Fomo could help you track KOL moves

The upcoming SocialFi app offers crypto trading and tracks what others are buying and selling

article-image

Billion Photos/Shutterstock modified by Blockworks

share


This is a segment from The Drop newsletter. To read full editions, subscribe.


Wondering what your fave crypto influencer is buying and selling? Fomo could help paint that picture — at least a little bit.

“The name Fomo for us is very subversive,” Fomo co-founder Paul Erlanger tells me.

Fomo is an upcoming SocialFi and crypto trading app (Kaito’s CEO is an investor). It tracks what signed-up users are doing with their assets. It’ll have a lot of “attention-based assets,” as Erlanger puts it, but it’s not just for memecoins. 

“We’re not a memecoin-trading app. The goal is to be something a lot larger,” he said.

Fomo is planning a real-time feed showing data on users’ trades, tokens, what they’ve been holding or selling over time, and more. If you choose to look at a token, you’ll see which of your “friends” are holding that token and how much.

They’re going to pull from internal data as well as broader financial data so that you’re well-aware of broader happenings too, like federal interest rates or other relevant pieces that could help inform your next sell or buy. 

Wallets on Fomo are non-custodial, meaning you hold the keys to your own crypto. While some builders believe that custodying others’ crypto is easier for newcomers, many crypto believers — myself included — see non-custodial wallets as an integral, critical part of the crypto ethos and experience.

“I think the non-custodial experience will win, and that’s kind of our advantage to Robinhood,” Erlanger said. 

Fomo won’t be able to identify external or additional wallets at first, so they’ll only be able to track what people are doing via Fomo itself. That means Fomo users could be posturing as buying or selling a token from their Fomo profile, but could be doing the opposite on a secret wallet — so take the data you can see with a couple grains of salt.

But the team is considering a way to provide even more data, like tracking wallets and tying them to various users so you can get a fuller picture of what people are doing.  

The Fomo team is planning to launch its beta in three weeks, the founders tell me. They’re planning to test it first with up to 10,000 users. In about six to eight weeks from now, we could see a full public launch.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

Coinbase Asset Management and One River CEO Eric Peters explains why crypto’s not yet focused on fundamentals

article-image

Over the past 24 hours, PumpSwap’s largest liquidity pool by volume contains tokens with the tickers DOGEMOON and ballscoin

article-image

10T Holdings’ Dan Tapiero predicts crypto listings on exchanges are a “mini step” for value moving onchain

article-image

The S&P 500 was mostly flat after a month of losses, and the Nasdaq has been slowly gaining

article-image

Movement Labs is once again at the core of some criticism after it declined to name a market maker offboarded by Binance

article-image

Experts discuss the future of crypto ETFs as Trump puts “money where his mouth is”