What is BONFIDA?

Bonfida is a popular choice among investors looking to trade altcoins. However, before you Trade FIDA, it is essential that you know what you are investing in. Let's find out what's Bonfida and how it works.

Bonfida was developed on the Solana blockchain and is one of the first applications of its kind to provide users with a means of verifying their identities and exchanging information securely. Solana Name Service allows users to register their desired Web3 domain on the Solana platform. In addition, Solana supports the Jabber IM protocol so that users may build up their own private chat system. Bonfida streamlines the process of exchanging tokens between the Serum DeFi and Solana blockchains. Serum's order book does not care what assets are being traded and responds to customer requests regardless of what they are.

In order to acquire FIDA tokens on the Bonfida network, a user must first set up a Solana wallet that is compatible with the Bonfida protocol. The FIDA tokens may be purchased using a cryptocurrency investing app and then moved to the wallet. Connecting the wallet to Bonfida DEX makes it available for staking. Staking begins when a user inputs the number of FIDA tokens to be staked and the number of years over which to stake them. Users may also swap their FIDA tokens for a variety of popular cryptocurrencies.

Ecosystem-centered: Bonfida unifies the suite of services linked to users and developers under Serum. It is possible to purchase the Serum API for markets to retrieve transaction data from the Serum DEX. The Bonfida GUI is the most popular Serum DEX since it provides traders with convenient features like an integrated wallet and free SOL for beginners, among other things. It is also the place where Solana NFTs may be bought or sold.

Suite of products for Solana: Bonfida provides a number of DeFi services on Serum, including staking and exchanging FIDA tokens and the Solana Name Service, as part of their suite of products on Solana. In addition, Bonfida provides the first NFT marketplace built on the Solana blockchain, dubbed Solible.

Unique Tokenomics: FIDA also offers a buy-and-burn system. A decentralized system that facilitates the addition of token liquidity to other token pools in response to community demand.

How is BONFIDA different?

Bonfida is a cryptocurrency financing platform built specifically for the Solana ecosystem, bridging the gap between the Solana community and the Serum blockchain. A wide variety of financial tools are available on the site, which contributes to its goal of greater accessibility. Solana backers have access to a whole range of NFT-related resources, from transaction data from decentralized exchanges (DEXs) to a marketplace where they may buy and sell NFTs (an NFT) and stake FIDA tokens. These platforms not only offer a wide variety of helpful features but also have an intuitive UI.

FIDA Usecase:

FIDA will control 95% of the net fee and be utilized to purchase and burn tokens.

The token will be used for transactional purposes such as staking.

FIDA provides consumers with low-latency access to API endpoints.

FIDA token holders will have access to the Solible NFT market as well as enhanced analytics.

FIDA is used as a governance token in the project to build up a community voting system for proposing improvements to the project.

Network Security

BONFIDA is built on Solana. As such, it is secured by the Solana network’s proof-of-history consensus mechanism. This consensus mechanism uses timestamps to define the next block in Solana's chain.

Founder

The Bonfida platform was created by Bonfida Foundation. The team comprises engineering, data analytics, and cryptocurrency professionals.

Where Can You Buy FIDA?

FIDA is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.