Bonfida

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Discover Bonfida's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Bonfida?

Bonfida (FIDA) is a decentralized non-custodial exchange built on the Serum trading protocol and powered by the Solana blockchain. It provides a full product suite, including exclusive markets, advanced order types, and the Solana Name Service, which allows users to replace decentralized addresses with domain names. The FIDA token is the native currency, used for governance, transactions, and accessing features like the Solible NFT marketplace.

How is Bonfida used?

Bonfida (FIDA) is the native token of the Bonfida ecosystem, which is built on the Solana blockchain. The FIDA token serves several purposes within the ecosystem:

  1. Governance: FIDA token holders have a say in the governance of Bonfida through quadratic voting, allowing them to influence the direction of the Solana Name Service (SNS) Improvement Protocol (SNS IP).

  2. Transaction Fees: FIDA governs 95% of net fees on Bonfida and can be used to carry out transactions within the ecosystem.

  3. Staking: By staking FIDA, users gain access to the Solible NFT marketplace listings and advanced market analytics.

  1. Domain Name Registration: FIDA holders enjoy exclusive discounts on domain name registrations, making it more rewarding to be part of the Bonfida community.

  2. Token Burn: The protocol ensures FIDA's sustainability and value growth by burning FIDA tokens acquired through stable coins in on-chain markets, which helps maintain the token's value.

These features highlight the multifaceted role of FIDA within the evolving web3 space.

How do I store Bonfida?

To store Bonfida (FIDA) tokens securely, you can choose between software and hardware wallets. Software wallets include options like CoinStats Wallet, Trust Wallet, Atomic Wallet, MetaMask, and Guarda Wallet. These wallets allow you to manage your DeFi and cryptocurrencies in one place, with features for swapping, buying, selling, tracking, and earning on your cryptocurrency.

For enhanced security, hardware wallets like Ledger or Trezor are recommended. These cold wallets offer safe offline storage and backup capabilities, making them more suitable for experienced users with a large number of tokens.

Regardless of the wallet type, it is crucial to keep your seed phrase secure and write down your wallet address. Additionally, using an encrypted VPN connection can further enhance the safety of your transactions.

How to buy Bonfida?

To buy Bonfida (FIDA) tokens, you can follow these steps:

Buying on Centralized Exchanges (CEX)
  1. Create an Account:

    • Register on a centralized exchange (CEX) such as Binance, Kraken, or KuCoin using your email address and mobile number.
    • Verify your account by providing a government-issued identification document and enabling two-factor verification for added security.
  2. Deposit Funds:

    • Use a credit card, debit card, or bank transfer to deposit fiat currency into your CEX account.
    • Alternatively, you can deposit cryptocurrencies like USDT, ETH, or BNB if they are supported by the CEX.
  3. Buy Bonfida (FIDA):

  • Navigate to the Bonfida (FIDA) trading pair on the CEX, such as FIDA-USDT or FIDA-ETH.
  • Place an order to buy Bonfida (FIDA) using your deposited funds.
Buying on Decentralized Exchanges (DEX)
  1. Set Up a Wallet:

    • Download and install a Web3 wallet like Metamask or a mobile wallet like Trust Wallet.
  2. Fund Your Wallet:

    • Transfer the mainnet cryptocurrency of the blockchain the DEX runs on (e.g., ETH or BNB) to your wallet address.
  3. Connect to the DEX:

  • Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
  1. Swap for Bonfida (FIDA):
    • Find the "Swap" option on the DEX and select the token you want to trade for Bonfida (FIDA).
    • Enter the amount you want to swap and confirm the transaction.
Additional Tips
  • Be cautious of scams and ensure you are using a legitimate exchange or wallet.
  • Always check the fees and market prices before making a purchase.
  • Consider using a secure wallet to store your Bonfida (FIDA) tokens after purchase.
  • Research and understand the risks involved in investing in cryptocurrencies.
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History of Bonfida

Bonfida (FIDA) is a cryptocurrency that was launched in 2020 on the Solana blockchain. It is a token rather than a coin, as it operates on a blockchain platform. The token was introduced to facilitate the operation of the Bonfida ecosystem, which includes a variety of products and services such as the Solana Name Service, a mobile messenger application called Jabber, and tools for data analytics and cross-chain integration.

Bonfida's price history shows significant fluctuations. When it first entered the market in late 2020, it opened at around $0.57. In early 2021, the crypto market experienced a bullish phase, and Bonfida responded well, reaching highs of over $3 in late April and early May. The token hit an all-time high of $59.61 on November 3, 2021, but then fell to $3.55 by the end of the year.

In 2022, the crypto market experienced a bearish trend, and Bonfida was not immune. The token reached a high of $3.88 on New Year's Day but then dropped to a low of $1.37 by January 22. It recovered slightly to $3.86 on February 10 but continued to decline, reaching an all-time low of $0.1976 on November 14, 2022, following the collapse of the FTX exchange, which had a significant impact on the Solana blockchain.

Bonfida's native token, FIDA, serves multiple purposes within the ecosystem. It provides governance rights, fee discounts, and staking rewards to holders. This allows users to actively participate in shaping the future of Bonfida and benefit from various incentives. The token is also used to improve user experience and can be staked to gain access to advanced market analytics and the Solible NFT marketplace listings.

Overall, Bonfida's history reflects the volatility of the cryptocurrency market, with significant price fluctuations over time. Despite this, the project continues to evolve and provide innovative solutions for the crypto community.

