Fomo Surpasses Pump.fun in Daily Revenue on Solana Platform
On Friday, the social trading platform Fomo generated higher daily revenue than the well-known memecoin launchpad Pump.fun. According to DefiLlama data, Fomo made $1.76 million in daily revenue, surpassing Pump.fun’s $1.1 million. However, Pump.fun remains ahead over longer periods, having generated more than $57 million in revenue over the past 30 days compared to Fomo's $17.6 million. Fomo is developing as a social trading platform combining crypto trading with social network-like features, allowing users to view the trades of others.
Fomo’s Daily Revenue Growth Amid Competition with Pump.fun
DefiLlama data on Friday showed that Fomo generated $1.76 million in revenue in a single day, while Pump.fun reached $1.1 million. Though Pump.fun maintains a lead over longer periods—especially over the past 30 days with revenue exceeding $57 million compared to Fomo’s $17.6 million—the daily revenue figures indicate rapidly growing popularity of Fomo.
Platform Features and Development of Fomo
Fomo combines cryptocurrency trading with social features resembling a social media feed. This allows users to observe other traders’ moves, fostering a sense of social integration and shared trading experience.
In June, Fomo secured $75 million in a Series B funding round led by Index Ventures, valuing the company at $550 million.
The platform attracted over 68,000 users who made their first cryptocurrency purchase using Apple Pay, resulting in transaction volumes of about $25 million.
Feature Expansion and Referral Payouts
This year, Fomo expanded its functionality by launching perpetual futures contracts powered by Hyperliquid on June 11, available for users outside the US.
On June 2, the company announced it had paid out over $2 million in referral fees to its users, incentivizing user acquisition and platform engagement.
Why it matters
This news highlights the shifting competitive landscape within the Solana ecosystem, as the social trading app Fomo begins to surpass the established memecoin launchpad Pump.fun in daily revenue. By combining trading functionalities with social interaction features, Fomo attracts a broad user base, evidenced by a successful funding round and significant inflow of new users via Apple Pay. The launch of perpetual futures and an attractive referral program indicate the company’s ambitions to expand its product range and foster growth, potentially impacting market structure and investor preferences.
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