Fomo Surpasses $1.2M in Daily Sales, Exchanges Scramble to Replicate Its Model

Fomo, a social trading app, has reached a new all-time high in revenue after achieving $1.2 million in daily sales on September 3.

This figure is not among the top five in the entire crypto industry, but it's what unsettles Binance and OKX, two established exchanges that can't replicate Fomo's logic.

Fomo's co-founder Se Yong Park admitted that the app's web version has 'pretty bad functionality' and lacks polish, yet it accounts for 25% of the platform's traffic. Despite its shortcomings, Fomo's growth trajectory continues to soar, with a trading bot achieving the highest trading volume and market share in meme trading.

The platform's users have grown to 1.3 million, with a net increase of 30,000 daily, and it has set records for weekly protocol revenue on DeFiLlama and single-day protocol revenue surpassing Hyperliquid. Fomo's valuation is now at $550 million after a $75 million Series B funding round led by Index Ventures.

The exchange wallets' biggest concern isn't the user count but the chain Fomo has opened up: information feed → trading → creator revenue sharing. When a user buys a token on Fomo, they can write a 'Thesis' explaining why they bought it; others can follow their trade and earn fees, with the original author receiving a portion of the Creator Revenue.

Binance and OKX are trying to replicate Fomo's model in their own wallets, but Binance is taking a different approach by focusing on creating profit-making effects first. Meanwhile, other exchanges like Coinbase are exploring compliant payments and fiat on-ramps as an alternative route in the market.