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How Bonfida works

Bonfida (FIDA) is a cryptocurrency project built on the Solana blockchain. It is designed to bridge the gap between Solana and Serum, a high-performance decentralized exchange (DEX) built on Solana. Bonfida acts as the flagship GUI for Serum, providing users with a comprehensive product suite that includes Solana data analytics, a messaging app called Jabber, and a platform for Solana-based non-fungible tokens (NFTs).

Key Features
  • Solana Data Analytics: Bonfida brings Solana data analytics to the field, making it the first project to do so. This feature is particularly useful for market makers, who can leverage the analytics to optimize their trading strategies.
  • Serum GUI: Bonfida serves as the graphical user interface (GUI) for Serum, making it easier for users to interact with the DEX. This GUI provides a seamless experience for traders, offering features like a built-in wallet and SOL airdrops.
  • Solana Name Service: Bonfida offers the Solana Name Service, which allows users to create human-readable identities by replacing decentralized addresses with domain names of their choice.
  • Jabber: Jabber is a mobile app for Solana users to send encrypted messages, enhancing the overall user experience within the ecosystem.
  • NFT Marketplace: Bonfida is home to Sollible, the first NFT marketplace on the Solana blockchain, providing users with a platform to buy and sell NFTs.
  • Tokenomics: The FIDA token is used for various purposes, including fee incentives, discounts on domain name registrations, and token burning. The token burning mechanism helps to reduce the supply of FIDA, which can positively impact its value.
Tokenomics and Governance
  • Token Supply: The total supply of FIDA is divided into two main categories: 95.4% of tokens are locked for four years, and 4.6% are unlocked. The unlocked tokens are used for liquidity provision, IEOs and IDOs, and rewards and incentives.
  • Governance: Bonfida is working on implementing a governance system that utilizes quadratic voting, which is now available on Solana. This system aims to provide a more efficient and dynamic way for FIDA holders to participate in decision-making processes.
Trading and Availability

Bonfida (FIDA) is available for purchase on several exchanges, including Kraken, Binance, and MEXC. Users can buy FIDA using various trading pairs, such as FIDA/USDT.

Overall, Bonfida (FIDA) is a unique project that leverages the capabilities of the Solana blockchain to provide a comprehensive suite of products and services. Its focus on data analytics, user experience, and governance makes it an attractive option for those interested in the Solana ecosystem.

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Bonfida's strengths

Bonfida (FIDA) has several strengths that make it an attractive investment opportunity:

  1. Decentralized Naming Service: Bonfida offers a decentralized naming service that allows users to replace decentralized addresses with domain names of their choice, enhancing user experience and usability on the Solana blockchain.

  2. Governance and Voting: FIDA token holders have a significant role in governance, as they can vote on certain parameters for Bonfida, ensuring a more democratic and community-driven decision-making process.

  3. Fee Incentives and Discounts: FIDA holders enjoy reduced fee tiers when trading domain names, and they also receive a 5% discount on domain name registrations, providing tangible benefits for token holders.

  1. Token Burn Mechanism: The protocol ensures FIDA's sustainability and value growth by burning tokens acquired by the protocol, which helps maintain a stable supply and prevents inflation.

  2. Integration with Solana: Bonfida is built on the Solana blockchain, which is known for its high scalability and low latency, making it an attractive platform for users seeking fast and cost-effective transactions.

  3. Diverse Use Cases: FIDA is utilized for various functionalities within the Bonfida ecosystem, including transactions, staking, and access to the Solible NFT marketplace, providing a broad range of applications for the token.

  1. Strong Community Support: Bonfida has a dedicated community and a well-structured token distribution plan, ensuring that the majority of tokens are locked for the long term, which can help maintain stability and prevent large-scale selling.

These strengths position Bonfida (FIDA) as a robust and versatile token with a strong foundation for growth and adoption.

Bonfida's risks

Bonfida (FIDA) carries several financial risks that investors should be aware of before investing in the cryptocurrency. These risks include:

  • Volatility: Bonfida's price can fluctuate rapidly and unpredictably, which means that investors may experience significant losses if they buy at a high price and sell at a lower price. This volatility can be beneficial for traders who play the long game, but it also increases the risk of losses.
  • Risk of Devaluation: Bonfida has a high chance of experiencing financial distress in the next few years, which could lead to a significant devaluation of the cryptocurrency.
  • Market Sensitivity: Bonfida's price is highly sensitive to market conditions, which means that it can be heavily influenced by broader market trends and economic changes.
  • Downside Risk: The likelihood of losses is reflected in the downside risk of an investment in Bonfida, making it essential for investors to carefully assess their risk tolerance before investing.
  • Lack of Regulation: Bonfida, like other cryptocurrencies, operates in a largely unregulated environment, which can expose investors to additional risks such as lack of financial consumer protection and no monitoring of financial requirements or business risks.

These financial risks highlight the importance of thorough research and risk assessment before investing in Bonfida or any other cryptocurrency.

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Did Bonfida raise funds?

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Bonfida’s team

  • Founder: The founder of Bonfida comes from an engineering background and initially entered the cryptocurrency space as an API trader.
  • Core Development Team: The core development team members have been collaborating since their university days.
  • Experts: The team behind Bonfida includes experts in cryptocurrencies, analytics, and engineering, focusing on growing blockchain technology.

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