Se Yong Park, co-founder of the social trading app Fomo, officially denied plans to launch a token platform on Solana or compete directly with the memecoin launchpad Pump.fun. He stated that the market is already saturated with tokens and that the company aims to focus on growing trading communities rather than minting new assets.
Fomo, founded by former dYdX team members, launched in May 2025. In June 2026, the company raised $75 million in a Series B funding round, reaching a valuation of approximately $550 million. The platform currently operates on Solana, though it has plans to expand to other networks.
The app generates revenue through a fee of approximately 0.5% on spot trades and does not have its own native token. Its features include copy trading and real-time activity feeds. Both Fomo and Pump.fun introduced cross-chain bridges in October 2026 to expand their reach beyond the Solana ecosystem.
