Two completely different users, one account model, and we never hold the keys
Nobody is forced to sign up
A user who already has a wallet never creates an account. They connect and they trade. A user who has never held crypto signs in with an email code and gets a non-custodial embedded wallet they control, funded by card in the same session. Both land in the same product.
MPC-backed embedded wallets through Dynamic, with Privy running in parallel behind a facade, so a provider outage is not a product outage.
Phantom, Solflare and Backpack connect by deep link; WalletConnect v2 on mobile; wallets already installed on the device are detected and promoted to the top of the list.
The server holds a trade-only delegate. It can route an order and it cannot sweep a balance.
Withdrawals carry code verification and server-side review; deposits arrive by QR, card, Google Pay, Revolut Pay or bank transfer across three on-ramp providers, straight into the user's own wallet.
Sign inEmail code, passkey, social or any of 158 walletsOnboardingFrom first open to a funded, non-custodial wallet
FundingCard, Google Pay, Revolut Pay, bank transfer or on-chain
HomeOne balance across eleven chains
The exchange
Our own order book, our own matching engine, our own proofs — settled on Solana in canonical USDC
The bookMarket, limit and trigger orders on our own venue
Instant AI chart analysisOne tap turns the chart into a structured setup
VoiceSay it, see the setup, sign it
AutopilotAn agent running the book from the user's own wallet
What a trader gets
Instant AI chart analysis. One tap returns entry, take-profit, stop-loss, size and a risk-to-reward figure, ready to adjust or open.
Social bubbles. Live positioning across the book: what the crowd is long and short, and at what size.
Market, limit and trigger orders, with take-profit and stop-loss attached at entry. A limit more than 3% from the mark is refused rather than parked.
Cross margin. One collateral pool across every open position.
The market set
46 perpetual markets: crypto, tokenised equities, metals, oil, FX and indices, on one book and one collateral.
Leverage to 50×. BTC 50, ETH 40, SOL 25, other crypto 20, tokenised equities, metals, oil, FX and indices 10.
0.065% taker, 0.02% maker, cut from 0.10% and 0.025% on 10 October 2026. $5 minimum order.
The book is public. Every order, trade, quote and mark is published on explorer.truefinance.ai and on a public WebSocket gateway with engine-side timestamps.
What makes it ours
The only perpetuals venue running a zero-knowledge validity rollup that settles on Solana. Every other ZK perp venue settles to Ethereum; every other Solana perp venue runs without proofs.
The matching engine exists once. The same Rust crate compiles into the sequencer that runs production and into the guest that runs inside the zkVM, so a proof is a statement about the exact code that executed the trade.
Every other proving venue in this category writes that logic twice, and the drift between the two is where the failures live. Our CI proves ours on every commit.
Measured in production
Instrumented from the live venue, not design targets
Matching engine latency
0.18 ms
median · p99 10.8 ms. Hyperliquid documents a 0.2 second median.
Proof latency
42 s
median per block · p99 47 s
Groth16 proof
356 bytes
284,491 compute units to verify on Solana
Blocks verified
255,748
and counting
How it is built
Sequencer
Rust, axum, openraft, RocksDB — matching, Raft replication, block production
Prover
The same matching-engine crate, replayed inside an SP1 zkVM, committing both state roots
Anchor program on Solana — custodies USDC, verifies the proof, advances canonical state
Run like infrastructure
Five Raft nodes on dedicated NVMe. Terraform per environment, Flux GitOps, Helm charts in a private registry.
Twenty-eight named alerts across consensus, settlement, proving lag, prover budget, custody outflow and contract state. Six Grafana dashboards provisioned as code. Written runbooks for stop-the-world and voter resync.
Around 175,000 lines of Rust across six production services. The sequencer alone is 93,798 lines with 2,533 test assertions and 26 tagged releases.
Market data fans out over server-sent events and WebSocket with one shared subscriber per market, so venue load scales with markets rather than with users.
Latency, proof and block figures are instrumented from the production venue. Market count, leverage caps and fee rates are read live from the venue configuration on 13 October 2026.
Everything else in the product
One wallet, one balance, one app — automation, social and distribution all read the same venue
Autopilot
A user allocates capital, picks a risk profile, and an agent trades a published strategy from their own non-custodial wallet. The model opens positions; it gets no vote on closing them. A separate engine on a twenty-second loop enforces stop-loss, partial take-profit with a move to breakeven, trailing stops and maximum hold. Risk rails fail closed: if the system cannot verify the day's loss total it blocks the open. Exits are never gated.
Copy trading
A leader places an order and the engine fans it out to followers, sized as a percentage of the leader's margin and capped against the follower's own ceiling and what they can afford after fees. Three independent reconcilers run every five minutes in both directions. Fan-out is idempotent, so a retry cannot double-open or double-charge. One USDC per copied trade, of which 0.70 goes to the leader.
Copy the top traders
A ranked leaderboard built on the venue's own position ledger rather than self-reported results, so a leader's record is the same data the exchange settled. Followers see win rate, drawdown and live positions before they commit a dollar.
