Morning Minute: Fomo's $17M Raise and The Rise of the 'Everything Apps'

Fomo's raise highlights an important new trend in trading apps. Master UX, and then expand.

By Tyler Warner

5 min read

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

  • Crypto majors fall another 3-4%; Bitcoin down at $99,400
  • ZEC soars past $600, reaches $630
  • Google announces integrations with prediction markets Polymarket & Kalshi
  • Tether buys $100M of BTC; Robinhood considers adding BTC to balance sheet
  • Fomo app raises $17M from Benchmark, teases web app

💸 Fomo Raises $17M to Build the Social-First Everything Trading App

Crypto trading is about to get a lot more social.

And a few new high-level trends are starting to show themselves in the trading space…and converge.

📌 What Happened

Fomo, a fast-growing retail trading app launched just six months ago, just closed a $17M Series A led by Benchmark.

Benchmark led the round but was also joined by crypto heavyweights like Raj Gokal (Solana) and Balaji Srinivasan.

Fomo started with meme coin trading specifically, with a focus on UI and social factors like leaderboards, commentary and followers.

Starting on Solana, it now lets users trade millions of tokens across chains, without bridging or spinning up new wallets.

According to TechCrunch, the app has:

  • 120,000 users since launching in May
  • $20–40 million in daily volume
  • roughly $150K in daily revenue

All while operating with a minimal team.

🗣️ What They’re Saying

“Their vision is clean: make crypto assets easy to discover and trade.” — Chetan Puttagunta, Benchmark

“Once we added Apple Pay, users flooded in. That single step changed the trajectory.” — Paul Erlanger, Fomo co-founder

🧠 Why It Matters

This was a huge milestone for Fomo.

But the bigger takeaway here is a new trend hitting trading, spanning crypto and TradFi.

Apps are focusing on user experience, often within a single niche - then expanding.

Robinhood aimed to become the most user-friendly app for stock trading (and likely won). Since, they’ve expanded into crypto, prediction markets and even sports.

Fomo is taking a similar approach.

They started small—Solana meme coin trading.

They were incredibly concentrated on making a great user experience, and are winning that battle. And now, they’re starting to expand.

The first expansion was memes and tokens across chains, and the team has alluded to future plans spanning all kinds of markets.

Another upcoming app on MegaETH called Euphoria is taking a similar approach, hyper-focused on tap trading for micro-second markets, with plans to expand.

The takeaway is clear. Build apps that users have fun and like to use, and they’ll spend more time there. And you can feed them new products.

Watch out for this new wave of apps to come…

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

In Corporate Treasuries / ETFs

In Memes

  • meme coin leaders are mixed; DOGE -1%, Shiba +2%, PEPE even, PENGU +7%, BONK -1%, TRUMP +5%, SPX +9%, and FARTCOIN -1%
  • SPSN jumped 180% to $4M leading Solana runners; jelly jelly down 50% to $87M (-80% from local highs)

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • NFT leaders were mixed; Punks -3% at 35 ETH, Pudgy +1% at 5.75, BAYC -3% at 5.8 ETH; Hypurr’s +2% at 888 HYPE
  • Kodas (+12%) and Cambria Islands (+10%) notable movers
  • Token Strategy announced Rare Pepes for their latest new Strategy token NAKASTR

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