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Ethereum may have revolutionized the blockchain sector by shifting the attention from trading to the capabilities of blockchain technology, but as the adoption grew, it quickly became apparent that it simply doesn’t have the capability to satisfy the demand. This led to long waiting periods to have your transaction processed, and if you were in a hurry, you had to pay massive fees.
This, in turn, led to the creation of new, more scalable chains that would be able to process transactions as soon as they arrive. While many new chains were created to try and offer an alternative for Ethereum, Solana immediately stood out from the rest as the most scalable solution out there, and it immediately attracted developers, regular users, and even entire projects.
Now, however, a project called Bonfida wishes to show just how powerful Solana is, and what it can achieve.
What Problems Does Bonfida (FIDA) Solve?
Bonfida is a project that aims to achieve several things that would speed up Solana adoption, which led it to develop a number of interesting and unique solutions. Here are a few examples of what Bonfida can do.
Bridges the gap between Solana, Serum, and the user
While Bonfida is a Solana-based cryptocurrency, it has a strong connection to Serum — Solana’s high-performance DEX designed around a fully on-chain central limit order book and matching engine.
Bonfida’s intention is to act as the full product suite that would bridge the gap between Serum, Solana, and the user. In terms of Serum, Bonfida acts as its flagship GUI.
Brings Solana Data analytics to the field
Bonfida claims to be the first Solana-based project that brings Solana’s Data analytics to the field, with its API used by some of the biggest market makers in the space. Thanks to its ties to Serum and Solana alike, the project is able to help serum reduce gas costs to less than $0.001, it can process all submissions on a human-reaction-time scale, and much more, all while remaining decentralized and open.
Aims to showcase the capabilities of Solana
Bonfida is deeply convinced that Solana is the most capable and scalable blockchain in the crypto industry, and so far, this does seem to be the case. As a result, Bonfida believes that Solana deserves a lot more attention than it is getting and that it can help by showcasing its capabilities. As a result, it decided to offer a growing ecosystem of products that encompass all facets of the blockchain experience and power it all with Solana’s blockchain.
Benefits of Bonfida (FIDA)
Next, let’s talk about Bonfida’s benefits for the user, as there are quite a few things that everyone who is considering making an investment in this project needs to know.
A name service
First, Bonfida aims to offer a decentralized naming service that was developed on Solana. It offers unique domains on Solana’s blockchain with the goal of simplifying transferring of funds, the development of projects, and more.
Solana’s first perpetual swaps
Another thing to note is that Bonfida is a project that brought the first perpetual swaps to Solana. The swaps are all performed on-chain, with maximum security, and a growing trading volume. The project even has a leaderboard that shows who swapped the most based on volume.
Buybacks and burns
Bonfida is a project that came out with a maximum supply of 1 billion tokens, which is quite a massive supply compared to, let’s say Bitcoin, which is capped at 21 million. However, the project also developed a buyback & burning mechanism that reduces this supply in order to ensure the growth of the token’s value and make it attractive to the users.
With DeFi blowing up for nearly full two years now, Bonfida understood that offering some of DeFi capabilities would not only enrich Solana’s ecosystem further but would also be beneficial to the users. This is why it introduced staking, allowing users to stake their tokens and receive rewards, which come as a portion of the daily network fees generated from all network protocols.
Finally, we should also note that Bonfida also understands the users’ need for privacy, especially when it comes to private messaging. This is why it also developed its own messenger app, which is an on-chain, encrypted application built on Solana called Jabber.
It should be noted that group conversations are not encrypted for the moment, but 1-on-1 conversations are fully encrypted, end-to-end.
How Does Bonfida (FIDA) Work?
Bonfida is a project built by the Bonfida Foundation – a group of experts in crypto, analytics, and engineering. It comes as a full product suite that bridges the gap between Serum, Solana, and the user. It also acts as the flagship Serum GUI, bringing first-of-its-kind Solana data analytics to the field.
The project also has an API that is used by some of the largest market makers in the space. It features a native token, FIDA, a platform for Solana-based NFTs, a messaging app Jabber, and many other capabilities and functionalities, including staking.
But, its main goal is to show the world the full capabilities of Solana’s blockchain.
How to Buy Bonfida (FIDA)
Currently, Bonfida (FIDA) is available for purchase on the following exchanges.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying Bonfida (FIDA). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
Bonfida (FIDA) — A bridge between Solana, Serum, and the user
Solana is probably the most powerful and most scalable chain available today, and as such, it has definitely succeeded in offering the best alternative to Ethereum out there. Bonfida recognizes its potential and wishes to see it grow further in usage and popularity, which is why it invented an entire suite of solutions meant for that very purpose.
While helping the users and empowering Serum along the way, it is truly promoting the capabilities of Solana, and helping with driving the blockchain’s adoption.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.
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