What is Bonfida (FIDA)?
Bonfida is one of the earliest projects built on the Solana blockchain to deliver identity and communication solutions for the community. Users can get their Web3 domain on Solana through Solana Name Service. Users can also set up their messaging service on Solana using Jabber. Bonfida connects the Serum DeFi platform to the Solana blockchain without the intricacies of a centralized exchange. The orderbook of Serum is asset agnostic and interacts when they are called by the client.
How does Bonfida work?
To earn FIDA tokens on the Bonfida network. A user needs to create a Solana wallet that is compatible with Bonfida. Buy and transfer FIDA tokens from a crypto investment app to the wallet. Once a user has connected the wallet to Bonfida DEX, it is ready to stake. To start staking, the user needs to enter the amount of FIDA tokens and the tenure for which one would like to stake it. Users can also swap their FIDA tokens in lieu of a range of top crypto assets.
Key Attributes of Bonfida
- Ecosystem centered: Bonfida brings all developer and user related suite of services under Serum. Serum API for marketplaces to fetch data of transactions on Serum DEX can be acquired. The Bonfida GUI offers traders the best functionality and experience maintaining its place as the most used Serum DEX, including a built-in wallet, starter SOL airdrops, and more. It is also home to Solana NFTs on Solible marketplace.
- Suite of products for Solana: Bonfida offers a range of DeFi services on Serum like FIDA token staking, swapping and Solana Name Service. Bonfida also offers the first NFT marketplace for Solana blockchain called Solible.
- Unique Tokenomics: FIDA also offers a buy-and-burn mechanism. A permissionless mechanism that helps users add more liquidity to other token pools depending on the community interests.
What sets Bonfida apart?
Unlike other decentralized finance platforms, Bonfida is centered around Solana and Serum to bridge the gap between them and bring crypto finance to the Solana community. The platform offers a great suite of finance products for better inclusivity. Right from data of DEX transactions to staking FIDA tokens and an NFT marketplace that allows Solana supporters to explore the world of NFT economy. In addition to a great array of solutions, the user interface of these platforms are easy to understand.
FIDA token holds the following utility
- FIDA will govern 95% of the net fee and will be used to buy and burn tokens.
- The token will be used for transactional activities like staking.
- With FIDA users get access to API endpoints at low latency
- FIDA token holders can get access to Solible NFT market and advanced analytics.
- The project uses FIDA as a governance token to set up a community voting mechanism for proposing changes on the project.
How to buy Bonfida (FIDA) in India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy FIDA on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy FIDA: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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