Morning Minute: Fomo’s $17M Raise and The Rise of the ‘Everything Apps’

Morning Minute is a daily newsletter published by: tyler warner. The analyzes and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to Morning Minutes on substack.

GM!

Today’s top news:

• Major cryptocurrencies fell another 3-4%. Bitcoin falls to $99,400
• ZEC soars above $600 and reaches $630
• Google announces integration with prediction markets Polymarket and Kalshi
• Tether purchases $100 million in BTC. Robinhood is considering adding BTC to its balance sheet
• Fomo app raises $17M from Benchmark, teases web app

💸 Fomo raises $17M to build social-first all-trades app

Cryptocurrency trading is about to become even more social.

And some new high-level trends are starting to emerge in the trading realm and are starting to converge.

📌What happened

Fomo is a fast-growing retail trading app that launched just six months ago and just closed a $17 million Series A led by Benchmark.

Benchmark led the round, but crypto heavyweights like Raj Gokal (Solana) and Balaji Srinivasan also participated.

Fomo started out as a meme coin exchange with a particular focus on the UI and social elements such as leaderboards, comments, and followers.

starts from SolanaNow users can trade millions of tokens between chains without having to bridge or spin up a new wallet.

According to tech crunchthe app has the following features:

• 120,000 users since the service launched in May
• Daily trading volume of $20-40 million
• Daily revenue is approximately $150,000

Everything is run by a minimal team.

🗣️ What they are saying

“Their vision is clear: to make it easy to discover and trade crypto assets.” — Chetan Puttagunta, Benchmark

“When we added Apple Pay, users flooded in. That step changed the trajectory.” — Paul Erlanger, Fomo Co-Founder

🧠 Why is it important?

This was a major milestone for Fomo.

But the bigger takeaway here is a new trend hitting trading, spanning cryptocurrencies and TradFi.

Apps are focused on user experience, often within a single niche and then expanding.

Robinhood aimed (and probably won) to be the most user-friendly app for stock trading. Since then, they have expanded into cryptocurrencies, prediction markets, and even sports.

Fomo takes a similar approach.

They started a small-scale Solana meme coin trade.

They’re incredibly focused on creating a great user experience, and they’re winning that battle. And now they are starting to expand.

The first expansion was chain-wide memes and tokens, and the team hinted at future plans across all types of markets.

Another upcoming app on MegaETH, “Euphoria”, takes a similar approach and is focused on tap trading in the microsecond market, with plans to expand.

The point is clear. If you build an app that users enjoy and want to use, they’ll spend more time there. And you can give them new products.

Stay tuned for this new wave of apps…

🌎 Macro Codes and Memes

Some crypto and Web3 headlines that caught my eye:

• Major virtual currencies are in the red and falling. BTC -3% ($99,800), ETH -4% ($3,210), BNB -1% ($933), SOL -3% ($152)
• FIL (+50%), ZEC (+20%), ICP (+20%), NEAR (+18%) leading top move
• Virtual currency stocks” Stock prices fell significantly yesterday, with MSTR (-7%), COIN (-7.5%), HOOD (-11%), and IREN (-11%)
• playing cards Yesterday, he once again called the United States a “Bitcoin superpower,” expressed support for cryptocurrencies, and warned of competition from China.
• JP Morgan Fixed fair value of BTC almost constant $170,000 Use gold-based model
• google Integrate predictive market data from Polymarket and Kalshi.
• tether Following the policy of using 15% of profits to purchase BTC, he bought $97 million worth of Bitcoin during this sharp drop.
• robin hood is currently considering adding Bitcoin to its balance sheet
• Bass lead Jesse Pollack Jessexbt has been launchedan AI agent that helps answer ecosystem questions.

For corporate bonds/ETFs

with a meme

• meme coin reader It’s mixed. Doge -1%, Shiva +2%, Pepayeven, Peng +7%, Bonk -1%, Trump +5%, SPX +9%, Fatcoin -1%
• SPSN Solana’s leading runner rose 180% to $4 million. Jelly Jelly down 50% to $87 million (down 80% from local high)

💰 Tokens, Airdrops and Protocol Trackers

Here’s a summary of the day’s key token, protocol, and airdrop news:

🚚 What’s happening with NFTs?

Here’s a list of the day’s other notable headlines regarding NFTs:

• NFT leader It was mixed. Punks -3% for 35 ETH, Pudgy +1% for 5.75, BAYC -3% for 5.8 ETH. Hypurr +2% at 888 HYPE
• Notable developments in Codas (+12%) and Cumbria (+10%)
• token strategy Introducing Rare Pepes For the latest new strategy token NAKASTR