What Is Bonfida (FIDA) and Is It a Good Investment?

Judging by the increase of DeFi’s TVL (Total value locked), DeFi has undeniably grown exponentially. DeFi also has the potential of becoming a trillion-dollar industry, once the traditional financial sector is fully integrated into it.

The result of this evolution is bound to cause serious issues on the currently available blockchain, due to the guaranteed increase in the number of users. Current blockchains are unprepared for this kind of move. Although ETH 2.0 appears prepared for improving its throughput, this version might not be functional yet in years to come.

However, that doesn’t mean there’s no other blockchain capable of such an operation. Solana is the “dark horse” among the blockchains developed with so many prospects in its usage of on-chain order books.

What makes the Solana network unique is the fast execution speed and low-cost fees. Despite all these leading perks, Solana doesn’t have much exposure to the public.  However, this is all bound to change with Bonfida.

Bonfida plans to amend this situation by giving its users access to a decentralized exchange while leveraging the potential of Solana.

What Is Bonfida Network (FIDA Token)?

Bonfida was developed by the Bonfida Foundation and powered by the Solana blockchain. Bonfida’s decentralized non-custodial exchange was also built on the open-source Serum. Bonfida aims to link the Serum, Solana, and the users together. Not only is Bonfida the flagship Serum GUI, but it also exposes Solana data analytics to the field.

Bonfida platform also possesses a backend structure to store every transaction taking place on-chain on Serum. This process allows Bonfida exchange to offer data presently in use by CoinMarketCap and Coingecko for delivering their own services.

As a flagship product on Serum GUI, it aims to position Bonfida as an accessible solution that can replicate the performance of prominent game-changers in the Ethereum network.

Another product of Bonfida is Solible. Solible is an NFT e-commerce store developed to provide users with access to purchase exorbitant collectibles items on-chain.

Currently, Bonfida API is used by some of the biggest market makers in the cryptocurrency market. In addition, Bonfida has seen some explosive growth of about 25% weekly increment in its usage.

The Brain Behind Bonfida Protocol

As said earlier, the Bonfida foundation is behind the Bonfida project. The Bonfida foundation comprises a group of experts in cryptocurrencies, analytics, and engineering. However, the main goal of Bonfida lies in front, backend, and blockchain development. Also, community building and customer service.

FIDA Token’s Key Features

Here are some of the key features of the FIDA crypto coin.

Exclusive markets and listing

One of Bonfida’s crucial features is the plan to list exclusive markets on Serum. Each listing is set to be community-governed by FIDA holders. Thus, the market makers that have strategic relationships with Bonfida, inclusive of Alameda Research, will generate liquidity.

On-chain Advanced order types

There are two order types on Bonfida and they include the limit order and market order. The aim is to develop take profit and stop-loss orders on Serum. With this development, Bonfida will provide on-chain and off-chain advanced order types. To gain access to both order types, users are required to stake FIDA.

Order Placement Through Tradingview Charts

Unlike other cryptocurrencies, Bonfida becomes the first to utilize TradingVIew charts developed with on-chain data. Nevertheless, Bonfida doesn’t plan to stop there. It plans to develop more features like Order placement via charts and Position lines on the chart.

The Bonfida Ecosystem

Name service

This is a decentralized naming service that is created on the Solana blockchain. Naming service is done in three simple steps listed below:

1. Registering domain name

You can create user-friendly domain names instead of using long service or wallet addresses.

2. Collecting domains

This leads us to “collecting domains” where you explore and stock up on your favorite domain names through bidding on the domain names.

3. Sell your domains

You can monetize your collection by selling them through an auction.

Perpetuals

As for perpetual, the Bonfida protocol happens to be the first on Solana to offer perpetual swaps. Bonfida decentralized exchange is a cryptocurrency platform that can offer users fast and cheap transactions while trading up to 15x leverage with little to no network fees. It also possesses high liquidity, which the virtual AMMs supply deep liquidity as soon as it starts.

Users can also be assured of optimum safety with the Bonfida protocol backed by an insurance fund. Lastly, it’s also community-friendly. Users can host a UI or refer friends to get 10% of the fees.

