On-chain trading platform Fomo is advancing mergers and acquisitions as its business expands rapidly. The company disclosed that it has acquired on-chain data company Mobula for $17 million. The founder of the latter, Sacha Marcus, the chief technology officer Sacha Delhoux, and the person in charge of infrastructure Cyril Conan will join Fomo.

Mobula continues to operate independently

According to the press release, Mobula will continue to operate independently in the future, but Fomo will take over its core intellectual property and engineering management team. Mobula has previously provided some key technologies for Fomo, including real-time API, as well as data interfaces for fraud detection and social discovery.

Fomo indicates that this transaction will help the company bring more on-chain data and global infrastructure capabilities in-house, reducing its dependence on multiple external suppliers. As the number of users, markets, and new trading products continues to increase, so do the platform's requirements for the underlying systems.

Platform expansion increases system pressure

This acquisition occurred during a period of rapid increase in activity on Fomo. On August 30th, the platform notified users of service interruptions in cross-chain transactions, indicating that the existing technical architecture was under greater stress.

• The platform has over 1.9 million users.
• Over 1.2 million users engaged in transactions or interactions in August.
• On August 25th, the number of daily active traders reached a new high of 107,000.

Weekly trading volume reaches a record high

Trading volume is also increasing simultaneously. The monthly trading volume has risen from $500 million in June to $1.5 billion in July. Last week, the platform's weekly trading volume reached $1.06 billion, setting a new historical high, of which Solana contributed approximately $357 million.

In addition to its existing trading services, Fomo is also expanding its product line. The company stated that Fomo Web currently accounts for about 25% of the platform's total trading volume, and the perpetual contract business is still growing. Clans is aimed at facilitating collaboration and competition within the trading community.

Fomo, the Chief Executive Officer, stated that as the platform continues to expand, the company is investing more technical resources to support the next phase of business development. This acquisition also means that the key aspect of on-chain data will be under more control of Fomo themselves.