Social crypto trading app Fomo raises at a $550 million valuation as DEX volume reshapes the retail market

Fomo, the cross-chain social crypto trading app built by former dYdX engineers Paul Erlanger and Se Yong Park, has raised a new round at a $550 million valuation led by Index Ventures and Union Square Ventures. The startup has crossed $1.5 billion in trading volume and 250,000 users since its $17 million Benchmark-led Series A in November 2025. The raise signals growing generalist VC conviction in consumer on-chain trading as DEX volume hits record highs.