Exclusive Interview with FOMO Co-founder Seyoung: From Yale, dYdX to Benchmark Leading Investment, Analyzing Perceptual Cross-chain and Speculation Graphs

This episode of The Archive is more "fundamental" than the previous one. The last episode focused more on explaining what FOMO is today; this episode truly addresses two larger questions: First, why does FOMO have the opportunity to become a large company? Second, if AI drives content production costs close to zero, what will the next generation of social networks rely on to establish identity, reputation, and power? Seyoung Park's answer is: Risk, Capital, Prediction, Verified P&L. In other words: real bets may become the most scarce social content in the AI era. This is the most worthy aspect to study in this episode. ──────────────── 1. First, place FOMO in the correct historical context FOMO is not merely solving the issue of "Crypto UX being too difficult". It is actually betting on three historical trends simultaneously: First, financial assets are becoming increasingly digital. Second, financial trading is becoming more social. Third, AI is making ordinary content cheaper, while real risk-taking remains expensive. FOMO's official investor Index Ventures clearly described it in June 2026: the goal is not to create an on-chain terminal for crypto veterans, but to hide all DeFi and multi-chain infrastructure beneath a consumer-grade interface. Index disclosed that by then, FOMO had already surpassed 600,000 users and $4 billion in trading volume in its first year. Thus, FOMO should be viewed as: Consumer Finance × Social Network × On-chain Infrastructure. Not merely: Crypto Exchange. ──────────────── 2. "Speculation Graph" may be more accurate than "Social Graph of Finance" I believe Seyoung's proposed Speculation Graph is more intellectually substantial than the previous "Social Graph of Finance". The traditional Social Graph records: Who knows whom. Who follows whom. Who likes whom. Whereas the Speculation Graph records: Who believes in what. Who is willing to take risks for which viewpoints. Who bets when. How much is bet. What the outcomes are. This is very different. Because "likes" have almost no cost. But: "I believe BTC will rise and I bet $500,000." This has a cost. Thus, in the future, a person's opinions may have two levels: Cheap Opinion and Capital-backed Opinion. The latter is clearly more informative. ──────────────── 3. This is essentially the internet version of "Skin in the Game" Nassim Taleb has long emphasized an important idea: Skin in the Game. Those who bear the consequences of decisions should not have the same weight as those who do not bear consequences. Today's issue with Twitter/X lies precisely here. Anyone can predict: BTC at $200,000. Tesla doubling. The Fed lowering interest rates. Trump's policy. Whether an AI company will succeed. What happens if they are wrong? Delete the tweet. Keep posting. Almost zero cost. However, the Speculation Graph essentially says: Don't tell me what you think, show me how you bet. This will redefine "internet credibility". ──────────────── 4. Why will AI make this more important? Seyoung's core assumption is: Content Supply → Infinity. In the past, producing a professional video might require: A screenwriter. A photographer. An editor. Actors. Music. Post-production. Costing tens of thousands of dollars. In the future, a person may complete a large amount of high-quality content in minutes or even seconds using AI. Thus: Production Scarcity disappears. This means the scarcity of "content creation" itself decreases. However, there is one thing that AI cannot create for you: The real risk of bearing economic losses. AI can generate: "I am bullish on ETH." But if: "This account invested $300,000 in ETH three months ago and still holds it." The information level is completely different. ──────────────── 5. However, I would make a correction to Seyoung's assertion that "AI will completely commoditize content" This judgment is directionally correct but should not be taken to extremes. AI will commoditize: Content Production. But it will not necessarily commoditize: Attention. And it will certainly not automatically commoditize: Trust. In the future, as content increases, the truly scarce thing will become: Who is worth listening to. Who is worth trusting. Who can consistently make correct judgments. Who has unique Distribution. Thus, the most powerful Creator in the future will likely possess: Content + Reputation + Capital + Track Record. FOMO essentially aims to bind these four elements together. ──────────────── 6. Therefore, "Trader" may become the new generation of Creator In the past, the ability of internet Creators was proven by: Subscribers. Followers. Views. Likes. In the future, the ability of financial Creators may be proven by: Verified P&L. AUM. Hit Rate. Drawdown. Portfolio. Prediction Accuracy. This is a significant upgrade in identity systems. YouTube tells you: This person has 5 million followers. FOMO wants to tell you: This person has publicly bet 186 times in the past 24 months, netting $8.4M, with a maximum drawdown of 14% and a prediction accuracy of 72%. The information density of these two identities is completely different. ──────────────── 7. This is the embryonic form of the future "Financial LinkedIn" LinkedIn's asset is the professional Resume. The future financial social platform may feature a: Capital Resume. Not writing: "I am an experienced crypto investor." But rather automatically generating: 2025: Long on SOL. How much profit. 