,
        "fees_usd": 22116,
        "share": 0.211
      },
      {
        "class": "Stablecoin / stablecoin",
        "swaps": 904,
        "volume_usd": 1143967,
        "fees_usd": 5079,
        "share": 0.094
      },
      {
        "class": "Tokenised equities / RWA",
        "swaps": 6,
        "volume_usd": 40410,
        "fees_usd": 400,
        "share": 0.003
      }
    ]
  },
  "revenue_model": [
    {
      "line": "Spot swaps",
      "status": "live",
      "rate": "1.1% base across crypto, tokenised equities and RWAs",
      "realised": "0.79% realised in July after tier discounts and fee credits"
    },
    {
      "line": "Perpetuals",
      "status": "scheduled Oct 2026",
      "rate": "~5 bps taker / 1.5-2 bps maker",
      "realised": "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."
    },
    {
      "line": "Funding and financing",
      "status": "scheduled with perps",
      "rate": "funding-rate spread, margin interest, liquidation fees",
      "realised": "Scales with open interest rather than trade count."
    },
    {
      "line": "TRUE PRO subscription",
      "status": "scheduled Nov 2026",
      "rate": "$20-149 per month",
      "realised": "Infrastructure built; launch is the gate."
    }
  ],
  "customer_acquisition": {
    "programme": "Genesis rewards",
    "prizes_committed_usd": 144221,
    "in_window_net_fees_usd": 261380,
    "net_usd": 117159,
    "note": "Fees generated inside each reward window, from the on-chain fee ledger. The acquisition programme has paid for itself."
  },
  "operating": {
    "headcount_peak": 55,
    "headcount_now": 11,
    "headcount_target_this_month": 8,
    "support": "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.",
    "note": "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 \u2014 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.",
    "revenue_per_head_month_usd": 19131,
    "run_rate_revenue_per_head_usd": 553058
  },
  "product": [
    "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"
  ],
  "founder": {
    "name": "Benjamin Bilski",
    "prior": "Founder of NAGA. Took it public; ~$2.5bn market capitalisation at peak, 450 staff, six regulatory licences, $100m+ raised."
  },
  "raise": {
    "closing_usd": 3000000,
    "opening_usd": 15000000,
    "status": "Closing $3m now; opening a $15m round."
  },
  "projections": {
    "note": "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.",
    "years": [
      2026,
      2027,
      2028,
      2029,
      2030
    ],
    "total_revenue_usd": [
      1081060,
      4634106,
      8369383,
      12148332,
      16431757
    ],
    "operating_result_usd": [
      -861316,
      -828622,
      1228949,
      2852238,
      4648016
    ],
    "crossover": "Operating profit from 2028."
  },
  "verification": {
    "chain": "Solana",
    "wallets": [
      {
        "role": "Primary fee collector",
        "address": "6GvMrxHULbzkJbhZF3zBvyPSzYENdKkCRm72Jo8eDZDN"
      },
      {
        "role": "Secondary fee collector",
        "address": "FfTuPMgst5Tx7tnvMTbMQ2oukzRhcbddXBthWe6Ec7am"
      }
    ],
    "note": "Fees are collected in kind, so the primary wallet holds 150+ mints plus native SOL at any time.",
    "sweeps_usd": 536353,
    "earned_usd": 310306,
    "sweeps_note": "Value swept out of the fee wallets exceeds fees earned because payout runs were funded from treasury and fee inventory is periodically converted. Wallet balance is the remainder after sweeps, not a revenue figure."
  },
  "data_quality": [
    "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."
  ],
  "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."
  ]
}