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:
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).
Transaction Fees: FIDA governs 95% of net fees on Bonfida and can be used to carry out transactions within the ecosystem.
Staking: By staking FIDA, users gain access to the Solible NFT marketplace listings and advanced market analytics.
Domain Name Registration: FIDA holders enjoy exclusive discounts on domain name registrations, making it more rewarding to be part of the Bonfida community.
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
