Bonfida (FIDA) had been declining steeply since December. The token was hit worst by the bears of the market as it could not break the downtrend for nearly two months. However, the recent price movements show a market correction might be underway as the token is on a steep incline currently. At the time of writing, FIDA token stands at a price level of $2.64. The price has surged upwards by more than 20% during the day while the daily trading volume is also increasing – indicating a revival of trading activity. Bonfida stands at a market rank of #381.
What is Bonfida (FIDA)?
Bonfida is a relatively newer project, launched in 20202. It is essentially a trading platform for crypto enthusiasts but it combines data analytics with the power of blockchain technology. This makes the project a very interesting one as this is considered to be the age of data science and data analytics. The two technologies combined ensures that users are equipped with the most-updated data and the arsenal of decentralization of the blockchain technology – enabling traders to make the well-informed trading decisions. Bonfida serves as a bridge between the Solana blockchain and Serum.
The platform is based on Solana which also gives it a couple of advantages as Solana is considered to be one of the most efficient and fastest. Solana is, after all, the eighth-largest cryptocurrency in the market and is known for the competition it is giving the queen of the market, Ethereum. Bonfida aims to utilize the technology of Solana to the fullest and unleash its full potential. It currently offers decentralized naming service, perpetual contracts, buy and burn, staking with up to 10% returns, bots, a messaging application and more. It is truly going all in and offers some unrivalled services.
What to expect from the project?
Bonfida recently partnered up with Burnt Finance to help Solana users verify their Twitter profiles in a decentralized manner. The verification process can be done anonymously and without the requirement of any centralized intermediary. Moreover, the team is also teasing the community with something big that is yet to be revealed. Whatever is cooking in the platform’s kitchen is said to be big and can be the final stone in reversing the bearish outlook of the token for the upcoming days.
