Bonfida (FIDA)

What is Bonfida (FIDA)?

Bonfida (FIDA) is a blockchain-focused project driven by a group of experts in cryptocurrencies, analytics, and engineering. The core mission of Bonfida is to enhance the world of decentralized identities by developing the Solana Name Service (SNS). SNS aims to provide a decentralized and cost-effective solution for mapping domain names (represented as .sol) to on-chain data, including Solana addresses, IPFS CID, images, text, and more. The service offers human-readable names that map to SOL addresses, creating pseudo-anonymous identities for users in the metaverse.

In advocating Web3 principles, Bonfida emphasizes the importance of users owning and controlling their names and associated data in a privacy-preserving manner to establish trustworthy reputations in both Web2 and Web3 environments. By bridging the gap between the familiar web and the decentralized ecosystem, Bonfida seeks to drive mass adoption of blockchain technology.

Who created Bonfida (FIDA)?

Bonfida was founded by a team of industry veterans with diverse expertise, including professionals in cryptocurrencies, analytics, and engineering. The core players, including the seed investors, are committed to the long-term development of the project. Notably, 95.4% of all FIDA tokens are locked for four years, ensuring a controlled supply and distribution of tokens. With a strong focus on the decentralized naming space and the Solana Name Service, the team is dedicated to enriching the user experience within the decentralized finance (DeFi) sphere.

What is $FIDA used for?

$FIDA serves as the utility token within the Bonfida ecosystem, enabling users to participate in the Solana Name Service and access various features and functionalities. The token plays a dual role, serving as collateral and an entrance requirement to the Velo Ecosystem, securing the network and facilitating value transfer. Additionally, $FIDA is utilized for rewards, incentives, and funding opportunities through Initial Exchange Offerings (IEOs) and Initial DEX Offerings (IDOs) to engage the community and foster its growth. The controlled token distribution and locked holdings ensure a unique position for $FIDA, minimizing large holders' impact on the token's circulation and promoting stability within the ecosystem.