2026: Participated in Prediction Markets. How much profit. Average holding period. What area is most proficient. What was the maximum loss. What is the total drawdown. In which types of trades does one have an advantage. Thus: Portfolio becomes Profile. Your investment portfolio itself becomes your personal homepage. This is where FOMO's true significance lies. ──────────────── 8. The idea of "Risk as Status" is very worth understanding Human society has always had a Status Game. In the past, the status of nobility came from: Land. Bloodline. Warfare ability. In the industrial age: Wealth. Companies. Positions. In the internet age: Followers. Likes. Subscribers. In the future, the financial internet may add: Verified Risk-taking Status. Who dares to bet? Who consistently makes correct judgments? Who earns real money? Who can establish the correct positions before major events? These elements will form: Aura. Seyoung's use of this term is actually very accurate. This is a kind of "prestige production mechanism" in the digital age. ──────────────── 9. However, there is also an extremely dangerous issue hidden here Greater risk does not equal higher skill level. Assume: Investor A: $1 million principal. All-in on a meme. Ends up making $10 million. Investor B: $1 million principal. Consistently 25% annualized for 10 years. Maximum drawdown of 12%. If the leaderboard is simply: P&L, A may become a Super Star. But from a true asset management perspective: B may be far superior. Thus, the Speculation Graph must ultimately evolve from: Profit Graph to: Risk-adjusted Reputation Graph. Otherwise, the platform is likely to reward gambling behavior. ──────────────── 10. A truly mature leaderboard must incorporate "risk" In the future, a truly valuable financial identity should not only reflect: "How much money was made." But also account for: How much risk was taken to earn that money. For example: Max Drawdown. Volatility. Leverage. Position Concentration. Holding Period. Consistency. Sharpe-like Metrics. Tail Risk. Otherwise, it is very easy to create survivor bias. Ten thousand gamblers all go all-in. 9999 go to zero. One makes 100 times. In the end, the platform only shows you that winner. This is not Alpha. This is: Survivorship Bias. ──────────────── 11. The most valuable aspect of FOMO may not be "discovering winners", but rather establishing the infrastructure for financial reputation This is what I believe to be the greater endgame. One of the biggest advantages of on-chain today is: Many actions are inherently verifiable. Index's investment logic in FOMO also clearly emphasizes that it utilizes public on-chain activities to turn user composition and real-time performance into part of the social layer. Thus, the platform can gradually establish: Reputation Graph. For example: This person excels at memes. That person excels at prediction markets. Another excels at AI tokens. Someone excels at macro. Someone only has high beta in bull markets. This is the true financial data asset. ──────────────── 12. Why was the discussion in Joshua Tree important? You mentioned that they determined in Joshua Tree: To serve top crypto traders on one side. And serve Normies on the other. Ignoring the middle for now. This is actually a classic: Barbell Strategy. Many startups make the mistake of: "I want to serve everyone." As a result, they serve no one well. FOMO, on the other hand: Extreme one: Expert Supply. Produces: Alpha. P&L. Research. Activity. Status. Extreme two: Mass Demand. Produces: Attention. Users. Liquidity. Distribution. Once both ends connect, the platform can generate true network effects. ──────────────── 13. Top traders are actually FOMO's "content suppliers" This point many people may overlook. TikTok's supply side is: Creators. Uber's supply side is: Drivers. Airbnb's supply side is: Hosts. What is FOMO's supply side? Traders. An excellent trader: Completes trades. Automatically generates P&L. Generates Share Cards. Creates leaderboards. Generates discussions. Creates follows. Creates copy/tail behavior. Generates trading fees. Thus: Trading itself becomes a Content Generation Engine. This is very powerful. ──────────────── 14. Why is this stronger than ordinary UGC? Ordinary social networks require creators to actively: Shoot. Edit. Write. Upload. Financial social does not necessarily require this. When a user buys a token: