What is frightening about this product FOMO?

Recently, the product fomo is very fomo.

Financing 94 million US dollars, with a valuation of 550 million US dollars, 650,000 accounts in one year, daily average revenue continues to hit new highs @fomo.

The co-founder @seyong also said:

1 in every 2 active wallets on the Robinhood chain comes from @fomo (not trading wallets, ALL active wallets)

The product looks not complicated, users register an account, get a dedicated address, bind Twitter, and recharge to start P.

There is a real-time trading feed, showing others' buying and selling and thesis/views, and entering various Clan (teams)

You can follow top traders, view rankings, and get real-time alerts.

Coin Feed by currency, sending tokens, and other social functions.

Is that all?

That's all!!!

The product has sparked much discussion about the value points of fomo.

The editor also thought about it, here are a few points.

1. Path

Fomo digs, discovers, disseminates, makes trading decisions, and trading actions, including post-trading dissemination, all completed in the product

Especially in decision-making, which is actually the upstream of trading, is decision-making

Trading is a moment, but decision-making is very complex

Before placing an order on Taobao, one checks recommendations on Xiaohongshu, listens to celebrities’ live streaming sales, and then moves to Taobao to actually place an order

Before trading on the Binance app, one saw KOLs calling shots in the community, saw a piece of positive news on Twitter, or heard insider information before finally trading on Binance.

But what if these decisions do not guide towards past trading venues?

In live-stream e-commerce, one places an order directly after listening to the host's introduction.

This is quite troublesome!

Therefore, CEX needs to continuously recruit KOLs, as they can guide decisions and the direction afterward

Thus CEX needs to build squares and planets to keep trading decisions within CEX.

Next is excavation

Currently, the environment is not necessarily friendly for CEX.

Because innovation happens in the community, occurs in unseen places, and innovation is the biggest driving force in the industry, innovative asset forms, innovative asset issuance, innovative technology, innovative marketing, etc.

And CEX's excavation and listing of assets require manpower, they require business development.

Business development has limits on energy, emotions, and cognitive differences.

So how are these issues resolved on fomo?

On fomo, a Twitter-bound address buys an asset, writes a thesis, completes asset excavation and recommendation, and buying equals calling out

Fans, after seeing this, continue to follow up and buy further fomo on the asset

KOLs sell off in batches, gaining certain profits, and selling equals showing the order

KOLs drive sales and guide fans in making trading decisions

Fans see on-chain data and directly follow up to complete the trading action

KOLs (who could also be small investors) complete early asset purchases, continuously writing feeds to help assets fomo, driving prices.

In this process, countless decentralized KOLs (who could also be small investors) completed asset excavation and dissemination, buying equals listing, without business development.

2. Efficiency

Next, let's talk about the core—efficiency.

We often say that there is an impossible triangle in the decentralized world; the decentralized world is not born for efficiency, and efficiency should not be the direction to pursue.

That's right, but it's also not right.

Let's look at fomo versus the current CEX.

In CEX, to share the profits or losses of trading, one needs to first take a screenshot, then post it on social media, or share it through a square, with one click from the past.

It requires manual image sharing and is not occurring on-chain.

In fomo, buying equals calling out, selling equals showing the order, and it is real on-chain, visible to everyone, and verifiable by all.

In efficiency, the method of fomo seems more convenient than that of CEX.

The decentralized way, the on-chain way, seems more efficient than centralized.

Of course, many people will say that the scenario of trading order sharing is too small, not representative, not convincing.

But we need to drill down to look.

Sharing profits or losses, what does that do? It enlarges and disperses one’s influence.

However, at a deeper level, it showcases one's cognition.

Cognition is the true hard currency in the financial industry, especially in the 24/7 crypto industry.

Essentially, following KOLs, following influential people, is to follow their cognition.

Where is cognition reflected?

It is reflected in holdings.

Otherwise, what else?!!

Therefore, we follow a person on fomo is in itself following their cognition; the cognitions on Twitter have much noise, but here, the cognition is tangible.

Now think, is this scene still small?!!!

Fomo is constructing a cognition distribution network.

3. Network

We just mentioned the network, but let's rewind a bit.

Let's continue looking at CEX.

There are many users in CEX, but these users are scattered and disordered.

That is traffic.

Traffic is fluid; today it may come here for a wealth opportunity, and tomorrow, it may go elsewhere for another opportunity.

This traffic is hard to retain.

But in fomo, these users follow certain KOLs, and they may have some fans themselves, placing them in an on-chain social network.

In such a network, they have their positioning, similar to having a place in the community.

Once such a network is established, it is not easy to leap out.

Just like we are reluctant to easily switch from Twitter to other social platforms because content can be transferred, but the previously settled social network cannot be.

Similar examples also exist in WeChat.

Fomo is building an on-chain social network.

In such a network, traffic has nails and ropes, tying everyone down.

Moreover, the distribution and organizational efficiency of such a network are very high.

Therefore, we can also see social marketing events occurring on Weibo.

Because this traffic has pathways.

It is easy to outline key points.

By uniting several KOLs, it is easy to initiate an interaction, to launch a marketing action.

However, when we observe CEX, activating users and increasing activity involves higher difficulty and cost.

4. Consensus

In the web3 industry, consensus is often discussed.

But what exactly is consensus?

It is hard to answer.

Let’s first look at an example.

Songshu holds 2% of $BLINK, and on fomo, you can see that songshu has also bound their Twitter.

With this on-chain data, songshu approaches various communities, KOLs, dialogues with project parties, and communicates with devs. What is the result?

—Unfailingly advantageous.

Because everyone recognizes your on-chain holdings, they recognize you as part of @dontblinkfamily and recognize you as a builder.

BD based on consensus seems not difficult.

So, seemingly with this on-chain holding, everyone has a consensus about you, and trust in you increases.

The result is greater efficiency.

Consensus is an efficiency machine.

We will unconditionally trust a successful dev (who has released amazing projects) based on that cold developer address.

Trust diminishes, friction costs decrease, and efficiency increases.

A successful dev has successful on-chain data, and based on this consensus, does anything with higher efficiency and higher success rates.

Fomo builds a consensus network.

In addition to what has been mentioned, fomo also constructs an on-chain credit network, which cannot be elaborated further due to space limitations.

5. Returning to Efficiency

Finally, let’s revisit efficiency once more.

Do you have a faint feeling that fomo seems to have opened a new door for us?

It seems for the first time, realizing that the efficiency in a decentralized world can, in certain scenarios, surpass that of a centralized world.

Fomo has found this scenario and showcased it.

This is also what this article truly seeks to convey!

A decentralized world can indeed be more efficient.

Fomo is such a new version.

Reflect back on this!

6. Cold Water

We can imagine the direction to be grand, but the process is perilous; in fomo, there will surely be performative trading, following the trends, being on the wrong end of liquidation, and transparency is also a double-edged sword.

To truly become a social financial network, there is still a long way to go.

Writing about fomo, I’ve also made myself fomo; let’s all pour some cold water together.

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