Wallet mirroring
Follow proven external on-chain wallets across five chains. Mirrors fire from a blockchain webhook, trade spot at a fixed ticket and apply a protective bracket whether or not the wallet being followed ever sells. Liquidity floors, pool-depth caps, minimum token age and same-asset cooldowns gate every mirror, and sandwich legs are discarded rather than copied.
Social feed
Positions, comments and reactions on a live feed, with social bubbles on the trade screen showing where the crowd actually sits. Discovery and execution are the same surface, so a trade seen is a trade one tap away.
The token universe
Any listed token, screened before it is tradable: impersonation, holder concentration, mint and freeze authority, transfer restrictions and deployer reputation. Jupiter is fully integrated on Solana, server-proxied with fee injection, DEX exclusion rules and a circuit breaker.
The full wallet
Eleven chains, deposits from six networks, conversion of any supported token on any supported chain into the user's own wallet, transfers between venue sub-accounts, and fiat in by card, Google Pay, Revolut Pay and bank transfer. Relay is the primary cross-chain rail with deBridge as fallback, both server-quoted and client-signed.
The partner engine
Real-time attribution on every chargeable event, broken out by product with volume, fees and the partner's own cut. Six levels from 10% to 25%, weekly USDC settled on chain with the transaction in the partner's own ledger, a full funnel view, an earnings simulator and team structures as a tree. It ships in the production app on web, iOS and Android.
TRUE Card planned
Spending against the same non-custodial balance that trades, so a user never has to move money out to use it. In the Series A product plan, not shipped, and it is not in any revenue line on this page.
Financials — consolidated monthly P&L
All figures $k, rounded · core business (token pre-sale excluded) · Sep 2026 = closed month
Full monthly P&L — Jan 2025 to Sep 2026open
2025
2026
Consolidated lifetime — Jan 2025 → Sep 2026
Tech Sal. = dev team salaries · Tech AI = infrastructure, third parties and AI compute · Rev share = fees shared back with the traders and partners who generated them · Others = investor introducer fees (ended Apr 26) + payment-infrastructure partner · the planned $25.0M round is excluded from every figure. Revenue is reported gross (fees charged) and revenue share is shown below gross profit, never netted from the top line.
August 2026 is the crossover month and September is the proof: revenue covers 100% of costs, and every dollar of revenue share was funded by fees already earned rather than by runway. Q3 closes as the first profitable quarter at +$141k. Core OpEx is down 75% from its January peak, to $85k a month.
Pro forma balance sheet
Statement of financial position at 10 October 2026 — no debt, no borrowings, no lease
Projections
Base case — perpetuals at scale, prediction markets, the TRUE Card, Latin America
Monthly revenue — base case to Dec 2026
$k · actuals through Sep, forecast Oct→Dec
The path to $1B
Annual revenue and operating result, $M · management plan
Monthly projection by revenue line — Aug 2026 → Dec 2027open
$25.0M — acceleration from a position of strength, not survival
$8.5M
What the $25M is for
Series A · open now · target close Q4 2026
$12.0MOrder-book working capital48%
Locked liquidity on our own venue, carried as a balance-sheet asset rather than spend. The market maker is deliberately throttled today; deeper books take larger tickets, and larger tickets are where the fee line scales.
$8.0MPaid acquisition32%
The first marketing budget this company has ever had, on a funnel that reached $620k a month and 19,025 accounts without one. Campaigns started 13 October with attribution live from 9 October.
$2.5MProduct and engineering10%
Agents, the TRUE Card, more chains and more markets, plus headcount only where an agent cannot reach. The cost base holds at $85k a month.
$2.5MRunway, licensing and compliance10%
Licences in the markets we intend to operate in, audit, and the operating reserve that lets us run the plan without pricing the next round from a position of need.
$8.5M has been raised to date and roughly $3M of it is still on the balance sheet. The allocation above is the plan for the round, not a commitment schedule. Figures are unaudited.
Every diligence question, answeredopen
Use of proceeds
Customer success, run by an agent
Kira — built in-house, on our own infrastructure. No third-party support software anywhere in the stack.
online 24/7
34sec
Median first response
3,972
Conversations handled
38
Code fixes shipped
99.9%
Resolved
90+
Tools on her MCP server
One ticket, end to end — without a human in the loop
Every step below is the agent's own work; humans approve only what moves money
1
Read and classify
Ticket arrives from app, web or Telegram. Kira classifies severity and category and answers the trader in a median of 34 seconds.
34s
2
Investigate against production
Queries the live ledgers directly — balances, fills, trades, PnL, tick data, swaps, perpetual positions, agent rates, points, payouts, prior LLM replies. Not a scripted bot: a reasoning agent with read access to everything.
698
3
Propose an action, or abstain
Reply, code fix, balance correction, identity repair — or abstain and escalate when the evidence does not support a conclusion. She abstained 40 times.
