Written by: Bootly

How popular is Fomo right now? In one sentence: In on-chain social trading, it is the most talked-about platform this summer.

With millions of users, daily revenue exceeding one million dollars, and once making it into the top three of the Finance chart in the US, it is propelled forward by the meme frenzy of Robinhood Chain. It is not the next Cash App, but it has become the first real gateway to crypto for many people who can "just click to trade."

Just last month, many people were still saying it was "moving towards mainstream." In the following three weeks, Fomo's growth momentum not only did not slow down but further accelerated.

In August, Fomo recorded $13.8 million in revenue (annualized at $165.6 million), easily surpassing the $6.4 million record set in July. September continued to surge — on September 1, daily revenue reached $1.1 million, setting a new historical peak. Compared to last August's $450,000, the monthly revenue skyrocketed nearly 30 times, a true parabolic growth.

What is even more noteworthy is that this round of explosion is not supported by a few "whales," but rather a flood of new users. In June, Fomo had only 7,500 daily active users; in the recent week, this number soared to 101,000. With the surge in users, it climbed to 15th place among financial applications in the US App Store, indicating that Fomo is genuinely bringing "outside new blood" into the crypto world.

As before, what attracts the newcomers are meme coins. From the data of spot trading pairs on Fomo for Solana, meme coin trading pairs stably account for 40%~60%, and the SOL-stablecoin pair also occupies a similar proportion. Since Fomo is priced in stablecoins, most of the SOL-stablecoin trading pair is also meme trading — every time you buy a meme coin, the funding path is USDC → SOL → meme coin.

Because of this, many people scoff, feeling that Fomo is just another meme gambling house.

However, signs show that users are not satisfied with just trading memes. Earlier this year, Fomo integrated Hyperliquid's builder code, allowing non-US users to trade Hyperliquid through it. Initial reactions were tepid, but suddenly in August, nominal trading volume hit $1.3 billion, compared to only $448.5 million in July.

Recently, the biggest driving force behind the growth has been Robinhood Chain — whose daily spot DEX trading volume first broke $2 billion, with meme coins contributing significantly. Fomo just happens to serve as the "frontend entrance" for Robinhood Chain, naturally reaping the benefits.

For Fomo, this is undoubtedly a highlight moment, and currently, there are no signs of cooling off.

But a painful question is, have retail investors made money in this app?

Just because the app is popular doesn’t mean the majority are making money.

In mid-August, analyst MidCurveMortal used Fomo's fee routing to conduct a public Dune query: Over the past 90 days, among approximately 293,000 wallets that traded through the app, only 18,000 recorded positive returns, with a profit ratio of about 6.16%. The group collectively lost about $1.26 billion, with the median trader losing about $120. Among that 6% of profit-makers, about 88% made less than $100; at the time, only about 25 wallets made over $10,000.

During the same period, some compared it to a gambling platform with about a 1% commission, where user profit ratios were about 37%. Further broader sample analyses also reached similar conclusions — the loss side overwhelmingly dominates, with profits highly concentrated in small positive returns.

However, the official rankings tell a different story: At the end of August, the platform stated that in the previous 30 days, there were 25 traders on the profit leaderboard with balances exceeding one million dollars, and about 26 individuals with total profits exceeding one million; monitoring in early September showed that the leader added about $9.8 million in a single month.

The narrative of copying trades has also been questioned — those being followed can completely sell high during the influx of following trades, while retail investors end up providing exit liquidity. Fomo itself earns transaction fees, with August revenue already reaching seven figures, and users' expected returns have not doubled alongside DAU.

The conclusion is straightforward and harsh: the majority are losing, only the platform and the big players are steadily making profits.

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