Content is automatically created. When they sell: Content is generated again. When they make money: Content is produced. When they lose money: Content is created. When the leaderboard changes: Content is generated. In other words: Transaction → Content. This is a very elegant product structure. Because users complete core financial actions while simultaneously producing content. ──────────────── 15. Then content creates transactions in return The key is forming a closed loop: Trader buys something. ↓ Followers see. ↓ Asset Discovery. ↓ Others trade. ↓ Generate more activity. ↓ Leaderboard changes. ↓ Generate more content. ↓ More trading. This is called: Transaction-Content Flywheel. It has the potential to generate network effects far beyond traditional trading apps. ──────────────── 16. This is why FOMO should not only be compared to Coinbase Coinbase primarily focuses on: Asset Access. Robinhood has a strong component of: Financial UX + Distribution. If FOMO executes successfully: Discovery + Identity + Social + Execution. The true competitive landscape will gradually expand to: X. Robinhood. Coinbase. TradingView. Telegram. Discord. Even Polymarket. Because it is not merely competing for "orders". It is competing for: The attention entry point before users make financial decisions. ──────────────── 17. In the financial world, what is truly most valuable is "before the decision is made" This point is very important. The actual trade occurs when: The user clicks BUY. But the commercial value has actually been generated long before. The user's prior experience includes: Seeing information. Generating interest. Forming opinions. Building trust. Comparing assets. Deciding to bet. Thus, whoever controls: Pre-trade Attention holds a very strong position in the financial industry chain. One reason Bloomberg is powerful is this. So is CNBC. So is X. FOMO aims to compress: information → conviction → execution into one app. ──────────────── 18. The Panera Bread story is actually a standard "Founder Insight" You noted that Seyoung even prepared $1,000 for his friend, but the friend was still unwilling to go through: Wallet. Private keys. Gas. Bridge. RPC. Telegram bot. This reveals a very important aspect of entrepreneurship: Incentives cannot fix bad UX forever. If: "I give you money, and you still don't want to use it." Then the problem is not marketing. The problem is: Product Friction. This is a very strong entrepreneurial signal. ──────────────── 19. Many Web3 companies have made a fundamental mistake in the past They believed: Users won't use Web3, So they need: Education. Tutorials. Documentation. Wallet Guides. But the correct answer is often: Don't educate users. Remove these things. This is the Steve Jobs-style product philosophy. Ordinary people do not need to know how computers manage memory internally. Nor should they be required to know: What RPC is. What nonce is. What a bridge is. What a gas token is. ──────────────── 20. The true popularization of crypto means the term "Crypto" will eventually disappear This statement may seem contradictory but is very important. After the internet truly succeeds, people no longer say: "I want to use TCP/IP technology to buy a pair of shoes." But rather say: "I want to go on Amazon." Similarly, When blockchain truly succeeds: Ordinary users will not say: "I want to conduct a cross-chain DeFi transaction." But will say: "I want to buy this." FOMO's product philosophy is: To push blockchain back from the product layer to the infrastructure layer. Index's investment statement in 2026 almost embodies this logic: allowing users to access on-chain markets without feeling the underlying complexity. ──────────────── 21. Apple Pay is a very typical "non-technical growth feature" This is a case that entrepreneurs must learn from. Many technical teams believe: Growth comes from: Faster matching. Lower latency. More chains. More complex charts. But TechCrunch reported that about a month after FOMO launched, they added Apple Pay, and the team stated this significantly changed their growth trajectory, as users could complete the process from download to trading more quickly. This indicates that: The most important features are not necessarily the most technical. The most important thing is: Reducing: Time-to-Value. ──────────────── 22. The best Consumer FinTech is compressing Time-to-Value What users want is: I see an opportunity. Then: Buy now. If in between they need to: Download a wallet. Save a mnemonic. Find a CEX. Buy SOL. Transfer SOL. Bridge. Connect Wallet. Approve. Swap. The user is long gone. What FOMO aims to do is: Intent → Execution As close to a single action as possible. This is the essence of Consumer UX. ──────────────── 23. The "first 6-8 months with 0 Marketing Spend" is not just about saving money Many entrepreneurs misunderstand: "So startups shouldn't spend on ads." No. The real logic is: Before achieving Product-Market Fit, do not use capital to cover product