Dear Trucpal Investors,
The first half of 2024 has passed, and the updated Trucbook has successfully managed user migration with positive feedback. Transaction volume remained stable despite China’s economic downturn. User growth showed no decline. Trucpal’s team actively participated in industry summits and community interactions, fulfilling the commitment to continuous dividends for Trucpal token holders and initiating the second round of token sales on INX.
China’s freight industry is undergoing a significant fiscal and tax reform. Online freight giants that relied on subsidies for rapid expansion are facing substantial impacts. Trucpal, one of the earliest platforms to adopt a compliant account model, never relied on government subsidies for growth. This gives us a market advantage during this transformation, enabling Trucpal to expand its business into more provinces.
Business Performance
Data Highlights
Over the past six months, the upgraded Trucbook performed well, with significant growth in registered users and new vehicles. Despite the economic downturn affecting China’s freight industry, Trucpal maintained business stability due to its indispensable services.
Card Issuance
Total ETC Cards Issued: 1,182
- Q1: 472 cards
- Q2: 710 cards (50.42% increase)
Fuel Cards Issued: 172
ETC & Fuel Card Trading Volume
Total ETC Trading Volume (H1 2024): 497,313,772 RMB(approx. $68.6 million)
- Q1: 242,997,089 RMB
- Q2: 254,316,683 RMB (4.65% increase)
Fuel Card Total Trading Volume: 6,503,632 RMB (approx. $0.89 million)
- Q1: 3,126,699 RMB
- Q2: 3,376,933 RMB (8% increase)
New Vehicles
Total New Vehicles (H1 2024): 1182
- Class 1 Trucks: 37
- Class 2 Trucks: 117
- Class 3 Trucks: 19
- Class 4 Trucks: 180
- Trailers: 839
Market Operations
Community Dividends
On March 14, 2024, Trucpal conducted the third dividend distribution for token holders, with a total amount of $37,972 distributed through the INX.One platform.
TX: 0x4f81905cd26c0a2c8c4f9f6ebfbbf9a374b44f31580c1672666f68c1f70bccb1
TeamZ Web3 Summit
In April, Trucpal sponsored and participated in the TeamZ Web3 Summit in Tokyo, Japan, a significant event in the Web3 industry. The team actively engaged with fans and introduced Trucpal.
Trucpal Token Sales
On May 17, Trucpal launched the second round of token sales on the INX platform. The minimum investment was set at $0.15 per token, with a minimum purchase amount of $2,000. This round is the last token sale before opening trading, expecting to end with the anticipated market liquidity increase.
Future Plans for H2 2024
As we review our achievements over the past six months, Trucpal’s team has also outlined plans for the upcoming six months, including:
- Launch of the Jetpay System
- Establishment of the Trucpal Jiangsu Team
- Obtaining ICP/EDI Licenses
- Expanding Trucpal’s freight business to Guangzhou and Jiangsu
- Deployment of OBU Self-service Machines
The OBU (On-board Unit) self-service machine, 100% designed by Trucpal, combines the convenience of the sharing economy and efficiently delivers OBU devices to the freight market, targeting truck drivers precisely. This innovation is more economical and efficient than traditional sales methods, significantly boosting Trucpal’s ETC business growth.
New Market Opportunities
Over the past 45 years, China’s freight industry has undergone impressive development, driven by economic reforms and the rise of the internet. However, rapid growth was based on an extensive, non-compliant development model heavily subsidized by the government, leading to operational risks.
In response, the Chinese government has implemented policies to curb unchecked growth, challenging established industry giants but creating opportunities for new entrants. Trucpal is a potential challenger under the new policies, leveraging web3 token economics for user incentives and a compliant account system. This advantage positions Trucpal for regulatory compliance, facilitating innovative financial services tied to user credit.
Trucpal: A Rising Challenger in China’s Freight Industry (Part 2)
Conclusion
2024 is a crucial year for Trucpal, with significant tasks including financial account upgrades, the launch of the Jetpay system, building the Jiangsu team, and token sales. The team is confident and excited about future growth, expecting substantial user and transaction volume increases following fiscal and tax reforms in China’s freight industry. We anticipate positive market feedback in the next 6–12 months.
