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A Product Suite that Bridges the Gap between Serum, Solana, and Users.
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Bonfida offers various products including (1) an on-chain perpetual swap; (2) Solana name service for auctioning and transacting readable Solana addresses; and (3) Bonfida Bots which allow users to automate trading strategies and do copy-trading on Serum DEX. All three products and their revenues accrue value to the FIDA token.
FIDA is the native token of the platform, used for the following functions:
Value accrual: A percentage of fees generated from Bonfida products (Perpetual Swap, Name Services, Bonfida Bot) will be used to buy and burn FIDA.
Staking rewards: Users will receive FIDA as a reward by staking their FIDA tokens.
Fee discounts: Users can enjoy tiered discounts on platform fees for products such as perpetual swap and name services, based on the amount of FIDA held.
Governance: Token holders will be able to submit and vote on governance proposals to influence the platform development and treasury management. The governance function is expected to go live around Q1-Q2 2022.
The protocol consists of the following major components working in conjunction:
Perpetual swap: The Audaces Protocol is the first perpetual futures protocol built on Solana.
Name services: Solana name service provides a decentralized and affordable way to map domain names (.sol) to on-chain.
Bonfida bot: The service utilizes smart contracts to automate trading strategies and copy trading on top of Serum DEX, and supports TradingView features.
As at September 30th 2021, the maximum token supply of FIDA is 100,000,000. The total token supply is 998,908,948 and the circulating supply is 44,899,752 (~4.50% of the total token supply).