How hot is Fomo right now? In one sentence: In on-chain social trading, it’s the biggest breakout of this summer.
Millions of users, daily revenue exceeding a million dollars, once ranked in the top three of the U.S. Finance charts, and now propelled further by the meme wave from Robinhood Chain. It’s not the next Cash App—but it’s already become the first real “tap-to-trade” crypto gateway for many.
Last month, many were only saying it was “heading toward mainstream adoption.” In the three weeks since, Fomo’s momentum has not slowed—it has accelerated further.
In August, Fomo generated $13.8 million in revenue (annualized at $165.6 million), easily surpassing the $6.4 million record set in July. In September, growth continued to surge—on September 1 alone, daily revenue reached $1.1 million, setting a new all-time high. Compared to $450,000 in August last year, monthly revenue increased nearly 30-fold, representing parabolic growth.
More notably, this surge was not driven by a few "whales," but by a flood of new users. In June, Fomo had only 7,500 daily active users; by last week, that number had skyrocketed to 101,000. Along with this user surge, Fomo rose to the 15th position in the Finance category on the U.S. App Store, demonstrating that Fomo is genuinely bringing in fresh, non-crypto-native users to the ecosystem.
As always, meme coins continue to attract new users. Data from Fomo’s Solana spot trading pairs shows that meme coin pairs consistently account for 40% to 60% of trading volume, while SOL-stablecoin pairs make up a similar share. Since Fomo prices in stablecoins, most SOL-stablecoin trades are effectively driven by meme coin activity—the funding path is typically USDC → SOL → meme coin.
Because of this, many people dismiss it as just another meme casino.
But indications show that users are not satisfied with just trading memecoins. Earlier this year, Fomo integrated Hyperliquid’s builder code, allowing non-U.S. users to trade on Hyperliquid through it. Initial response was lukewarm, but activity surged suddenly in August, with notional trading volume reaching $1.3 billion that month, compared to $448.5 million in July.
The biggest driver of recent growth is undoubtedly Robinhood Chain, whose daily spot DEX trading volume has for the first time surpassed $2 billion, with meme coins playing a major role. Fomo, serving as the ideal front-end entry point for Robinhood Chain, has naturally reaped substantial benefits.
For Fomo, this is undoubtedly a highlight moment, and there is currently no sign of cooling down.
But a painful question is: have retail users made money on this app?
Using the app doesn't mean most people make money.
In mid-August, analyst MidCurveMortal conducted a public Dune query using Fomo’s fee routing, revealing that over the past 90 days, out of approximately 293,000 wallets trading through the app, only 18,000 recorded positive returns—a profit rate of about 6.16%. The collective losses amounted to roughly $1.26 billion, with the median trader losing around $120. Among the 6% of profitable traders, about 88% earned less than $100; at the time, only around 25 wallets had profits exceeding $10,000.
Compared to a gambling platform with a commission rate of about 1%, the latter has a user profit rate of approximately 37%. Subsequent broader sample analyses have reached similar conclusions—losses overwhelmingly dominate, while profits are highly concentrated in small positive gains.
However, the official leaderboard tells a different story: At the end of August, the platform reported that 25 traders on the profit leaderboard had account balances exceeding one million US dollars, with approximately 26 traders surpassing the million-dollar mark; by early September, monitoring showed that the top trader had added another $9.8 million in a single month.
Copy trading is also under scrutiny—those being copied can completely exit at high prices when copy trades surge, leaving retail investors as the ones providing liquidity. Meanwhile, Fomo earns transaction fees, with its August revenue reaching tens of millions; however, users’ expected returns have not doubled alongside DAU.
The conclusion is straightforward and harsh: most people lose money, while only the platform and large holders consistently profit.
Article data sources: Blockwork Research,Ninja_Dev
Author: Bootly
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