Social trading platform Fomo out-earned memecoin launchpad Pump.fun in daily revenue on Friday, marking a notable shift between two of the Solana ecosystem's most prominent revenue-generating applications. The milestone illustrates how competition for fee-generating activity on Solana has broadened beyond memecoin issuance toward consumer-facing trading apps with social features.

Fomo generated $1.76 million in daily revenue on Friday, compared with $1.1 million for Pump.fun, according to DefiLlama data.

Pump.fun remains ahead over longer timeframes. The memecoin launchpad generated more than $57 million over the past 30 days, compared with $17.6 million for Fomo over the same period. A single day of higher revenue for Fomo does not indicate a durable change in that gap, but it shows the social trading app is closing distance against the sector's long-standing fee leader.

What is Fomo?

Fomo combines cryptocurrency trading with social features resembling a social media feed. The platform allows users to view other users' trades in real time, a format designed to make trading activity more transparent and community-driven. The approach mirrors a broader trend in crypto consumer apps, where copy-trading and feed-style interfaces are used to lower the barrier to entry for first-time traders.

Pump.fun, by contrast, is a token launchpad built on Solana that lets users create and trade memecoins quickly and at low cost. The platform became one of the network's most significant sources of fee revenue during the memecoin boom, at times rivaling major protocols in daily fees.

Funding and growth

In June, Fomo closed a $75 million Series B round led by Index Ventures, valuing the social trading app at $550 million.

The company said more than 68,000 users made their first cryptocurrency purchase on the platform using Apple Pay, accounting for about $25 million in transaction volume. Onboarding via familiar payment rails like Apple Pay has become a common strategy for crypto apps seeking users beyond existing traders.

Fomo also expanded its offering beyond spot trading this year. On June 11, it launched perpetual futures contracts powered by Hyperliquid for users outside the US.

The company said on June 2 that it had paid users more than $2 million in referral fees.

Related: AMC chief criticizes Robinhood's tokenized stock plan

Source: Cointelegraph