Bonfida

What is the token?

Bonfida (FIDA) is a cryptocurrency token that operates on the Solana blockchain. It is deeply integrated into the Bonfida ecosystem, which bridges the gap between Serum, Solana, and their growing user base. Bonfida provides a full product suite, including the Solana Name Service (SNS), which allows for human-readable domain names in the blockchain space. The platform aims to enhance the Solana ecosystem by offering data analytics, a comprehensive API for market makers, and various tools for domain name trading and governance.

Tokenomics

• Max Supply:

• 1,000,000,000 FIDA tokens

• Locked Seed Sales:

• 9% (1-4 year locked period)

• Liquidity:

• 2% (immediately accessible)

• IEO:

• 0.6% (immediately accessible)

• EcoSerum Allocation:

• 10% directed towards SRM yield (8% with a 1-4 year locked)

• Bonfida Contributors:

• 10% reserved for bonuses, grants, etc. (1-4 year locked)

• Ecosystem Development:

• The remaining tokens are managed by Bonfida and the FIDA Foundation (1-4 years locked).

Market Data

As of today #{today’s date}, the price of Bonfida is ₹24.77 INR or 0.2724 USD, with a 24-hour trading volume of 2408188.91 USD. The market capitalization for Bonfida is 34572024.27USD. The circulating supply is 126857837.27 Bonfida, with the total supply also being 990912488.84 Bonfida.

Token Pros and Cons

Pros:

• Integration with Solana:

• FIDA benefits from the high-speed and low-cost transactions of the Solana blockchain.

• Comprehensive Ecosystem:

• Offers a wide range of products and services, including the Solana Name Service.

• Governance Features:

• FIDA token holders can participate in governance decisions that influence the platform's future direction.

• Token Burn Mechanism:

• Ensures FIDA's sustainability and value growth through a protocol that burns acquired tokens.

• Exclusive Discounts:

• FIDA holders enjoy discounts on domain name registrations and reduced fee tiers for trading.

Cons:

• Market Volatility:

• Like many cryptocurrencies, FIDA is subject to high market volatility.

• Complexity for New Users:

• The comprehensive suite of tools and services may be overwhelming for newcomers to the crypto space.

• Dependence on Solana's Performance:

• FIDA's performance is closely tied to the Solana blockchain, making it susceptible to any issues affecting Solana.

• Limited Awareness:

• Despite its unique offerings, Bonfida may not be as widely recognized as other blockchain projects.

• Regulatory Risks:

• The evolving regulatory landscape for cryptocurrencies could impact FIDA and its ecosystem.

Why Should You Invest in the Coin?

• Strong Ecosystem:

• Bonfida's diverse range of products and services offers significant utility and potential for growth.

• Solana Blockchain:

• Leveraging Solana's capabilities for fast and cheap transactions enhances FIDA's appeal.

• Governance Participation:

• Holding FIDA grants a say in the platform's development, empowering investors.

• Token Burn Mechanism:

• The deflationary aspect of token burning can potentially increase FIDA's value over time.

• Strategic Partnerships:

• Bonfida's collaborations, such as with Serum and other Solana-based projects, position it well within the ecosystem.

USP of the coin

• Solana Name Service (SNS):

• FIDA is central to the operation of SNS, offering human-readable domain names on the blockchain.

• Governance and Tokenomics:

• Unique tokenomics with governance rights, token burns, and discounts for holders.

• Comprehensive API and Tools:

• The Bonfida API and suite of tools cater to a wide range of users, from casual to professional, within the Solana ecosystem.

Problem the coin is solving

Bonfida addresses the complexity and inaccessibility of blockchain addresses by providing human-readable domain names through the Solana Name Service. It also aims to enhance the Solana ecosystem's functionality and user experience with its comprehensive suite of tools and services.

