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[edit]
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[edit]
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[edit]
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, 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[edit]
- 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[edit]
References[edit]
- ^ Why Benchmark made a rare crypto bet on trading app Fomo, with $17M Series A, TechCrunch, 2025-11-06
- ^ Crypto trading app Fomo raises $75 million at $550 million valuation in Index Ventures-led Series B, The Block, 2026-06-22
- ^ Fomo overtakes Pump.fun in daily revenue on Solana, Cointelegraph, 2026-09-07
- ^ Buying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules, The Block, 2026-09-01
- ^ Notorious Crypto Celeb Meme Coin Promoter Plots Second Wave on New Launchpad, Decrypt, 2026-10-14