Bonfida is not only an IDO platform or a pure Serum front end, but a collection of applications serving Serum and Solana ecosystems.
Written by: Groot
At the beginning of 2021, the hot residual heat of DeFi has not been dissipated, and the NFT and the new public chain have been successfully taken over, which promoted a new round of climax in the historical bull market of the cryptocurrency market. In the new public chain competition, the high-performance public chain Solana performed well. With its extremely high TPS, this public chain founded by former engineers of Qualcomm, Intel and Dropbox at the end of 2017 has been active in the field of vision of market participants.
Among them, the DeFi protocol Serum, with Sam Bankman-Fried (SBF), the founder of the FTX exchange, the “top internet celebrity” in the currency circle, served as the consultant, as the flagship application of the Solana ecosystem, has gradually formed a sub-ecosystem that has begun to take shape. But today we are not talking about Serum DEX itself, but the killer application called Serum’s “flagship front end”-Bonfida. The first impression of most domestic users of Bonfida stems from IDO releases such as Oxygen, but Bonfida is not just an IDO platform or a pure Serum front end, but a collection of applications that empower Serum and Solana ecology.
What is Bonfida?
As mentioned earlier, Bonfida is Serum’s “flagship front end”, which can provide a better trading experience for DEX. In addition to the basic trading functions based on Serum, Bonfida currently provides programmatic trading robots, Serum API, and the first perpetual contract agreement that will be launched on the Solana chain.
Bonfida’s front-end greatly optimizes the trading experience of Serum DEX. Bonfida is the first platform to use on-chain data for the embedded production of Tradingview charts. For most professional investors, the line drawing function experience provided by Tradingview is much better than most The line drawing tool provided by the trading platform independently.
The Serum API built by Bonfida can provide all transaction data of Serum for query. At present, mainstream data platforms such as CoinGecko and major market makers in some centralized exchanges directly obtain transaction data in the Serum ecosystem through the Serum API.
Among the services provided by Bonfida, programmatic trading robots are the real “killer”. BonfidaBot can help DeFi users in the Solana ecosystem to establish trading strategies on Serum with the help of the natively integrated TradingView. DeFi users can use TradingView’s strategy indicators or send on-chain transaction signals to BonfidaBot via JavaScript commands to realize fully automated transactions on the chain. At the same time, the programmatic strategy created by the user can also choose to open to the outside world and set the price of subscribing to the strategy. After other users subscribe to the policy, the policy provider can receive subscription fee incentives. Based on the high transparency of Solana’s decentralized ecosystem and non-centralized hosting, users can fully retrospectively view the historical benefits of all public strategies. Regardless of whether the user establishes his own trading strategy or subscribes to the strategies of others, he can have 100% control over his own assets.
BonfidaBot has now launched the BTC/USDC strategy of Taiwan’s famous KOL Benson, and the BTC/USDT and SOL/USDT trading strategies of the overseas quantitative team CompendiumFi. In the future, BonfidaBot will integrate contract agreements, even options and structured product agreements. According to the team, Bonfida will soon launch the first perpetual contract agreement on the Solana chain, which will also provide BonfidaBot with more options.
Native token FIDA
Bonfida launched FIDA, a native token, with a total of 1 billion FIDA. 95% of the net fee on Bonfida will be used to repurchase and burn FIDA tokens. FIDA’s application scenarios in the ecosystem include obtaining VIP API access rights. At the same time, holding FIDA in the future can also enjoy a reduction or exemption of perpetual contract fees. In addition, FIDA can be pledged on the Serum platform, and 10% of the monthly repurchase burn will be used to reward FIDA pledge users.
FIDA’s distribution plan is as follows:
- Locked seed round: 9% (linearly unlocked after one year of purchase, and completely released within four years)
- Liquidity provision: 2% (no lock-up)
- Pre-sale: 0.6% (no lock-up)
- 10%: hand over to EcoSerum node as SRM income (of which 8% is locked, linearly unlocked after one year of purchase, and completely released within four years)
- 10%: will be used as bonuses and allowances, held by Bonfida contributors and staff (locked up, linearly unlocked after one year of purchase, and completely released within four years)
- The remaining share will be jointly managed by Bonfida and FIDA Foundation, and the future Bonfida ecology.
The total circulation in the first year accounted for 4.6% of the total tokens, including 2% to provide initial liquidity, 0.6% of the pre-sale part without lock-up, and the unlocked part handed over to the EcoSerum node as SRM revenue 2%.
Team and investment background
The core members of the Bonfida team graduated from internationally renowned schools such as Ecole Centrale de Paris, Cambridge, Imperial College and the University of Notre Dame. The team has rich experience in top technology companies and well-known investment banks, and has a relatively deep understanding of traditional finance, digital assets, data analysis, and computer engineering.
In mid-December 2020, Bonfida completed a USD 4.5 million seed round led by CMS Holdings, well-known companies such as Alameda Research, Three Arrows Capital, Spartan Group, Genesis Block Ventures, Sino Global Capital, Fisher8 Capital, FBG Capital and Prophet Capital. Institutions participated in this round of financing.
summary
The high throughput and scalability of the underlying architecture Solana has contributed to the rapid maturity of the Serum ecosystem, and the Bonfida front-end, as a highly user-friendly Serum ecological portal, has quickly accumulated a considerable user base. As of the time of posting, Serum DEX’s trading volume in the past 7 days has exceeded 260 million US dollars, with a single-day trading volume of nearly 50 million US dollars. With the help of the vigorous development of the Serum and Solana ecosystems, Bonfida takes the provision of a good front-end experience as an entry point, and actively builds programmatic trading robots and perpetual contract agreements to achieve continuous empowerment for the Serum and Solana ecosystems.
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