Paul Erlanger, co-founder of the crypto social trading platform fomo, recently retweeted an official account's post on social media promoting the platform's "Earn rewards, Pay it forward" trader rewards program, claiming fomo is "a trading app for the common people."

According to reports, fomo's recently launched "Trader Rewards" program has paid out approximately $2 million to users in the past week; additionally, public data shows that the platform's referral program has issued over $2 million in rewards to users to date.

The report indicates that fomo's enhancement of its user rewards program is seen as its latest move in the "arms race" for trader traffic against another major memecoin trading platform on the Solana chain, Pump.fun. Unverified reports previously indicated that Pump.fun offered top traders and influencers up to $30,000 per month to trade exclusively on its platform; Pump.fun also launched social trading features on August 7, driving its daily active user count to a record high, while its $PUMP token rose 87% over 30 days during the same period.

Data shows that on September 5, fomo's daily revenue reached $1.76 million, surpassing Pump.fun's $1.1 million on the same day; however, over the past 30 days, Pump.fun led significantly with $57 million in revenue compared to fomo's $17.6 million. fomo had also set historical trading volume records for six consecutive weeks, and on August 6, briefly surpassed trading platform Axiom in daily fee revenue, with its Solana chain trading volume accounting for over 50% of the company's total trading traffic.

The report mentions that fomo launched perpetual contract trading based on Hyperliquid for users outside the U.S. in June this year; the platform has gained over 68,000 new users who made their first cryptocurrency purchases via Apple Pay, with a total transaction amount of approximately $25 million. The company completed a $75 million Series B funding round led by Index Ventures in June, with a valuation of $550 million.

fomo adopts a fee-based model focusing on copy trading, cross-chain functionality, and social position displays, while Pump.fun has long used a zero-fee model, attracting users with a bonding-curve mechanism and social features, allocating about 50% of its revenue for programmatic token buybacks; the differences in customer acquisition strategies are also the core background of the direct competition over "user rewards."

Source: Public Information