1,958
4
Write the fix and ship it
For product defects she writes the patch and carries it to production. 38 fixes have been deployed from the ticket that reported them.
38
Traction
Full months, final — from the production on-chain fee ledger
Fee revenue and result — monthly
All fee revenue, USD · net result under each month · Sep = closed month
Trading volume — monthly
Spot swaps, USD · on-chain verified
Key metrics by monthopen
Retention & engagement
Measured on actual trading behavior (fee ledger) and server-side activity
Fee payers who paid again next month
71.0%
Revenue from partner-referred traders
61.2%
Revenue from repeat traders
98.3%
Avg fees per account in that top fifth
$3,185/mo
Top ten accounts → share of fees
33.4%
while adding 3,837 new accounts in August
Top five accounts → share of fees
25.0%
1 in 4 established accounts is on daily · 12.1% across all accounts including first-month signups
Total accounts
18,376
+3,837 new in August
New signups · September
3,837
1–31 August
Earnings model
How every dollar of activity monetizes — three fee engines on one embedded wallet. All swap and prediction rates are live from the platform.
Perps · live
Perpetuals
0.065% taker
On-chain perps with taker/maker fees plus a funding-rate spread. Live since 4 Aug 2026 — $359.6k of client fees in August.
Taker0.065%
Maker0.02%
Funding-rate spreadancillary
Swaps · live
Spot swap fee
0.71–1.19% / trade
Volume-tiered fee on every spot swap. Blended 0.86% across $59.2M of on-chain volume to date.
Volatile pairs1.19% → 0.71%
Stablecoin pairs~0.50%
Revenue share to partners10–30%
Prediction · live
Prediction markets
3 fee layers
Bridge in, place the bet, share the winnings — stacked on Polymarket liquidity at 0% builder fee.
Bridge into predict wallet0.50%
Placing fee2.0% → 1.19%
Profit fee (on wins)5.0%
What a trading customer is actually worth
Measured from the fee ledger, not modelled from rate cards
Fees per core trader
$3,185/mo
8+ trading days in the month
Revenue per monthly active
$145
$17 → $51 → $145 across Jun, Jul, Aug
Revenue from repeat traders
98.3%
the figure recurs, it is not one-off
Core traders are 38.5% of active traders and generate 92.6% of fees. Because 98.3% of revenue comes from repeat traders, this is a recurring monthly figure rather than a single acquisition event — the basis of TRUE's lifetime-value economics. Stated gross; the 10 to 30% partner revenue share is paid out of fees already earned and sits below gross profit.
Revenue share engine
Distribution paid for out of the revenue it produces, settled weekly on-chain
Fees from referred traders · September
$129,514
revenue share on referred trading, settled weekly on-chain
Partners with attributed activity
261
6 Jul → 9 Sept 2026
Top partner earned
$76,150
since 6 July, from one referral base
Revenue share
10–30%
plus $0.50–$5.00 CPA per qualified referral
Partner link clicks
18,165
tracked, attributed, fraud-screened
New users referred · September
337
attributed end to end, from click to first fee
Marketing
Everything to 30 September was earned. Paid acquisition started on 13 October 2026.
TRUE reached $620,000 of revenue in a month, 19,025 accounts and $619M of client notional with no paid media at all. The Series A buys the first marketing budget this company has ever had, on a funnel that already converts without one.
What has worked so far, and continues
Influencers and KOLs on revenue share. TRUE has a deep footprint here and keeps building it. Partners are paid a share of the fees their clients actually generate, weekly, in USDC, on chain. Nothing is committed in advance and nothing can be spent ahead of the revenue it relates to.
It is already the larger channel. 78% of September revenue came from partner-referred traders: $482,754 of the month's $620k, on $486.5M of referred volume, across 48 partners who produced fees.
The portal does the selling. Real-time attribution per event, a full funnel view, an earnings simulator and six published levels from 10% to 25%, so a professional traffic buyer can see exactly what the next tier pays before they scale spend.
What started on 13 October 2026
Paid campaigns. Meta, TikTok and X, plus direct campaigns, with attribution live from 9 October so every dollar is measured against the fees it produces rather than against installs.
Brand ambassadors. Named faces on longer-term agreements, carrying the product rather than a one-off post.
Organic and viral content, led by MIDAS. The agent speaks, so it can be filmed. A campaign built around real voice sessions, where the thing being demonstrated is the product doing the work.
Retention, not just acquisition. Promotions, loyalty and points run continuously against the fee ledger, which is why 71.1% of August's fee payers paid again in September and 98.3% of revenue comes from repeat traders.
Revenue from partner-referred traders
78%
September · $482,754 of $620k
Partners producing fees
48
of 371 with an attributed row
Paid media to 30 September
$0
every account to that date was earned
Of the round, for acquisition
$8.0M
the first marketing budget in the company's history
Partner figures are from affiliate_stats for 1–30 September 2026 and are unaudited. Campaign spend from 13 October 2026 is not yet reflected in any revenue or cost figure on this page.