However, the Ethereum blockchain aims to solve the issues arising with the growing user base with the emergence of Ethereum 2.0. But this will not be fully implemented until some further years. Asides from Ethereum\u2019s blockchain, another mainnet that aims at solving this issue is the Solana ecosystem.<\/p>\n
The Solana blockchain is a decentralized blockchain that provides flexible, seamless, and cost-effective transactions. However, it is still alien to most people. Bonfida provides a platform for you to access a permissionless or decentralized exchange (DEX), with access to Solana\u2019s favorable capabilities.<\/p>\n
This review explains all you need to know about the Bonfida protocol. Is it profitable? Is it risky? Who developed the protocol? And, when was it developed?<\/p>\n
Now, What is Bonfida all about?<\/p>\n
Contents<\/p>
- 1<\/span> What is Bonfida?<\/a><\/li>
- 2<\/span> Bonfida Serum<\/a><\/li>
- 3<\/span> Bonfida Features <\/a>
- 3.1<\/span> Serum API<\/a><\/li>
- 3.2<\/span> Bonfida Bots<\/a><\/li><\/ul><\/li>
- 4<\/span> BonFida Native Token<\/a><\/li>
- 5<\/span> Wallet and Storage<\/a><\/li>
- 6<\/span> Why Build on Serum?<\/a><\/li>
- 7<\/span> Solible<\/a><\/li>
- 8<\/span> The Serum ICO<\/a><\/li>
- 9<\/span> Bonfida Investors <\/a><\/li>
- 10<\/span> Conclusion <\/a><\/li><\/ul><\/div>\n
What is Bonfida?<\/strong><\/span><\/h2>\n
Bonfida is a decentralized exchange built and maintained on Serum’s trading protocol and hosted on Solana’s mainnet. Thus, it stands as a bridge between Solana and Serum and the increasing number of active users who actively trade on Serum\u2019s decentralized exchange. In simple terms, the protocol is a cryptocurrency trading platform built on Serum\u2019s exchange and hosted on Solana\u2019s mainnet.<\/p>\n
The protocol utilizes the Serum DEX to facilitate trading and transactions\u2014Serum itself is being hosted on Solana\u2019s blockchain. Both leverage Solana\u2019s superfast on-chain order book, massive user base, and cheap transaction charges. These are a few of Solana\u2019s advantages over other blockchains.<\/p>\n
Additionally, Bonfida is a great platform for learners and professionals to trade effectively. It also provides a variety of DeFi products that users can purchase on the Solana blockchain. The protocol implements new features like trading charts, TradngView data, and market orders on the Serum DEX. These are analytical features that enable you to gather information on any trading activity going on.<\/p>\n
The protocol was founded under the Bonfida Foundation in 2020 as a private type company with its head office in China. The Central Executive Officer and Founder are David Ratiney.<\/p>\n
Bonfida Serum<\/strong><\/span><\/h2>\n
Bonfida arose as Serum GUI\u2019s forerunning project, with over 60% of Serum’s users utilizing Bonfida\u2019s GUI. The main aim is to make Bonfida a top choice consideration against other popular and effective protocols in the Ethereum blockchain.<\/p>\n
Serum exchange was created for users to interact and interconnect within the Serum\/Solana environment. It is also one of the first exchanges to use Solana\u2019s data for its Decentralized ecosystem.<\/p>\n
The protocol is one of the most effective protocols in Serum\u2019s ecosystem and handles the majority of its GUI activities. Bonfida\u2019s API is currently used by numerous market makers, increasing its number of active transactions by 25% weekly.<\/p>\n
In efforts to increase its active user base, here are a few of its unique features:<\/p>\n
- \n
- Exclusive Markets and Listing:<\/strong> Bonfida will list exclusive markets on Serum’s exchange. The $Fida token holders community controls the listings, and the liquidity is provided by market makers strategically brought by Bonfida, which also includes Alameda Research.<\/li>\n
- On<\/strong>–chain Advanced Order types: <\/strong>Presently, only two kinds of order types are market and limit. Bonfida aims to develop Stop Loss and Take Profit in the Serum Exchange. Also, the protocol will provide access to both on-chain and off-chain order types\u2014both will require any user to stake their $Fida tokens to access these features.<\/li>\n
- Order Placement Through TradingView Charts: <\/strong>Bonfida is the first protocol to have the TradingView feature on Serum’s exchange. And it accomplishes this using on-chain data. However, there are still some more features, like placing orders through charts and the position line on the charts.<\/li>\n<\/ul>\n