issues. If a bucket has leaks: Pouring 1,000 users into it daily is meaningless. You should first plug the holes. This is the: Leaky Bucket Problem. ──────────────── 24. Thus, zero marketing is actually a form of "information discipline" A large amount of paid growth can pollute a very important signal: Do people actually want this? Because: Subsidies. Referrals. Ads. Airdrops. Rewards. All may create false demand. A truly strong product in the early stages should observe: Whether users return on their own. Whether they actively recommend. Whether they actively share cards. Whether they are willing to trade. Whether they are genuinely saving money. Thus: Organic Growth is one of the evidences of PMF, not just a way to save CAC. ──────────────── 25. However, "zero marketing" should not be mythologized Once PMF is achieved, distribution remains very important. Ultimately, the world's super companies almost all have massive Distribution Machines. Meta. Amazon. Uber. Robinhood. Coinbase. The truly correct principle is not: Never Pay for Growth. But rather: Do not buy growth with money when the product still cannot retain users. Once retention is established: Capital can become an accelerator. ──────────────── 26. Not having PM also follows the same reasoning FOMO's early decision not to have traditional Product Managers is reasonable. Because at a stage of fewer than a dozen people: Founder. Engineer. Designer. Growth. If you still need: Engineer → PM → Founder → Designer to relay messages, The company has already incurred organizational loss. The best state at this stage is: Builders talk directly to users. ──────────────── 27. Founder Mode is very strong in the 0→1 stage Seyoung personally handling a large number of user issues daily is not just about Customer Service. In fact, it is establishing: Founder Information Advantage. The CEO directly knows: Where failures occur. Where things are slow. Where users misunderstand. Why users fail to recharge. Why they do not continue trading. This will make the product iteration speed terrifying. ──────────────── 28. The real value AI brings here is not "chatbots" This is a very practical entrepreneurial case. The traditional customer service structure: User complaints. ↓ Customer service. ↓ Ticket. ↓ PM. ↓ Engineer. ↓ Check logs. ↓ Reply. AI can compress: Search logs. Trading records. Error messages. User context. Preliminary diagnosis. Thus, in the future, small teams can handle what previously required dozens of people to complete Support + Ops. This is where AI truly changes startups: Lowering Organization Coordination Cost. ──────────────── 29. However, FOMO will ultimately face the "Founder Scaling Problem" A founder replying to 300 messages daily is an advantage when there are 50,000 users. But with 5 million users, it becomes impossible. Thus, the company must truly: Encode Seyoung's judgments: Product Sense into: Culture. Metrics. AI systems. Hiring standards. Internal tools. Otherwise, the founder will become: An organizational bottleneck. By June 2026, Fortune reported that FOMO had about 17 employees; this also indicates the company has begun transitioning from an ultra-small team to the next stage. ──────────────── 30. The real significance of Benchmark's round is not that "VCs are interested in Crypto" Benchmark led FOMO's $17 million Series A round in November 2025, bringing FOMO's total funding to $19 million. TechCrunch also reported that FOMO adopted a very unique capital strategy early on: listing about 200 ideal angel investors, ultimately raising funds from about 140. This is not an ordinary Seed Round. It is essentially establishing: Capitalized Distribution Network. ──────────────── 31. 140 angel investors essentially equal 140 "business nodes" Ordinary entrepreneurs ask: Who can give me money? Excellent entrepreneurs ask: Who can provide me with a network besides money? FOMO found people including crypto entrepreneurs, operators, and ecosystem participants. TechCrunch reported that this included Solana co-founder Raj Gokal, Polygon Labs CEO Marc Boiron, and former Coinbase CTO Balaji Srinivasan; and three of them actively referred FOMO to Benchmark's Chetan Puttagunta. This indicates that: Cap Table can become a Distribution Strategy. This is very worth learning for entrepreneurs. ──────────────── 32. In world-class startups, financing is never just about money The value of an excellent investor may come from: Recruiting. Customer introductions. Future financing. Reputation. Strategy. M&A. Media. Network. Thus, when financing, the real question should be: "What can this person create on my cap table over the next five years?" Not: "Can they give me $500,000?" ──────────────── 33. Why is Benchmark worth paying attention to? Benchmark's historical model has always leaned towards: Small funds. Highly concentrated. Early-stage. Partners directly entering the Board. Not a VC that spreads money everywhere. TechCrunch referred to FOMO as one of