Other parts of the Bonfida ecosystem include Bots, which are trading strategies on Serum that have the native Trading View integration function. We also have token vesting then the Buy & Burn function.

FIDA Token Backers and Strategic Partners

The Bonfida partners and backers include the likes of Alameda Research, CMS, Divergence, AKG Venture, Resident Pet, Kenetic, Genesis Block, among others.

The FIDA Token

FIDA token was built with various utilities such as:

• FIDA coins will be used to govern 95% of the net fees on Bonfida;
• The token will also be utilized for buy/burn tokenomics.

Using FIDA token transactionally will give users access to:

• Whitelabels and consulting services;
• VIP API;
• Bonfida DEX and Solible listings with market-making services;
• Bonfida Bots.

Also, Staking FIDA tokens give Holders access to:

• Access to rare Solible markets;
• Advanced analytics;
• Exclusive API endpoints and lower latency.

Lastly, Bonfida plans to add a limited governance model based on the FIDA token. This will lead to changing some factors like altering product fees via a governance vote using FIDA tokens.

As of November 27, 2021, the current price of the FIDA token according to CoinMarketCap is $7.58 with a market cap of $340,035,065 and a daily trading volume of $2,894,304. The circulating supply is 44,832,824.90 FIDA coins with a maximum supply of 1,000,000,000 FIDA tokens. Currently, Bonfida is ranked #266 on CoinMarketCap.

Is the FIDA Token a Good Investment?

According to the Bonfida analysis done by Wallet Investor, the FIDA token is going to be an awesome investment long-term. Going by the current price as of November 27, 2021, a $100 investment will likely get you 12.974 FIDA coins. Going by their forecast, your $100 investment could be worth $748.16 in five years giving you an expected income of +648.16%.

Based on current data, Wallet Investor indicates that the FIDA token is in a bullish cycle and the token is expected to have a positive trend in the future.

According to GOV Capital Bonfida analysis, the price of the FIDA token could reach $15.700 in one year to give investors an estimated return of 106.663% on their investment. Cointobuy Bonfida forecast is also predicting the token to reach a price of $9.67, which will generate an expected profit of +49.6%.

Wallet Investor’s Bonfida price prediction 2022 shows that the token will reach a maximum price of $21.212 by the end of December. By 2023, the FIDA token price prediction indicates that the token will reach as high as $31.428 at the end of the year.

According to Digital Coin Price, Bonfida price prediction 2022 shows that the token will reach a price of $13.53. While in 2023, the FIDA coin price forecast for that year is $16.04, it seems they are not expecting explosive growth, unlike the prediction we have at Wallet Investor.

Going by priceprediction.net analysis, the price prediction for the Bonfida token for 2022 is a maximum price of $13.47 at the end of the year. By 2023, the FIDA coin price prediction 2023 shows that the token will reach as high as $20.12. The 2022 prediction here is a bit similar to what we have above.

Let’s look at the FIDA coin price prediction 2026. Wallet Investor is predicting a maximum price of $62.801 by November 2026. Priceprediction.net FIDA token forecast indicates that the token will reach a price of $60.31 by 2026. Digital Coin Price is predicting a price of $27.4 for the Bonfida token in 2026. Both Wallet Investor and Priceprediction.net have similar forecasts for the Bonfida coin. Only Digital Coin Price has a more conservative prediction for 2026.

By 2030, Priceprediction.net expects the FIDA coin to be as high as $248.89. According to the Tech News Leader, the Bonfida crypto coin could reach a maximum price of $ 269.38 with a minimum price of $226.01 if the market condition is favorable. That will be a substantial gain in 2030 if that price is reached.

Conclusion

The Bonfida protocol is about showcasing the ability of the Solana blockchain to the crypto world as a viable alternative to the predominant Ethereum and Bitcoin blockchain. With the wide array of products and services that the Bonfida protocol has to offer, it looks like it is well set to achieve its aim.

The various predictions we have seen also suggest so too and it looks the FIDA token could make significant gain in the market in the future. Also, under the right condition, it looks set to flourish. All hands are on deck as investors and users keenly follow the FIDA token to see what it can do and if it will truly deliver on its promises.