Fomo buys Mobula’s on-chain data technology

Fomo has acquired proprietary software and intellectual property from Mobula, an on-chain data aggregator, and hired several members of Mobula’s engineering team. The team joining fomo includes Mobula founder Sacha Marcus, CTO Sacha Delhoux and Head of Infrastructure Cyril Conan. Mobula’s technology and IP will be integrated into fomo’s data stack to reduce reliance on external providers.

The company reported that its user base more than doubled to over 1.9 million since early July and that it has been adding roughly 30,000 new users per day. More than 1.2 million users were active in August, and the app reached No. 3 in the Finance category on the iOS App Store.

Trading volume rose from $500 million in June to $1.5 billion in July. Fomo expects monthly trading volume of more than $2.8 billion in August. The company estimates monthly revenue around $17 million, implying an annualized run rate above $200 million.

Fomo plans to further develop the acquired software to improve data reliability and performance across its platform and to operate the systems that collect and deliver on-chain data in-house rather than depend on a mix of external providers.

Paul Erlanger, co-founder and CEO of fomo, commented, “Mobula has built exceptional on-chain technology, and acquiring these assets gives us greater control over our infrastructure as we continue to expand the platform.”

Sacha Marcus, founder of Mobula, added, “We built Mobula to make on-chain data faster and more reliable. Joining fomo lets us take that technology further and build it directly into one of the fastest-growing consumer platforms in crypto.”

Fomo has expanded beyond its initial trading product. Fomo Web now represents about a quarter of total platform volume, fomo Perpetuals is growing, and the company recently launched Clans, a feature that lets groups of traders organize and compete together. The platform is adding social features such as leaderboards and creator tools and is investing in creators, streamers and media partners to broaden distribution.

Under fomo, the former Mobula engineers will focus on scaling the on-chain data infrastructure to meet higher throughput and reliability requirements tied to consumer trading activity and social features on the platform.