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Bonfida (FIDA) is the 472nd largest cryptocurrency in the world by market cap, valued at $40,840,000. The current price of Bonfida is $0.4084, which is -1.472% lower than yesterday. Prices have ranged between $0.421034 and $0.396074 over the past 24 hours. All prices are listed in US dollars and accurate as of April 01, 2023 08:04 UTC.
FIDA is the native cryptocurrency token of the Bonfida protocol. Built on the Solana blockchain, Bonfida is a bridge protocol that helps to connect with the Serum decentralized exchange (DEX) ecosystem.
Rather than a singular DEX, Serum is an ecosystem focused on providing efficient order books and combining scattered liquidity, while avoiding layer 2 settlement risks. While it does not have a native DEX per se, other applications can utilise the ready-made Serum infrastructure. It is this DEX infrastructure that Bonfida, and the FIDA token, are built upon.
According to the Bonfida website, the application is now one of the flagship non-custodial DEXs built on Serum and is aiming to become the go-to choice for cryptocurrency trading. It grants users access to exclusive markets, facilitates both market and limit orders, offers on-chain TradingView charts and collates all trading data so that it can be used for further analysis. In addition to trading capability, the team at Bonfida have also developed an NFT platform called Solible. FIDA is the native utility and governance token of the Bonfida ecosystem. With regards to utility, the token can be used by participants of the ecosystem for access to APIs, trading bots, and listings on Solible. The token can also be staked within the platform to grant access to exclusive products within Solible and advanced market analytics. 95% of all transactional fees collected on the Bonfida platform are sent to the buy-burn pool. These fees are then either used to buy FIDA tokens from the market or are burnt. With regards to governance, according to the whitepaper, in the future, the token may also be used to vote on development proposals.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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