The social trading platform Fomo generated $1.76 million in daily revenue on Friday, surpassing the memecoin launchpad Pump.fun, which reported $1.1 million, according to DefiLlama data. Fomo outperformed its competitor in daily revenue, although Pump.fun maintains long-term leadership: over the past 30 days, the platform earned more than $57 million compared to $17.6 million for Fomo. This event demonstrates the growing activity on the social trading platform on the Solana blockchain, as reported by Cointelegraph.
Fomo combines cryptocurrency trading with social features reminiscent of a social media feed, allowing users to view each other's trades. In June, the platform raised $75 million in a Series B round led by Index Ventures, valuing the company at $550 million. More than 68,000 users made their first cryptocurrency purchase on Fomo via Apple Pay, amounting to approximately $25 million in transaction volume. As of June 2, Fomo paid users over $2 million in referral commissions. Additionally, on June 11, the platform launched futures contracts using the Hyperliquid protocol for users outside the U.S., expanding its offerings beyond spot trading.
*** This material is prepared solely for informational purposes and does not constitute financial advice or recommendations.