Benchmark's relatively rare crypto investments and confirmed that Chetan Puttagunta obtained a board seat. Thus, Benchmark's true signal is not: "The crypto bull market is here." But rather: They believe FOMO could be a Consumer Internet Company, not merely a Crypto Company. ──────────────── 34. This aligns perfectly with Index's later judgment Six months later, Index Ventures led a $75 million Series B round, and their description of FOMO became very clear: They are betting on: Mainstream on-chain consumer trading. Not: Another DeFi protocol. Index explicitly stated its goal is to hide on-chain complexity and believes that on-chain and traditional financial markets will eventually merge. This is crucial. ──────────────── 35. The $550 million valuation truly represents "Category Option Value" In June 2026, Index led FOMO's $75 million Series B round, valuing the company at $550 million; Union Square Ventures, Benchmark, and others participated. Why can such a young company have this valuation? Investors are buying not just current revenue. They are buying: Option Value. If FOMO ultimately becomes just a meme trading app: The market is limited. If it becomes: A Crypto Super App: Much larger. If it also enters: Perpetuals. Prediction Markets. Stocks. Tokenized Assets. The entire TAM is completely different. If it ultimately possesses: Financial Social Graph: The valuation model changes entirely. VCs pay for this possibility. ──────────────── 36. The section on Meme Coins should not be simply understood as "young people love gambling" Seyoung's deeper judgment is: Meme is a form of financial expression. I think this is worth understanding. Nike shoes express identity. Music expresses culture. Political slogans express positions. Meme Tokens bind: Cultural expression + Market price. Thus, a social viewpoint can now be directly: Bought. Sold. Priced. ──────────────── 37. This is "Cultural Financialization" DOGE. TRUMP-like political memes. AI memes. Celebrity tokens. Prediction markets. These phenomena share a common trend: an increasing number of previously non-tradable items are beginning to acquire prices. Political beliefs. Internet culture. Sports judgments. Technological trends. Creator influence. Social events. All may transform into markets. This is: Financialization of Culture. ──────────────── 38. Prediction Markets are closer to the ultimate form of the Speculation Graph than Meme Coins Because Prediction Markets are very pure. The question is: Will someone be elected? Will the Fed lower interest rates? Will a certain team win the championship? Will a certain product be released? Then: YES / NO. Bet. Settle. Thus: Opinion → Probability → Money → Outcome. This is currently the closest thing on the internet to: A quantifiable idea market. ──────────────── 39. Hayek actually provided the theoretical foundation decades ago Economist Friedrich Hayek emphasized long ago: Price is a mechanism for aggregating dispersed information. Everyone in the market has different information. Ultimately: Price aggregates dispersed knowledge. Prediction Markets push this idea further. It does not ask: "What does everyone say?" But rather: How much is everyone willing to pay to prove what they think? Thus: Poll: "Do you think the candidate will win?" Prediction market: "What price would you buy YES for?" The quality of information between the two may be very different. ──────────────── 40. If FOMO connects Prediction + Crypto + Stock + Social, a very formidable data asset may emerge Assume a user: Has been correct on AI stocks for a long time. Has average judgment on BTC. Has good predictions on US politics. Has poor sports predictions. Is extremely strong on Meme Coins. FOMO can establish: Domain-specific Reputation. In the future, when you look at AI events: The system will not randomly recommend influencers. But will recommend: People who have had excellent real performance on AI-related predictions over the long term. This is no longer an ordinary Social Feed. This is: Reputation-weighted Information Market. ──────────────── 41. This may go further than TikTok's recommendation algorithm TikTok recommends: What you like. FOMO theoretically can recommend: Who is most trustworthy on this issue. The first is: Interest Graph. The second is: Competence Graph. If a Competence Graph can truly be established, This is a very significant internet asset. ──────────────── 42. However, the biggest institutional problem will arise: Reflexivity Financial markets are not ordinary content markets. One person predicting whether a movie is good: Will not change the movie's ending. But if a super trader says: "I want to buy Token X." Hundreds of thousands follow suit. The price itself will rise. Thus: His prediction is realized by his own influence. This is: Reflexivity. George Soros has spoken deeply on this issue. Market participants' perceptions: Will change the market. Market changes: Will in turn change participants' perceptions. ──────────────── 