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Founder of NAGA, taken public on the Frankfurt Stock Exchange in 2017 (N4G) — peak market capitalisation around €400m in 2021, and over $150m raised across a Fosun investment, the IPO, a $50m token sale, a $30m Yorkville facility and two 2021 rounds. Every line verifiable against public disclosures.
Core traders are 39.6% of active traders and generate 95.3% of fees. Because 99.8% 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 concentrates in a habitual core, and in August it concentrated further: 203 core traders — 39.6% of fee payers — generated 95.3% of all fees at $3,226 each, up from 23% generating 73% at $1,347. Fee-based retention improved across the board: 71.0% of traders return the following week, 61.2% are still trading two weeks later, and 99.8% of revenue comes from repeat traders. Activity-based retention moved the other way — returning share of monthly actives fell to 33.4% and DAU/MAU to 12.1% — because August added 3,837 new accounts against 4,739 monthly actives, so the denominator grew faster than the returning cohort.
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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 $15.0M 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.