Se Yong explains why fomo gave investors token warrants but isn't launching a token "The thinking around that is really that I want to be a financial application that is trusted, is used, is revered, is inclusive, we need to do it in the stock market" "We need to be in a place where your average person who knows nothing about crypto has the ability to come buy the token, to find upside, to be a stakeholder, to give their own thoughts on governance" "And I think what a lot of crypto projects do too early is they launch a token, that becomes a second product, and then eventually becomes your primary product, because if the token is going down, that means nothing's going right" "So you really want to be in a place where you're not distracted by these things" "And who knows, in a world where you bring back ICOs and we can distribute revenues and engage people on chain and do all these things, sure, maybe we do launch a token, but I think with the current framework it's a lot easier to think about how do we actually get into the public market, into as many hands as possible"

Se Yong explains why he doesn't see Pump fun as a competitor Ran Neuner: "Do you see Pump fun as a competitor?" Se Yong: "I don't, no, I think that they've built an incredible launchpad, and I think they're trying to do more in the trading space as well" "But if you minus Bitcoin, crypto is a trillion dollar asset class, that is one of the smallest assets that you and I spend all our time in, and it's crazy because Apple's 5 trillion, right, so all of crypto in its entirety, with hundreds of thousands of builders, millions of people using it daily, we're still five times smaller than Apple" "So I think viewing competition in a PvP way is actually not the right way to think about it, and it's more like how do you build things that elevate everybody else, and build the blockchain ecosystem in such a way where you want more people"

Se Yong reveals about 25% of fomo's 2.5 million users come back every day, and about 75% every month "We are 2.5 million total users, we have about 700,000 come back daily" "I think on any given month about 75% of our users come back, so it's a place where you can't really compare this as trading app retention, you can almost look at it more like a Snapchat or another social media platform" "And of those 700,000, we probably have about 150,000 daily active traders, so that's a number that's really cool, because when I was at dYdX we had 2,000 daily active traders, we were a 20 billion dollar company, and it was mostly institutional volume" "So to be able to touch 150,000 different people every day, and have to be the sole trading experience for them, is actually incredible, and I think those are the most important numbers, how do we get to 10 million, 100 million, a billion, and hopefully more than that at some point"

Se Yong explains why fomo is shifting from performance marketing to building a brand people recognize "We're now at the place where we're starting to think about brands, how do you start to make fomo a brand that is revered, that is light, that is cool, that people want to use and people recognize and are familiar with" "Because I think for a financial product, and especially for a social product, you need to be in a place where everybody knows that this exists and there's a reason to be on it" "So a lot of our work has been there, which you don't get direct returns on” “But you get to know that you're actually expanding the radius of what your brand is to different people in the world"

Ran Neuner predicts the future of trading is financially driven social networks "I predicted that there's gonna be a new layer of social networks which are going to be financially driven social networks, and I think that's what you guys are pretty much building" "I think that X is trying to reverse engineer, by saying we've got the social network, we now wanna plug in the finance part of it, apparently you can now start trading directly from Twitter" "So I think they're trying to reverse engineer the social network, but I think ultimately the future of trading is a bunch of social network trading platforms"

Se Yong reveals the share of fomo users who come through referrals fell from about 60% to 15%, as more people find it organically "Starting June of 2026 you start to see volumes, users, revenue, everything go up, slowly, really really slowly" "And it feels very consistent, there's no outliers, there's no spikes, there's just pure growth" "And the thing we've actually come to realize is we've gone from about 60% referred users to 15% referred users, so people are starting to organically find out about fomo, hear it a bunch of times, try it out" "And it's no longer I'm coming to buy this one thing, or I'm coming to trade this one narrative, it's I'm coming to trade and become a social trader, because I think that this is one of the most important things in the world of finance or the world of social media"

Se Yong explains why fomo rethought how you view a trade, from a list of buys and sells to a single position "Before fomo, the way you looked at a trade was buy, sell, buy, sell, buy, sell, you had this position, you had this token, but all this showed you was the amount bought and sold, and people thought of the atomic unit in trading as a swap" "The swaps are the units that you construct the UI around, for us we said no, that's wrong, you need to actually construct the atomic unit of the trade to be the actual trade itself" "Where if you open up any position today, you get a half sheet that comes up, and in that half sheet you have all the details, transaction histories, but it's a very different way to look at the trade, it's no longer what are all my buys and sells, it's what is my position today, how much am I up, and if you then want to dig deeper you can actually look at the details" "So it was something that everybody was like, I don't view my trading assets this way, why are you doing this, we felt it was really important and we obsessed over it over and over again, and the final form is very simple, but I often think the best things are things that spent a lot of time simplifying rather than adding to"

Qwerty says if ThreadGuy is in a trade with him, it makes him happy "Even ThreadGuy, whatever you wanna say about ThreadGuy, he gets on a stream every single morning, and across the last six months he's longed oil, he's long Zec, he might have even shorted the top of oil at one moment, and he hits all these trades" "If ThreadGuy is in a trade with me, that makes me happy, that doesn't make me sad, I'm not one of those crypto ego people" "Too many people try to use these accounts for the opposite of what I'm talking about, instead of finding the diamond in the rough accounts who really know what they're talking about and using that to your advantage"

Ash Robin gives his take on the Kimchi coin drama "This is the kind of stuff that it's not great for the space, now I will say this, nobody had to buy any of these coins, all of it was speculation, but at the same time that stuff is not great" "There was nobody at any point that could have just been like he's hacked, or this is what's happening, or this isn't what's happening, everybody was just left in the dark, and then now that he removed all the posts and everything, nobody cares about it" "It does go to show that people are willing to buy stuff, but if you look at that chart, it went up and then it just died forever" "I don't blame anybody really, if I'm being honest, because just is what it is, when certain things happen and normies get into the space and then they get brutally rugged, they don't want to come back" "And that is something that the space is going to eventually either mature from or things are just gonna die off, this stuff is just gonna have a lot lower ceilings, and people aren't gonna care to trade this stuff because the risk to return is not there"

Ash Robin explains why people are leaving crypto for Pokemon cards and other TCGs "We've moved into this thing where a lot of people have come into crypto from meme coins, and everybody thinks that when people join, it should just be this steady uphill thing. But that's not what happens." "People join crypto, they stick around for a week or two, and then they leave. Why? Because it's too hard for new people to come in and trade this stuff." "Most people do not have a lot of money to gamble on shit coins that go to zero super fast." "This is another reason why so many people have wanted to get into Pokemon cards. You've been able to buy a Pokemon card and everything has just gone up over time. It's the exact kind of thing that people want." "Pokemon is physical, the No. 1 IP in the world. You can hold these cards for a much longer period of time, and these cards aren't going to zero overnight." "Most people want to just hold something that they like and see it gradually go up, and they don't wanna have to stress about it. That is one of the reasons why people aren't trading crypto."