Succeeding the full implementation of these features, users can have a frictionless and smooth transaction on the ecosystem.<\/p>\n
- \n
- Advanced and Basic Trading modes:<\/strong> Bonfida will segmentalize entry into the network to reduce unpermitted access. Therefore, they will create two trading UI modes\u2014Basic and Advanced. The Basic model focuses more on conversion, while the advanced mode will provide advanced charts, order types, and Bonfida bots.<\/li>\n
- Interface Charges:<\/strong> The business model of Bonfida focuses on truth. It consists of fees charged on orders made during transactions like buying <\/strong>or Notwithstanding, the use of fees within the platform ensures control within reach of token holders.<\/li>\n<\/ul>\n
Bonfida Features <\/strong><\/span><\/h2>\n
Serum API<\/strong><\/span><\/h3>\n
Bonfida backend enables it to save data records of every transaction on the blockchain for Serum. These stored data are then provided to external crypto firms like Coinmarketcap and Coingecko, which utilize the data for references and analysis. In addition, because Serum uses the REST API to provide historical information, anyone who uses Serum codes will invariably be using Bonfida\u2019s data.<\/p>\n
This makes it possible to access the TradingView charts, found uniquely in Bonfida. This unique feature keeps being upgraded alongside UI and UX features for better user experiences.<\/p>\n
Also, the protocol aims at bridging the void between Solana and Web 2.0. It will accomplish this by deploying the Serum order placement API.<\/p>\n
Bonfida Bots<\/strong><\/span><\/h3>\n
The Bonfida platform has made plans to assist traders in their trade. The development team is currently working on a “bot” to assist users in managing their positions in any given trade in the network. Users can customize these bots manually to their preferred technical indicators.<\/p>\n
The customization is called \u201crules\u201d on the platform, which a user can create and get rewarded some $Fida tokens from it. Here are the available possibilities:<\/p>\n
- \n
- Users can pay to use the available rules: <\/strong>Users can pay owners of preprogrammed trading rules some $Fida to utilize their bots. The designer of the bot decides the cost for the bot.<\/li>\n
- Users can pledge their collaterals to bot owners: <\/strong>The rule owners decide everything. So, users who wish to utilize their trading bots can bargain with them to make payment for the bots. The rule owners can decide to collect a percentage of the daily profits or a daily fee.<\/li>\n<\/ul>\n
Users can tokenize their strategies:<\/strong> Successful traders can tokenize their trading strategies as SPL tokens. These tokens can be used to weekly buy or<\/p>\n
BonFida Native Token<\/strong><\/span><\/h2>\n
The Bonfida ecosystem has a native token that is used for facilitating transactions within the network. That is the $Fida token, an ERC20 token. It was also deployed to expand the network and make the user experience seamless effectively. It is a utility token that can be used for the following:<\/p>\n
- \n
- Bot payments.<\/li>\n
- Consultation services<\/li>\n
- Accessing VIP APIs<\/li>\n<\/ul>\n
The total amount of tokens supplied is 1 billion $Fida tokens, and over 95.4% of the tokens are locked in for four years. The token vesting will commence after one full year after the protocol’s launching. Bonfida\u2019s development team decided to keep the token circulation minimal for the first year.<\/p>\n
- Users can pledge their collaterals to bot owners: <\/strong>The rule owners decide everything. So, users who wish to utilize their trading bots can bargain with them to make payment for the bots. The rule owners can decide to collect a percentage of the daily profits or a daily fee.<\/li>\n<\/ul>\n
- Interface Charges:<\/strong> The business model of Bonfida focuses on truth. It consists of fees charged on orders made during transactions like buying <\/strong>or Notwithstanding, the use of fees within the platform ensures control within reach of token holders.<\/li>\n<\/ul>\n
- On<\/strong>–chain Advanced Order types: <\/strong>Presently, only two kinds of order types are market and limit. Bonfida aims to develop Stop Loss and Take Profit in the Serum Exchange. Also, the protocol will provide access to both on-chain and off-chain order types\u2014both will require any user to stake their $Fida tokens to access these features.<\/li>\n
- 3.2<\/span> Bonfida Bots<\/a><\/li><\/ul><\/li>
- 2<\/span> Bonfida Serum<\/a><\/li>
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