A new altcoin built on the Solana (SOL) network is surging after being listed on the global cryptocurrency exchange Binance.
Launched in December of last year, the Bonfida (FIDA) product suite was built with three main objectives targeting the future of decentralized finance (DeFi) within the Solana realm.
According to the Binance announcement,
“Bonfida is an ecosystem built on Solana and consists of products including:
An on-chain perpetual swap.
Solana name service for auctioning and transacting readable Solana addresses.
Bonfida Bots which allow users to automate trading strategies and do copy-trading on Serum DEX.”
Bonfida rallied nearly 20% from $5.54 to $6.59 following Wednesday’s announcement and currently sits at $6.07 at time of writing, according to CoinGecko.
The FIDA token offers holders value accrual, staking rewards, and fee discounts.
The Solana-based Serum decentralized exchange touts itself as permissionless, high-speed, and low-cost. Its native token is SRM.
Bonfida explains how it interacts with the Serum platform,
“Serum is a technological beast, but its powers must be harnessed and extracted in order for it to reach its full potential.
Bonfida’s GUI allows users to seamlessly interact with the DEX and leverage its potential. Bonfida [was] the first to introduce charts, market orders, and TradingView data to Serum.”
According to the project website, Bonfida has numerous partners including AKG Venture, Fisher8, CMT Digital, and Three Arrows Capital.
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Featured Image: Shutterstock/Tithi Luadthong