The growing DeFi gives rise to its total value locked (TVL). The DeFi increased users may cause severe issues for the currently available blockchain. Except for Ethereum 2.0, the existing chain seems unprepared to improve its throughput. However, Solana blockchain, still relatively unknown to many, packs many prospects in its on-chain order books. Bonfida fixes this by providing its users access to a decentralized exchange (DEX) and leverage on the potential of Solana.
What is Bonfida (FIDA)?
Bonfida, a Solana blockchain-powered decentralized non-custodial exchange, was built on the open-source Serum trading protocol. Bonfida full product suite bridges the gap between Serum, Solana, and the growing user base on active traders on the Serum DEX.
In addition, Bonfida platform backend structure stores any transaction occurring on Serum on-chain. These stores allow the exchange to provide CoinMarketCap and Coingecko currently used data to deliver their services.
Bonfida is the flagship product on Serum GUI. Bonfida aims to make a go-to solution that allows replicating what players in the Ethereum DeFi ecosystems can do.
Furthermore, Bonfida has developed Solible. Solible is an NFT e-commerce store that allows users to buy high-end collectible items on-chain. Some of the biggest market makers in the cryptocurrency industry currently use the Bonfida API. Bonfida’s aims at remaining the flagship product of Serum GUI. Now, Bonfida enjoys the prestigious title of the best available GUI. Bonfida could receive this title because it provides all of the needs of Serum users. In addition, the Bonfida platform adds a user-friendly interface.
Bonfida: roots and history
Bonfida Foundation’s team of experts in the crypto industry launched the project. Actually, the founder team led by David Ratiney is an expert in community building and offering excellent customer services. The Bonfida expert team is experienced in the crypto space. It also welcomes working in analytics and engineering.
How does Bonfida work?
Bonfida governs 95 percent of its net fees via the FIDA Token. The users can buy or burn FIDA Token. FIDA transactions may proceed to access the VIP API, Bonfida Bots, Bonfida DEX, and Solible listings with market-making services, whitelabels, and consulting services. In addition, FIDA holders staking their tokens may benefit from exclusive API endpoints and lower latency, access to rare Solible markets, and advanced analytics.
The FIDA Token-based Bonfida includes a limited governance model. Thus, the governance vote of FIDA tokens may change some parameters, such as product fees.
The FIDA maximum supply is 1,000,000,000 (1 billion), including 9% (1-4 years locked) locked seed sales, 2% liquidity (unlocked), 0.6% IEO (unlocked), 10% EcoSerum going to SRM yield (8% 1-4 years locked), 10% of FIDA reserved for Bonfida contributors and employee’s bonuses or grants (1-4 year locked). In addition, Bonfida and the FIDA Foundation manages the rest on furthering the Bonfida ecosystem (1-4 year locked). Furthermore, the FIDA proceeds all its value through products and services, including Bonfida Serum GUI, Bonfida Serum API, Serum Dashboard, Bonfida trading bots, and Solible.
Bonfida requires you to have either Bitcoin (BTC) or Ethereum (ETH) for (FIDA) trading purposes.
Why choose Bonfida?
Bonfida is the best GUI since it provides Serum users with what they ask for and has the best UX/UI. Bonfida has set some goals to grow its user base. These goals include exclusive markets and listing, on-chain advanced order types, order placement via trading view charts, advanced UI and basic UI, and GUI Fees.
Bonfida lists exclusive markets on Serum. The community of FIDA holders governs this listing. Therefore, the market makers have brought liquidity to Bonfida led to the establishment of strategic relationships with Alameda Research.
Bonfida offers on-chain and off-chain advanced order types. Both Bonfida offerings require users to stake FIDA to access this feature. Moreover, Bonfida provides its users with TradingView charts produced on-chain data. This feature is necessary for any exchange.
Bonfida develops basic and advanced trading modes for Serum to reduce the entry barrier to the Serum ecosystem. The advanced mode offers more features, including Bonfida Bots and advanced order types. However, the basic mode focuses on a convert function with no advanced order types or charts.
Bonfida has established its business model based on fees from orders executed on its GUI. All the fees go to FIDA, and the FIDA holders govern fees usage. In addition, Bonfida provides novice users with white label and consulting services on Serum. Serum retains the DEXs unique features. These features include complete peer-to-peer interaction with no centralized exchange intermediary, lower fees, a complete decentralized and transparent orderbook, and non-custodial trade. Non-custodial trade does not require you to entrust your crypto to a third party or a hardware wallet.