Editing Fomo

**Fomo** is a social crypto trading app, launched in May 2025, that began with [[Solana]] memecoins and lets users follow and see other traders' buys and sells.[^1] It was founded by Paul Erlanger, Se Yong Park and Prashan Dharmasena, who had worked at dYdX.[^2]

## Products
The app offers millions of tokens across chains including Solana, [[Base]] and BNB Chain, without users paying gas, and charges 0.50% per trade with a $0.95 minimum on Solana. Apple Pay support, added a month after launch, drove its early growth.[^1] It added perpetual futures, powered by [[Hyperliquid]], for users outside the US on 11 June 2026.[^3]

## History
Benchmark led a $17 million Series A in November 2025, when Fomo had more than 120,000 users and, by its founders' account, about $150,000 in daily revenue.[^1] Index Ventures led a $75 million Series B at a $550 million valuation on 22 June 2026, with Union Square Ventures joining.[^2] On 4 September 2026 Fomo earned $1.76 million in a day against [[pump.fun]]'s $1.1 million, according to DefiLlama, though pump.fun still led over 30 days.[^3]

## Criticism
In September 2026 The Block found that Fomo users could buy memecoins such as [[dogwifhat]] with credit cards through Apple Pay or Google Pay, with purchases coded as digital goods rather than crypto, apparently sidestepping card-network rules. Chase opened a case with Visa and the New York Attorney General's office said it was reviewing the matter. Fomo said the Crossmint checkout involved was about 7% of user inflows, and chief executive Se Yong Park said buying a memecoin is no different from buying coffee.[^4]

In October 2026 Decrypt reported that [[Sahil Arora]], known for 2024 [[Celebrity memecoins|celebrity memecoins]], planned to "recreate everything on Fomo that we made on Pump.fun in 2024". A Solana token promoted on Fomo through Floyd Mayweather's social accounts reached a $1 million market value and fell 96% in about three hours; Arora claimed seven-figure profits, which [[Bubblemaps]] said its data did not support.[^5]

## Timeline
- 2025-05: Fomo launches[^1]
- 2025-11-06: $17 million Series A led by Benchmark[^1]
- 2026-06-11: perpetual futures launched[^3]
- 2026-06-22: $75 million Series B at a $550 million valuation[^2]
- 2026-09-01: The Block reports card-coded memecoin purchases[^4]
- 2026-09-04: Fomo out-earns pump.fun for a day[^3]
- 2026-10-14: Decrypt reports Sahil Arora's plans on Fomo[^5]

## See also
- [[LetsBonk]]
- [[Raydium]]
- [[SunPump]]
- [[Jupiter]]
- [[Meteora]]
- [[Launch Coin]]
- [[Alon Cohen]]
- [[Ben Chow]]

## References
1. [Why Benchmark made a rare crypto bet on trading app Fomo, with $17M Series A](https://techcrunch.com/2025/11/06/why-benchmark-made-a-rare-crypto-bet-on-trading-app-fomo-with-17m-series-a/), TechCrunch, 2025-11-06
2. [Crypto trading app Fomo raises $75 million at $550 million valuation in Index Ventures-led Series B](https://www.theblock.co/news/deals/2026-06-22-crypto-trading-app-fomo-raises-75-million-at-550-million-valuation-in-index-ventures-led-series-b-report-405563), The Block, 2026-06-22
3. [Fomo overtakes Pump.fun in daily revenue on Solana](https://cointelegraph.com/news/fomo-pumpfun-revenue-app-solana), Cointelegraph, 2026-09-07
4. [Buying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules](https://www.theblock.co/news/business/2026-09-01-buying-memecoins-with-credit-cards-on-robinhood-wallet-fomo-sidestep-card-network-crypto-rules-411911), The Block, 2026-09-01
5. [Notorious Crypto Celeb Meme Coin Promoter Plots Second Wave on New Launchpad](https://decrypt.co/380928/notorious-crypto-celeb-meme-coin-promoter-plots-second-wave-on-new-launchpad), Decrypt, 2026-10-14