Trepa

Trepa was a financial entertainment platform on Solana built around precision rather than binary prediction. Instead of betting up or down, users guessed the exact Bitcoin/USD price to decimal places within a 60-second round. The platform ran one communal hour each day (1–2pm UTC), composed of sixty back-to-back rounds, and distributed rewards from a shared prize pool based on how close each guess came to the resolution price. The founders announced closure on August 10, 2026; the last playable round ran on August 12, 2026; the app was scheduled to go offline on September 30, 2026.

How the Mechanism Worked

Each round lasted 60 seconds, split into two 30-second phases. During the Predict phase, players locked in a specific BTC/USD figure. During the Watch phase, they could see their prediction against live price movement, with a real-time payout bubble showing their running position.

Resolution was pari-mutuel over a continuous outcome. Players who landed closer to the result than the round's median error won their stake back plus a share of the prize pool; players who landed further away lost their stake. Payouts among winners were convex: the closer the guess, the disproportionately larger the share. The platform took a 20% cut from each pool before distributing winnings. The only currency accepted was USDC.

This structure was deliberate. Trepa's founders framed precision prediction as closer in spirit to Olympic shooting or The Price Is Right than to a financial market: a skill game with a real score rather than a binary bet.

Features and Products

The primary product was BTC Flash Pools: the live daily prediction session. Around it, Trepa layered several engagement features.

Streak Rewards paid out on-chain to players who scored above 650 Precision in five consecutive rounds. The team reported distributing more than $3,800 through this mechanic before shutdown.

A leaderboard ranked players by cumulative accuracy score, and a quest system awarded XP, milestones, and badges for participation and performance. A referral program paid multi-level commissions tied to the prediction volume of referred users, covering two tiers of recruitment. An in-platform chat let players share calls and react to round outcomes without leaving the app. A demo mode allowed play without depositing.

Trepa also offered a Builder Codes program allowing third-party frontends such as exchanges and wallets to embed the prediction session into their own products.

Technology and Security

Trepa was a Solana-native progressive web app, accessible via trepa.app on any device without a native app store install. Authentication was handled by Privy, supporting email, Google, X sign-in, and direct Solana wallet connections. Deposits could be made from Solana or other chains; withdrawals went to any Solana address. Resolution prices came from Binance BTC/USDT trade data.

The platform published a TypeScript bot SDK (@trepa/sdk) with a REST API and OpenAPI specification. The smart contract underwent two independent security audits: Adevar Labs in November 2025 and Phage Security in April 2026, with both reports made publicly available through the project's GitHub.

Funding and Background

Trepa was founded in 2024 and raised $420,000 in a pre-seed round in August 2025. The round was led by Colosseum, the Solana ecosystem accelerator and hackathon organizer, with participation from Ignight Capital and individual investors including Balaji Srinivasan. The team presented at Superteam Demo Day in December 2025.

Early access launched in May 2026, initially limited to the top 5,000 waitlist members. A third major product version (V3) launched on July 28, 2026, with a redesigned interface, an updated convex accuracy curve, a live payout visualization, and a loss-limit mechanism preventing players from losing more than half their stake in a single round.

Shutdown and Post-Mortem

Less than two weeks after V3 launched, the founders announced they were shutting down. In a public post-mortem, they identified the mechanism as the root obstacle: pari-mutuel over a continuous outcome requires sufficient concurrent players within the same time window to produce meaningful prize pools. Expanding to more assets or longer operating hours would divide that concurrency and shrink per-pool payouts.

The founders described a retention pattern where engagement degraded the longer users stayed with the product, and noted that referral programs and paid influencer campaigns returned minimal new users. They estimated the genuinely active global audience for a product structured this way at hundreds of thousands rather than millions, below the scale their model required.

Regional service restrictions constrained the addressable user base before launch. Partnership channels could not be convinced to embed a product running for only one fixed hour per day. The founders also cited competitive pressure: Kalshi and Polymarket together held approximately 93% of prediction market volume across the sector. They concluded they could not see a version of scaling Trepa that did not first make Trepa worse.

Users were instructed to withdraw USDC by September 30, 2026. Streak rewards and referral earnings were distributed directly to wallets on August 13, 2026, requiring no action from recipients. The platform carried no native token; USDC was the sole currency throughout its operating period.