43. Therefore, FOMO's biggest risk is not technology But rather: Market Integrity. In the future, if a trader has: 5 million followers. He buys a token in advance. Then publishes his viewpoint. Followers enter the market. The price rises. He sells. What is this? On the surface, it is a Creator Economy. In reality, it may turn into: An attention extraction machine. Thus, a truly mature financial social network must establish: Conflict Disclosure. Position Disclosure. Trading History. Sponsored Disclosure. Anti-Manipulation. Reputation penalties. These mechanisms. ──────────────── 44. Otherwise, the "Speculation Graph" can easily degenerate into a "Casino Graph" This is the most critical caution in FOMO's strategy. Excellent version: Wisdom aggregation. Failed version: Herding amplification. Excellent version: Identifying real ability. Failed version: Rewarding the biggest gamblers. Excellent version: Discovering Alpha. Failed version: Pump & Dump. Thus, product design determines whether it ultimately becomes: Bloomberg + LinkedIn, or: Casino + TikTok. This line is very thin. ──────────────── 45. Why is the Canonical Token Issue valuable? You mentioned issues like same-name memes, sniping, insider trading, dumping, etc. Essentially, these are: Market Microstructure issues. Many people believe the problem with meme markets is: "Meme has no value." In fact, even if we accept that meme is a legitimate trading category, it still requires: Credible issuance. Fair price discovery. Identity confirmation. Liquidity. Transparent rules. Fraud prevention. In other words: Meme coins ultimately cannot escape the problems that traditional finance has solved over hundreds of years. ──────────────── 46. Many so-called "new problems" in crypto are actually old problems reappearing on Wall Street Front Running. Insider Trading. Market Manipulation. Wash Trading. Pump & Dump. Information Asymmetry. Liquidity Fragmentation. These are not inventions of crypto. Crypto simply: Changed the underlying technological infrastructure. Thus, truly excellent crypto entrepreneurs must not only understand: Smart Contracts. But also: Market Structure. ──────────────── 47. Seyoung's path from Deutsche Bank → dYdX → FOMO is very logical Index explicitly mentioned that Seyoung and Paul worked together at Deutsche Bank before entering dYdX. This means they experienced: TradFi Infrastructure. ↓ Crypto-native Market Structure. ↓ Consumer Product. Founders with this background have the advantage of: Knowing why Wall Street is complex, Also knowing why crypto is complex, And ultimately understanding: Which complexities should exist in the backend, And which should never be exposed to users. ──────────────── 48. The most valuable ideas in entrepreneurship often come from "between two worlds" Many great entrepreneurial opportunities are not thought up out of thin air. But rather, founders simultaneously understand two worlds. Stripe: Programmers + Payments. Airbnb: Design + Marketplace. Robinhood: Finance + Consumer Mobile. FOMO: Crypto Infrastructure + Consumer Social. When there is a cognitive gap between two industries: Entrepreneurial opportunities are often very large. ──────────────── 49. Seyoung's agency is also worth learning for entrepreneurs You noted that his immigration, family, and early experiences formed a strong sense of agency. What is truly worth understanding here is: Agency ≠ Hard work. Agency is: Seeing a problem and defaulting to: "I can change it." Low agency individuals: "Crypto onboarding is just this complex." High agency individuals: "Why must it be this complex?" The starting point for many startups is essentially: Refusing to accept the industry's default answers. ──────────────── 50. The seven principles most worth learning for entrepreneurs from this episode First, find the friction that "users wouldn't want to do even if they had money." That is usually a huge product opportunity. Second, infrastructure complexity should be absorbed by the product, not passed on to users. Third, do not use growth spending to cover retention issues before PMF. Fourth, early founders should minimize the information distance between "users → decision-makers". Fifth, the Cap Table is not just a financing tool; it can also become a Distribution Network. Sixth, one of AI's greatest entrepreneurial values is not content generation, but compressing organizational coordination costs. Seventh, in an era of infinite content, verifiable reputation will become increasingly valuable. ──────────────── 51. What investors should truly learn is another set of things In the future, when looking at a Consumer Crypto company, do not just ask: What is the TVL? What is the volume? How high is the revenue? Also ask: Is a social graph forming? How many users follow others? How many trades come from discovery? What is the creator concentration? Is trader reputation transferable? Why do users return? Do user assets and identities form switching