Se Yong Park, co-founder of FOMO, stated that the app store adds about 40,000 users daily, most of whom are net new entrants to the crypto market rather than existing users switching platforms. When asked if the figures were exaggerated, he mentioned that on-chain statistics span six to seven chains and include perpetual contracts, suggesting that the actual numbers could be 20% to 40% higher due to incomplete data collection.

He cited customer service data as supporting evidence: out of approximately 1,500 daily tickets, 1,400 to 1,450 are typically from people who "do not understand what is happening at all." The product goal is to enable users to trade on-chain without feeling like they are on-chain; it still feels like crypto only because the assets are still referred to as coins. He aims to expand the market rather than just capture existing users from the crypto social circle.

The company plans to launch a social trading application in May 2025, with co-founders Paul Erlanger and Prashan Dharmasena, all coming from a perpetual contract platform. Benchmark led a $17 million Series A round, with subsequent valuations reported at around $550 million. In mid-August, he mentioned a total user count of about 1.3 million, with a daily increase of about 30,000; the recent figure of 40,000 is an upward revision from the app store perspective. Initially, there were 140 angel investors, but for several months, the user count remained below 140. Growth inflection points include integrating Apple Pay and making fiat deposits seamless.

The people who do not understand in customer service are both proof of growth and a product liability. Hiding mnemonic phrases and cross-chain details can lead to downloads; the ticket structure indicates they have not yet completed the "seamless on-chain" experience. If the daily increase of 40,000 continues, it represents a download funnel, but does not equate to daily active traders or net deposits after retention.

In market mechanics, sellers package on-chain transactions as consumer-grade mobile social applications, while buyers are retail users encountering crypto for the first time through short videos and word-of-mouth. Event-driven factors include founder interviews. Funds flow with copy trading and transaction fees, with a disclosed rate of about 0.5%. Beneficiaries are those who can access the app store rankings; those under pressure are bots serving the crypto Twitter professional terminal and those who directly equate download numbers with converted traders in their valuation models.

Source: Public Information