FOMO Labs crossed 1.9 million total users since early July, with monthly trading volume running at $2.8 billion in August—a rapid ascent for a startup betting that crypto can shed its reputation for complexity and attract mainstream traders.
The New York-based company announced the milestone when it disclosed its acquisition of Mobula, a developer of on-chain analytics technology, in late August. Revenue is pacing $17 million per month, the company claims, and FOMO reports 1.2 million monthly active users and briefly climbed to third in Apple's Finance category that same month.
According to the company, FOMO is focused on simplifying crypto trading. The app collapses crypto's notoriously clunky mechanics—wallet setup, gas fees, cross-chain asset transfers—into something resembling a fintech product: Apple ID sign-in, Face ID authentication, and what the company calls a "unified USD balance" that abstracts away the blockchain plumbing. Users can start trading in under 30 seconds, the company says, no seed phrases required.
Whether that proposition can sustain growth beyond crypto's core audience remains an open question. But the numbers suggest at least short-term traction in a market where user experience has often been an afterthought.
How It Works
FOMO blends a decentralized exchange with a social feed that surfaces real-time trades, leaderboards, and what the company describes as "theses"—trader commentary attached to specific positions. Users can swap tokens across Solana, Base, BNB Chain, Monad, and Robinhood Chain without manually moving assets between blockchains, according to the company. The desktop platform launched in late April after eight months as mobile-only.
Users report a base fee of 0.50% on spot trades, with perpetuals trading—which went live in June using liquidity from Hyperliquid and Trade[XYZ]—carrying a 0.05% fee plus protocol costs. U.S. users are barred from the perpetuals product.
Behind the simplified interface sits infrastructure from Privy, which handles wallet creation. Each user gets a non-custodial smart wallet at sign-up, with private keys split via Shamir Secret Sharing and reconstructed in secure environments for signing transactions. "Someone should be able to onboard into Fomo, fund their account, and buy a token within like 30 seconds," co-founder Prashan Dharmasena told Fortune in June.
Gas fees disappear through a combination of account abstraction on Ethereum-compatible chains and company-paid sponsorship. Funding happens via an Apple Pay onramp integrated through Coinbase, added earlier this year.
The Social Bet
The feed is where FOMO diverges from traditional trading terminals. It shows trades from followed accounts alongside curated token lists, profit-and-loss overlays, and comment threads on individual positions. The company overhauled the feature in late February, adding thesis posts and messaging. TradingView charts arrived on desktop in mid-April.
The social layer borrows from the playbook of consumer apps—frictionless onboarding, status signals, content discovery—and grafts it onto speculative trading. It's a model that carries obvious risks, particularly in a market prone to volatility and manipulation, though the company frames it as transparency.
Capital and Competition
FOMO raised $75 million in a Series B led by Index Ventures at a $550 million valuation in June 2026, with Union Square Ventures and Benchmark participating. Fortune and The Block confirmed the terms. That followed a $17 million Series A led by Benchmark last fall and a $2 million pre-seed round earlier in the year.
When the Series B closed, FOMO reported 625,000 users and $4 billion in cumulative volume. Two months later, at the time of the Mobula acquisition, those figures had jumped: 1.9 million total users, $1.5 billion in July volume alone, and the $2.8 billion August run rate. The company now says it's adding roughly 30,000 users daily.
The company had 17 employees as of June 2026, though that predates the summer growth surge.
FOMO's competitive set includes Solana-focused terminals like Photon and BullX, wallets with integrated swaps such as Phantom, and aggregators like Jupiter. The company positions itself somewhere between centralized exchanges—Coinbase, Robinhood—and purely decentralized alternatives, arguing it offers the former's ease with the latter's token access.
"Mobula has built exceptional on-chain technology," CEO Paul Erlanger said in the August acquisition announcement, though he offered few specifics on integration plans. The deal underscores FOMO's push to build infrastructure that can support continued scaling, assuming the user growth holds.
For now, the experiment is this: strip away crypto's rough edges, add a social feed, and see if people show up. The early returns suggest they might, though whether they stick around is a different question entirely.
