What is Bonfida (aka SNS) (FIDA)?

Deep Dive

1. Web3 Identity & Domain Services

Bonfida’s Solana Name Service (SNS) simplifies blockchain interactions by letting users register .sol domains (e.g., alice.sol) as readable replacements for wallet addresses. Unlike basic naming systems, SNS supports:
- Cross-chain resolution via Wormhole, allowing .sol domains to function on Ethereum, BNB Chain, and others.
- Profile management with customizable DNS records, social media links, and NFT gallery integration.
- Merch/store access – Recent partnerships let .sol holders mint personalized apparel (SNS X post) and claim subdomains for gaming identities.

2. FIDA Token Mechanics

FIDA’s 1 billion max supply (990M circulating) powers three core functions:
- Governance: Plans for quadratic voting to decide protocol upgrades (e.g., fee structures, SNS integrations).
- Discounts: 5% off domain registrations and reduced trading fees on Bonfida’s native marketplace.
- Deflation: Protocol revenue buys and burns FIDA monthly – 7.4M tokens burned by September 2023 (whitepaper).

3. Ecosystem Expansion

Bonfida extends beyond domains with:
- Trading infrastructure: Asset-agnostic order book (AOB) enabling cross-margin trading.
- Developer tools: Vue.js SDK for SNS integration and QuickNode API add-ons for blockchain queries.
- Gaming/merch utilities: .sol domains now serve as in-game IDs and unlock exclusive apparel drops.

Conclusion

Bonfida positions .sol domains as a cross-chain identity standard while using FIDA to incentivize participation and protocol sustainability. With recent moves to integrate domains into gaming and physical merchandise, could SNS evolve into a universal web3 passport beyond Solana?