costs? Is growth incentive-driven or organic? These factors determine: Whether it is a trading tool, Or a network. ──────────────── 52. The valuation of a network and a tool is completely different The logic of a tool is: Users switch to whichever they find more useful. The logic of a network is: Users' friends, history, reputation, and followers are all there. Thus: The switching cost of a tool is low. The switching cost of a network is high. If FOMO ultimately only becomes: The best cross-chain trader, That is a good company. If it becomes: The Financial Identity Network for all young traders, That is a different magnitude altogether. ──────────────── 53. I believe FOMO's ultimate competition is not "trading volume" But rather three ownerships. First, Identity Ownership. Where is your financial identity? Second, Discovery Ownership. Where do you discover opportunities? Third, Execution Ownership. Where do you bet after discovery? If a platform simultaneously controls these three layers, It possesses: Attention → Trust → Capital The complete chain. This commercial value is immense. ──────────────── 54. Therefore, I would define the "Speculation Graph" more comprehensively than Seyoung The true Speculation Graph should include four layers. First layer: Identity Graph Who is who. Second layer: Belief Graph Who believes in what. Third layer: Capital Graph Who has truly invested how much money. Fourth layer: Outcome Graph Ultimately, who is right, who is wrong, how much was earned, and how much risk was taken. Traditional social networks only have: Identity + Content. FOMO aims to add: Capital + Outcome. This is the essential upgrade. ──────────────── 55. Ultimately, a profession that has never existed before may emerge I call it: Capital Creator. He is not just a pure Fund Manager. Not just a pure Influencer. Not just a pure Trader. Nor just a pure Journalist. But simultaneously: Researching. Betting. Publicly expressing views. Building followers. Managing reputation. Forming communities. Gaining financial distribution. This profession is already taking shape on Crypto Twitter. FOMO aims to platformize this profession. ──────────────── 56. This is also why the judgment that "the next MrBeast may be a trader" is not absurd MrBeast's core ability is not just making videos. But rather: Attention Compounding. In the future, if a certain anonymous trader: Continuously makes correct predictions over the years. Earns massive P&L. Has viewpoints on every major event. Has millions of followers. Creates significant trading impact. Then he essentially possesses: Attention. Authority. Distribution. Only that this celebrity's "work" is not a video. But rather: Decision Record. ──────────────── 57. However, I want to add a final warning to this grand narrative Making money does not equal wisdom. Financial markets possess: Randomness. Cyclicality. Beta. Leverage. Luck. Survivorship Bias. Thus, a truly mature Speculation Graph must learn to distinguish: Lucky from Skilled. If this cannot be achieved, The system will create a large number of false gods. If it can be achieved, Then it may truly establish something that has never existed on the internet: A verifiable judgment ranking system. ──────────────── 58. This is the true big idea of this interview Facebook digitized: Relationships. TikTok digitized: Interests. LinkedIn digitized: Career reputation. FOMO aims to digitize: Conviction. Turning: "What I believe in." Into: Observable. Verifiable. Tradable. Rankable. Accumulated. ──────────────── 59. If this trend ultimately holds, there may be a significant change in identity in the AI era In the past: I post, therefore I am. What content I post determines how others see me. In the future, the financial internet may become: I risk, therefore I am. What I am willing to risk for determines my financial identity. This is: Speculation as Identity. ──────────────── 60. My final definition of FOMO In the previous episode, I said: FOMO aims to be a Financial Social Network. After watching this episode, I would elevate the definition: FOMO is not just trying to add trading to social media, but rather to turn "real capital-bearing judgments" into a new form of social media content. The difference between these two statements is significant. The former is: Trading App + Social Feature. The latter is: New Social Primitive. If the latter holds, then FOMO's endgame is not just: Crypto Robinhood. Not even just: Financial Twitter. What it truly attempts to create is a map that has never existed on the internet before: Who believes in what, how much they bet, and ultimately who is right. This is the Speculation Graph. And this is why I believe this episode is truly worth repeated study for entrepreneurs, investors, and those creating social products: after AI makes "expression" increasingly cheap, the most expensive thing in the next phase of the internet may not be content, but rather judgments that have costs, records, and consequences.