Fomo Draws 2.7 Million Users in 17 Months by Adding Social Networking to Crypto Trading

Interview with Fomo Co-Founder Park Se-yong

Sharing the Rationale Behind Trades, Not Just Orders

Expanding Beyond Memecoins to Tokenized Stocks

No Native Token Issuance, IPO Is the Goal

How do you keep crypto investors engaged after they make a single trade and leave the market? Park Se-yong, co-founder of Fomo, said the answer lies in sharing not just other investors’ trades, but also the thinking behind them. By combining a trading app with social networking features, the company aims to help users discover new assets and examine why others chose to invest.

Users need to be able to see not only who is buying and selling a given asset, but also why they made that decision, Park said in an interview with Bloomingbit on Oct. 1. He said he believed the market needed a transparent space where users could communicate with one another and better understand how the market works.

Fomo is a social trading app that allows users to trade digital assets across multiple blockchains, track other investors’ buy and sell activity in real time and share investment views. It supports seven networks, including Solana, Base, BNB Chain and Robinhood Chain. The app also handles the complex process of bridging assets across chains, reducing the need for users to move assets manually.

Since its public launch in May last year, Fomo has attracted 2.7 million users in about 17 months. Daily spot trading volume in September ranged from about $250 million to $300 million, while perpetual futures trading totaled about $10 million a day. Fee revenue over the past 30 days came to about $31.87 million, roughly 60% of Pump.fun’s level. Total funding raised, including early-stage investment, has reached $94 million.

Beyond ‘Who Bought’ to ‘Why They Bought’

Park described Fomo not as an exchange, but as a social platform where users can trade. Rather than operating its own market, the company routes user orders through multiple decentralized liquidity pools and service providers. That structure is designed to give users access to assets tradable on-chain without waiting for a listing on a centralized exchange.

Its main distinction is that trading and information discovery happen in one place. Users can monitor other investors’ trades in real time and receive alerts. After buying an asset, they can write out their investment rationale or link related articles and X posts to explain their thinking. The app also provides a daily digest covering cryptocurrencies, stocks and major economic developments.

Park said some users came to the app to buy a single token and then were unsure what to do next. As a result, they either kept trading only familiar coins or withdrew all their money. Being able to see what others are doing and discussing gives them a chance to learn how the market works, he said.

The next step is to build discussion tools between users. Fomo plans to add features that allow people to comment on investment views, ask questions and offer different perspectives. The idea is to move beyond simply copying traders with high returns and instead give users a way to examine the reasoning behind an investment decision.

Asked whether publicly displaying other investors’ trades and profits could encourage excessive speculation, Park emphasized education. The priority, he said, is to help users understand what assets are available and why people are buying them. Users should then decide for themselves what matters and make their own choices.

To support that effort, the company plans to strengthen its investor education features. In addition to the daily market summaries and trade-rationale sharing tools already available, it plans to introduce discussion features that let users exchange comments and questions. Park said users should be able to challenge someone else’s investment view or dispute the assumptions behind it. He said he wants those conversations to help users learn about the market.

Fomo is also trying to reduce friction in the trading process. It currently covers Solana network fees, or gas fees, on behalf of users. Some of that cost is offset through trading fees, but Park said the company’s main objective is not to make money from small investors. He added that costs are harder to control on other blockchains because the company depends on outside service providers.

When people trade on traditional finance apps, they usually do not have to think about separate charges that are difficult to identify, Park said. Blockchain services, he added, need to offer a user experience comparable to existing financial apps. Even so, he said the company’s goal is to keep covering gas fees over time.

From Memecoins to Stocks and RWA

Fomo’s next challenge is broadening the range of assets available for trading. Park said memecoins currently account for about 50% of trading on the platform. The company plans to expand into tokenized stocks, real-world assets, or RWA, major cryptocurrencies and yield products based on stablecoins.

Rather than issuing every product itself, Fomo plans to work with specialized providers. Companies that place assets on-chain would supply the products, while Fomo would serve as the channel connecting those offerings with users.

The company wants to work with technology providers that have compliance systems in place and sufficient liquidity, Park said. He added that he wants Fomo to serve as a distribution gateway where users can discover and trade assets from partners that tokenize stocks and RWA.

Park said the company’s long-term competitive edge would come less from the number of products it offers than from the relationships among its users. The goal is to build a network where investors can find others focused on areas such as stocks or RWA and review their trades and judgment transparently. Fomo’s strength, he said, will be a network of people connected through finance. Users should be able to find people producing results in the areas they care about.

No Native Token Issuance, IPO Is the Goal

Park said the company has no plans to issue its own token. Running a service and a token at the same time would force an early-stage company to split its resources between two businesses, he said. Building one product already creates more than enough work for a young company, he said, and operating two products simultaneously could be a heavy burden.

Instead, the company’s long-term goal is an initial public offering. The idea is to let users participate in Fomo’s growth through shares rather than a token. Park said the company has always aimed to become a publicly listed company and wants to give users who want to participate in its growth an opportunity to do so through the stock market.

On South Korea, Park said he was closely watching the country’s strong investor interest and community culture. He said there are no concrete plans yet for a local entity or local partnerships. This visit to Korea was focused on meeting investors, companies and media outlets to better understand the market, rather than announcing a business expansion.

Park said what stood out in Korea was that communities form around specific tokens or projects where people share deep conviction. He added that he wants to better understand the experiences those users are having and where they feel friction.

He did not argue that on-chain trading is automatically necessary for South Korean investors. If users want to trade assets that were previously difficult to access, Fomo can help with that process, he said. But the first step is understanding what inconvenience users actually face, and there may also be cases where there is no problem to solve.

What defines the company’s direction now is understanding users and their experience, Park said. He added that he would welcome views from anyone who wants to talk about the market or cryptocurrencies.