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FIDA Coin is the main token of the Bonfida project built on Solana. Previously, the Solana Name Service (.sol domains) was part of this project, but it has since separated and operates independently under the name SNS. So, what is FIDA used for now?
What Does Bonfida Do?
Bonfida is a Web3 platform that provides a user interface for Serum DEX, API services, trading bots, and other DeFi tools.
What Does FIDA Token Do?
Fee Discount – FIDA is used to get discounts on transaction fees.
Token Burning – FIDA tokens are bought back from the market and burned using platform revenue.
Premium Features – FIDA is required to access APIs and tools.
Governance – FIDA holders can participate in platform governance decisions.
So, If SNS Separated, What Happens to FIDA?
Yes, SNS now manages .sol domains. However, Bonfida is still active, and FIDA remains its main token.
😎Conclusion: While FIDA Coin is no longer tied to .sol domains, it remains functional and valuable within the Bonfida ecosystem and Web3 tools. Its potential is far from lost! $SOL $BTC
🗣What Does the Tracking Label Mean for Users? Tokens with a Tracking Label are considered higher risk due to increased volatility and other factors. Binance closely monitors these assets, and they may be delisted if they fail to meet the listing criteria.
LIVE - White House crypto chief David Sacks: The approach to date has been to move important future technology abroad. But we want to keep this innovation within the United States. Just as every analog industry is becoming digital, financial assets are doomed to become digital.
LIVE - Sacks: We want this value creation to happen in America, not abroad. It is also better for consumer protection, because regulators can more easily monitor the activity when it is domestic. It is no coincidence that the biggest scam in crypto history, FTX, is based in the Bahamas. By keeping innovation domestic, we can more easily separate good actors from bad actors. I believe that by working with each of you, we will usher in a “golden age” of digital assets.
The chairman of the US House Financial Services Committee announced that both houses of Congress will form a crypto working group.