Founder and team background

• Bonfida was founded by David Ratiney, a Cambridge University graduate with a strong background in engineering and cryptocurrency trading. Ratiney's foray into the cryptocurrency world began as an API trader, leveraging his technical skills to navigate the complex market dynamics. His expertise and vision for Bonfida were instrumental in its development and success.

• Bonfida's team, with their foundation in engineering from Ecole Centrale Paris and diverse global presence, brings technical excellence and a worldwide perspective to the Solana ecosystem.

• The team's diverse skill set, combining engineering prowess with practical trading experience, has enabled Bonfida to innovate within the Solana ecosystem. Their contributions include the first token vesting contract audited on Solana, which has become a model for other projects. Furthermore, the team's global presence, with members spread across Europe, South America, Australia, China, and Hong Kong, reflects Bonfida's commitment to building a decentralized platform with a worldwide impact.

ICO Price

Bonfida, a decentralized non-custodial exchange built on the Serum protocol and powered by the Solana blockchain, conducted its Initial Coin Offering (ICO) and Initial Exchange Offering (IEO) in December 2020. The ICO and IEO were pivotal moments for Bonfida, marking its entry into the market with a strong foundation and community support.

• ICO Details:

• ICO Date:

• The ICO took place on December 22, 2020.

• Total Raised:

• The ICO successfully raised $200,000.

• ICO Price:

• The price of FIDA during the ICO was $0.100 per token.

• Token Distribution:

• A total of 2,000,000 FIDA tokens (2% of the total supply) were available for the token sale.

• IEO Details:

• IEO Date:

• The IEO was conducted on December 17, 2020, preceding the ICO.

• Platforms:

• The IEO took place on multiple platforms, including FTX and Bitmax, showcasing the project's strong partnerships and market confidence.

• Total Raised:

• The IEO also raised $200,000, mirroring the ICO's success.

• IEO Price:

• Similar to the ICO, the IEO price was set at $0.100 per token, making it accessible to a wide range of investors.

Risks Associated in Investing in the Coin

• Market Volatility:

• The cryptocurrency market's inherent volatility can lead to significant price fluctuations.

• Regulatory Uncertainty:

• Changes in regulatory frameworks could adversely affect FIDA.

• Technical Risks:

• As with any blockchain project, there are risks related to security vulnerabilities or technical failures.

• Competition:

• The rapidly evolving blockchain space means that new competitors could emerge, potentially impacting Bonfida's market position.

• Dependence on Solana:

• Any issues with the Solana blockchain could directly affect Bonfida's performance and the value of FIDA.

Whitepaper Insights

The Bonfida whitepaper outlines the project's vision to bridge the gap between Serum, Solana, and their growing user base by providing a comprehensive suite of products and services. Central to this vision is the Solana Name Service (SNS), which allows users to replace complex blockchain addresses with human-readable domain names, enhancing the user experience and accessibility of blockchain technology.

Bonfida's ecosystem is designed to support the Solana blockchain's scalability and efficiency, leveraging its low-latency and cost-effective features. The platform offers a range of tools and services, including data analytics, a robust API for market makers, and various domain name trading and governance functionalities. FIDA, the native token, plays a pivotal role in this ecosystem, enabling governance participation, offering token burns to ensure value growth, and providing holders with exclusive discounts and reduced fee tiers.

The whitepaper details the tokenomics of FIDA, including its distribution, supply, and the strategic use of token burns to manage its value. It also outlines the governance model, which aims to involve FIDA holders in decision-making processes, ensuring the platform evolves in alignment with its community's interests.

Furthermore, the document highlights Bonfida's commitment to fostering the Solana ecosystem's growth by providing essential infrastructure and services. This includes efforts to enhance liquidity, encourage community feedback and development, and increase the visibility of the Solana Name Service.

In conclusion, the Bonfida whitepaper presents a comprehensive strategy for leveraging the Solana blockchain's capabilities to create a user-friendly and efficient ecosystem. By focusing on accessibility, governance, and community engagement, Bonfida aims to play a significant role in blockchain technology's broader adoption and development.