On September 3, on-chain data agency SolanaFloor reported that the social trading application Fomo achieved a daily revenue of 1.2 million US dollars, setting a historical high. Within the entire cryptocurrency industry, this number does not rank among the top five. However, what has made the wallet teams of Binance and OKX uneasy has never been the number itself, but the logic behind it that both established exchanges have failed to execute.
Shortcomings that even the founders do not deny
Interestingly, Fomo itself does not shy away from acknowledging its product shortcomings. Co-founder Se Yong Park admitted in an exclusive interview that the Fomo web version's "features are a bit lacking," and it remains at the same level since its release, with the team currently lacking the energy to improve it—yet the web version accounts for about 25% of the platform's total traffic, an entry point that the team admits has "debts."
However, this has not hindered its relentless growth curve. According to data from Dune Analytics, the trading volume of Fomo's trading bot has made it the number one in the meme trading track; Se Yong indicated in the interview that the platform has grown to 1.3 million users, with a daily net increase of 30,000. Looking back, according to statistics from on-chain data platform DeFiLlama, Fomo set a weekly revenue record of 2.64 million US dollars on August 8, refreshing its weekly revenue record three times in a month, with annualized revenue reaching 29.22 million US dollars at one point; on August 16, its single-day protocol revenue even exceeded the established derivatives platform Hyperliquid; on August 21, Fomo briefly entered the top three of the financial applications chart in the US, surpassing Cash App and prediction market Kalshi, currently remaining stable within the top 15. Behind this is a $75 million Series B financing round led by veteran Silicon Valley venture capital firm Index Ventures and co-invested by established venture capital Union Square Ventures (USV), valuing this company founded by three former employees of decentralized trading platform dYdX at $550 million, accumulating approximately $94 million in disclosed equity financing.
What truly makes Binance and OKX anxious is not the user count, but the path that Fomo has opened: information flow → transaction → creator revenue distribution. Users buying a token on Fomo can easily write a "why I bought" Thesis; when others come across this position record and follow the trade, as long as a transaction generates a fee, the original author can earn a portion of the creator revenue share. According to co-founder Se Yong Park, within a week at the end of August, nearly 2 million US dollars was distributed solely in trader rewards—this means that even an ordinary account with a few hundred followers can earn a share of this money as long as their position is followed and executed, without needing to accumulate tens of thousands of followers, accept advertisements, or engage in commission schemes as before.
What are Binance and OKX in a hurry for?
According to KOL Crypto Brave (@cryptobraveHQ), OKX has held several internal meetings hoping to implement Fomo's functionality into their own wallet; he also believes that exchanges launched by Chinese teams generally lack a natural understanding of overseas "front-run" communities and Western meme-native cultures, a gap not easily closed by a single product iteration.
On Binance's side, there are no plans to follow Fomo's approach. They are sticking to the card they know best—first, by attracting people through wealth effects created by asset production, and leaving the product experience gap to be slowly improved later. On September 2, Binance Alpha just added the meme token FLORK; according to Brave's observation, this token rapidly surged in trading popularity just days after its launch, representing the latest practical application of Binance's consistent strategy on BNB Chain—first creating a profit story to attract attention, with technical and product improvements to follow later.
This is also the most critical divergence in this competition: the moats in Binance and OKX's hands are the issuance rights of "who can decide which asset gets seen first"; while Fomo has leveraged the information rights of "who can get closest to the moment of trading decision." Over the past decade, exchanges have drawn most trading volume through the former, as on-chain information has been scattered across countless Telegram groups and X (formerly Twitter) KOLs, and exchanges do not need to consolidate it. Now, Fomo has packaged this scattered information flow, real positions, and revenue distribution mechanisms into a single product, effectively bypassing the issuance authority, creating a new entry point in the "attention—transaction" loop.
It is worth noting that this competition will not simply narrow down to a "Fomo versus exchange wallet" binary choice. Another distinct route in the market comes from the Base ecosystem under Coinbase—it neither competes in meme-native culture nor relies on asset issuance to create wealth effects, but is moving the wallet towards compliant payments, fiat entry points, and blockchain financial infrastructure. In other words, the wallet track is evolving from a single competition of "who has more complete functions" into parallel moats of "who controls culture, who controls assets, who controls compliant infrastructure." The confrontation between exchange wallets and Fomo is merely one of the most direct battlefronts.
Exchanges are not the only ones in a hurry
The battle for trading entry points is not limited to Binance and OKX. According to Se Yong Park's revelation in an interview, just a week before this exclusive interview, the established meme coin launch platform Pump.fun was reported to be spending heavily to poach top traders from the Fomo platform—in Fomo's model, traders' personal accounts are assets themselves; whoever's position is seen and followed by more people can earn more creator revenue shares, making top traders a scarce resource coveted by various platforms.
In response, Se Yong's reply was quite restrained: competition is a good thing, Fomo's goal is to expand the entire "cake," not to be stuck in the existing crypto Twitter (CT) community fighting for users—according to him, Fomo does not even wish to define itself as a "crypto company," but aims to become a "social financial platform where anything can be traded." This sounds like public relations jargon, but contrasting it with the community function (Clans) that is already in preparation—where users can team up to rank, co-build funding pools, and even receive project airdrops in the name of the community—it is evident that Fomo wants not only to capture users from Binance and OKX's wallets but also top traders from platforms like Pump.fun.
The former revenue-sharing model
Directly linking "signals" to trading volume for revenue sharing is not Fomo's invention. The established social trading platform eToro's Popular Investor plan has adopted a similar logic many years ago: a blogger's monthly income is tied to the size of their followed assets (AUC), with higher levels receiving higher sharing rates. This mechanism has indeed cultivated a batch of leading trading bloggers, but it has also been long accompanied by controversy—when income is directly linked to "how many people follow their orders," do bloggers have the motivation to amplify positions or create more stimulating narratives to attract more followers? This question has been discussed on eToro for over a decade: should there be limits on how much revenue a single blogger can earn, or should the market be left to weed out failing bloggers? There is still no unified practice in the industry.
The trader rewards and creator revenue sharing of Fomo essentially transfer the same incentive structure onto the blockchain and into the already highly volatile meme coin track. Leaderboards and feeds turn bloggers' positions and profits/losses into verifiable public records, which are indeed more difficult to fabricate than the easily manipulated DEX rankings; however, the same mechanism could also distort the "sharing trading logic" into "creating trading signals for revenue sharing." This is not a current concern for Binance or OKX, but it is a question that every ordinary user preparing to stake funds in the Fomo ecosystem should think clearly about first.
Fomo has not yet confirmed whether it will issue a token. A platform that just secured $75 million, is frantically subsidizing traders and creators, is being poached by Pump.fun, and is being observed for imitation by OKX—whether it will refine this revenue-sharing mechanism into a more transparent information pricing method under growth pressure or will shift from "signals equal revenue" to "signals equal manipulation," nobody can provide an answer. And this answer ultimately decides not just the valuation of one app, but also who should define the next generation of trading entry points—whether it will continue to be dictated by exchanges through issuance rights or could be written out by countless ordinary users through their positions and Theses.
*This article is for reference only and does not constitute any investment advice. The market has risks; invest cautiously.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
