Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Right now’s prime information:
- Crypto majors fall one other 3-4%; Bitcoin down at $99,400
- ZEC soars previous $600, reaches $630
- Google broadcasts integrations with prediction markets Polymarket & Kalshi
- Tether buys $100M of BTC; Robinhood considers including BTC to steadiness sheet
- Fomo app raises $17M from Benchmark, teases internet app
💸 Fomo Raises $17M to Construct the Social-First Every part Buying and selling App
Crypto buying and selling is about to get much more social.
And some new high-level tendencies are beginning to present themselves within the buying and selling house…and converge.
📌 What Occurred
Fomo, a fast-growing retail buying and selling app launched simply six months in the past, simply closed a $17M Sequence A led by Benchmark.
Benchmark led the spherical however was additionally joined by crypto heavyweights like Raj Gokal (Solana) and Balaji Srinivasan.
Fomo began with meme coin buying and selling particularly, with a give attention to UI and social components like leaderboards, commentary and followers.
Beginning on Solana, it now lets customers commerce thousands and thousands of tokens throughout chains, with out bridging or spinning up new wallets.
In line with TechCrunch, the app has:
- 120,000 customers since launching in Might
- $20–40 million in day by day quantity
- roughly $150K in day by day income
All whereas working with a minimal group.
🗣️ What They’re Saying
“Their imaginative and prescient is clear: make crypto property straightforward to find and commerce.” — Chetan Puttagunta, Benchmark
“As soon as we added Apple Pay, customers flooded in. That single step modified the trajectory.” — Paul Erlanger, Fomo co-founder
🧠 Why It Issues
This was an enormous milestone for Fomo.
However the larger takeaway here’s a new pattern hitting buying and selling, spanning crypto and TradFi.
Apps are specializing in person expertise, typically inside a single area of interest – then increasing.
Robinhood aimed to change into essentially the most user-friendly app for inventory buying and selling (and sure gained). Since, they’ve expanded into crypto, prediction markets and even sports activities.
Fomo is taking the same strategy.
They began small—Solana meme coin buying and selling.
They have been extremely targeting making an important person expertise, and are profitable that battle. And now, they’re beginning to broaden.
The primary enlargement was memes and tokens throughout chains, and the group has alluded to future plans spanning all types of markets.
One other upcoming app on MegaETH referred to as Euphoria is taking the same strategy, hyper-focused on faucet buying and selling for micro-second markets, with plans to broaden.
The takeaway is evident. Construct apps that customers have enjoyable and like to make use of, they usually’ll spend extra time there. And you may feed them new merchandise.
Be careful for this new wave of apps to come back…
🌎 Macro Crypto and Memes
A number of Crypto and Web3 headlines that caught my eye:
- Crypto majors are crimson and falling; BTC -3% at $99,800, ETH -4% at $3,210, BNB -1% at $933, SOL -3% at $152
- FIL (+50%), ZEC (+20%), ICP (+20%) and NEAR (+18%) led prime movers
- Crypto shares’ shares slid significantly yesterday with MSTR (-7%), COIN (-7.5%), HOOD (-11%) and IREN (-11%)
- Trump referred to as America a “Bitcoin superpower” as soon as once more yesterday, pitching a pro-crypto stance and warning on China competitors.
- JPMorgan pegged BTC’s honest worth close to $170K utilizing gold-based mannequin
- Google will combine prediction market information from Polymarket and Kalshi
- Tether purchased $97M of Bitcoin on this newest dip, following its coverage to make use of 15% of earnings to purchase BTC
- Robinhood is now contemplating including Bitcoin to its steadiness sheet
- Base lead Jesse Pollack launched Jessexbt, an AI Agent to assist him reply ecosystem questions
In Company Treasuries / ETFs
In Memes
- meme coin leaders are blended; DOGE -1%, Shiba +2%, PEPE even, PENGU +7%, BONK -1%, TRUMP +5%, SPX +9%, and FARTCOIN -1%
- SPSN jumped 180% to $4M main Solana runners; jelly jelly down 50% to $87M (-80% from native highs)
💰 Token, Airdrop & Protocol Tracker
Right here’s a rundown of main token, protocol and airdrop information from the day:
🚚 What is occurring in NFTs?
Right here is the checklist of different notable headlines from the day in NFTs:
- NFT leaders have been blended; Punks -3% at 35 ETH, Pudgy +1% at 5.75, BAYC -3% at 5.8 ETH; Hypurr’s +2% at 888 HYPE
- Kodas (+12%) and Cambria Islands (+10%) notable movers
- Token Technique introduced Uncommon Pepes for his or her newest new Technique token NAKASTR
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