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A technical founder: architecture, engineering and code first-hand, from the first line. Founder of NAGA, taken public on the Frankfurt Stock Exchange in 2017 (N4G), peak market capitalisation around €400m in 2021. Over $150m raised across his career, more than $100m of it in equity: a Fosun investment, the IPO, a $50m token sale, a $30m Yorkville facility and two 2021 rounds. Eight years running a regulated brokerage holding five licences, so public markets, listing discipline and financial regulation are lived experience rather than theory. In Web3 he has built projects that reached several hundred million in value within months. 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 $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.