What Is Bonfida?
Bonfida is a comprehensive product package that serves as a link between Serum, Solana, and the end customer.. They are the Serum GUI’s flagship product, and they bring Solana data analytics to the field for the first time. Their API is utilized by some of the major market makers in the area, and they have witnessed a 25 percent increase in requests week over week since the beginning of the year (November 2020 Data).
The Fida Token
FIDA: The Bonfida token accumulates all of the value generated by the company. A full integration of FIDA’s services into Bonfida is planned, and the organization will have governance control over all fees earned on Bonfida.
Bonfida Serum GUI
Bonfida DEX will provide traders with the most advanced functionality and user experience possible.
Maintaining its position as the most widely used Serum DEX, with features such as a built-in wallet, starter SOL airdrops, and other benefits.
Bonfida’s ultimate objective is to maintain its position as the Serum GUI’s flagship. Bonfida is now the top GUI since it includes the functionality that Serum users have requested while also having the greatest user interface and user interface design.
Coingecko, Coinmarketcap, and some of the largest companies have already adopted it.
Bonfida’s API will continue to grow as market makers in the industry. Its product is a CEX-like experience for connected users.
All of the Serum ecosystem’s components in one location. This will include a Serum GUI, Swap, Borrow/Lending, and Staking.
Solible: Home of Solana’s NFT’s
On top of Solana and Serum, Solible is an NFT exchange.
• Creating a platform where minting and transacting NFT’s isn’t stagnated
by high network costs. Allowing for a real time auction house for NFT’s
• Easy bridges for transactionality with NFT’s from other blockchains
• Listing exclusive redeemable items. Some of the NFT’s and redeemable
items will be randomly airdropped on FIDA stakers
Why Bonfida Chose Serum
The moment they saw what Serum was constructing on Solana, they dug deep and recognized that they had stumbled across an opportunity to be a part of the financial revolution. They were well aware that their domain expertise was in the development of a seamless frontend experience that was integrated with backend APIs and on-chain analytics. This presented the perfect opportunity to be an early participant in an ecosystem they believe will grow to power large real world applications in a decentralized and composable way.
The Project Serum advisers have also said that they feel their choice is well described and confirmed in An Ultimate Vision for Serum, which was provided by the Project Serum team. But how do you go to that location? For that to happen, you must first reach a completely different kind of consensus: a Schelling point of sorts – which is what Bonfida aspires to accomplish by making Serum available to the whole globe.
FIDA provides the following services:
95% of the net fees on Bonfida will be governed by the FIDA token and
could be used for buy/burns, etc.
• FIDA will be used transactionally for:
– Access to the VIP API
– Bonfida Bots
– Bonfida DEX and Solible listings with market making services
– Whitelabels and consulting services
• FIDA staking will grant its holders:
– Exclusive API endpoints and lower latency
– Access to rare Solible markets
– Advanced analytics
• Bonfida will likely include a limited governance model based on the FIDA
token. Some parameters such as product fees may be changed through a
governance vote of FIDA tokens.
The FIDA distribution is projected as follows:
• Max Supply: 1,000,000,000 (1 billion)
• Locked Seed sales: 9% (1-4 year locked)
• Liquidity: 2% (unlocked)
• IEO: 0.6% (unlocked)
• 10%: EcoSerum going to SRM yield (8% 1-4 year locked)
• 10% of FIDA (1-4 year locked) reserved for Bonfida contributors/employees/etc.
• The rest will be managed by Bonfida and the FIDA Foundation, furthering
the Bonfida ecosystem (1-4 year locked).
Total Circulating Supply for the first year from TGE: 4.6%. The breakdown
is as follows:
• Liquidity: 2%
• IEO: 0.6%
• EcoSerum going to SRM yield: 2%
Exclusive markets and listing
Bonfida will feature exclusive markets on Serum, and the listings will be managed by the community of FIDA holders who will be voting on the listings. The liquidity will be provided by the market makers with which Bonfida has established strategic ties, such as Alameda Research, among others.
On-chain Advanced order types
At the moment, there are just two kinds of orders: limit and market. The development of take profit and stop loss orders for Serum will be carried out by Bonfida.
Both on-chain and off-chain advanced order types will be available, and both will need users to stake FIDA before they can have access to this functionality.
Order Placement Through TradingView Charts
Bonfida is the first cryptocurrency to have TradingView charts created using real-time data from the blockchain. This function is a must-have for any exchange; nevertheless, there are still further features to be developed, such as the ability to:
- Order placement through charts
- Position line on the chart
Advanced UI and Basic UI
Bonfida will build two trading modes for Serum, one for beginners and one for expert users, in order to decrease the barrier to entrance into the Serum ecosystem.
The advanced mode will be comparable to the existing mode, but it will have additional capabilities such as Bonfida Bots and advanced order kinds, among other things. It is intended that the basic mode will be centered on a convert function and will not include any advanced order kinds or charts.
Bonfida’s business strategy is based on the fees it would get from purchases placed via its graphical user interface (GUI). By default, all fees collected will be used to fund a FIDA purchase and burn; however, the use of the money will be determined by the FIDA holders.
Bonfida has developed a backend architecture for Serum that keeps all of the transactions that take place on the blockchain. Because of this, we can supply data via a REST API, which is utilized by CMC and Coingecko and receives more than 6 million queries every day. However, and maybe most crucially, this enables us to give a better user experience.
For example this is utilized by the official Serum GUI to load historical transactions for each market; this implies that any user connecting to a GUI based on the standard open source code is really accessing Bonfida data in the background. This has enabled us to display TradingView charts on the chain, which is a feature that is exclusive to Bonfida and that other rivals are unable to duplicate.
Bonfida will continue development of this API in order to offer data to all of our clients, with the goal of using this data via our GUI in order to give the greatest user experience and user interface.
As part of this effort, Bonfida will build an order placing API for Serum, which will help to bridge the gap between web 2.0 and the Solana blockchain. People will be required to stake FIDA in order to use this order placing API.
Bonfida will provide unique endpoints for those who stake more than a certain amount of FIDA in order to make access to on-chain data more convenient for them.
Bonfida will also provide white label and consultancy services to companies who want to get started with Serum but do not have the resources or experience to build their own infrastructure from the ground up.
The Serum Dashboard will consolidate all of the components of the Serum ecosystem into a single domain: the graphical user interface, swapping, borrowing and lending, and staking. Creating interoperable systems between them is a must.
Users may find it difficult to browse around and discover the Serum ecosystem at the moment since all of these Serum components are dispersed over several websites. Bonfida already has a Serum GUI as well as a Serum wallet available. Bonfida will strive to provide a complete Serum experience from a single website in order to become the preferred option for everyone.
Bonfita Has Bots
Bonfida Bota makes it simple to create trading strategies for Serum based on technical indicators.
Those fees are distributed in the same way as above.
• People may pledge their collateral to other strategies – The rule owner can decide how much to charge – It might be a daily percent fee or a percent of profits – Those fees are distributed in the same way as above.
• People may tokenize a strategy by creating an SPL token, which they can purchase and sell on a weekly basis.
Solible’s ambition is to become more like an e-commerce shop, where individuals can purchase high-end collector objects on-chain that can be redeemed and utilized in real life, rather than an app.
The Bonfida Foundation is responsible for the construction of Bonfida. They are a collection of specialists in the fields of cryptocurrency, data analytics, and software development. Specifically, they have extensive experience in front-end, back-end, and blockchain development. They also have extensive experience in community building and providing excellent customer support.