Fomo becomes Solana’s top protocol by daily revenue
Social trading platform Fomo generated more revenue on Friday than memecoin launchpad Pump.fun. Fomo’s daily revenue reached $1.76 million, compared with $1.1 million for Pump.fun.
However, according to DefiLlama, Pump.fun still holds a significant lead over a longer period. Over the past 30 days, the platform generated more than $57 million in revenue, while Fomo brought in $17.6 million.
More about the Fomo platform
Fomo combines cryptocurrency trading with social media features. Users can follow other traders’ transactions and interact with trading content through a familiar social feed format.
In June, Fomo raised $75 million in a Series B funding round led by Index Ventures. The deal valued the company at $550 million.
The company also said that more than 68,000 users made their first cryptocurrency purchase through Fomo using Apple Pay. The total volume of these transactions reached approximately $25 million.
This year, Fomo also began expanding its range of trading instruments. On June 11, the company launched perpetual futures powered by Hyperliquid for users outside the U.S.
In addition, as of June 2, Fomo said it had paid users more than $2 million through its referral program.
Solana’s memecoin conveyor belt
Fomo’s result is particularly notable because Pump.fun has long been one of the main drivers of activity on Solana. The platform turned memecoin launches into an almost instant process: users can create a new token without any programming skills, which has led to thousands of new coins being launched through the platform every day.
This mass creation of memecoins helped Pump.fun become one of the biggest sources of fee revenue in the Solana ecosystem. Most newly created tokens quickly lose users’ attention, but some attract substantial trading volumes, while the constant stream of new coins keeps activity on the platform high.
Earlier, Pump.fun launched a cashback program for new memecoins.
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