What is Bonfida (FIDA)?

Deep Dive

1. Purpose & Value Proposition

Bonfida focuses on decentralized identity via its .sol domain service, simplifying crypto transactions by replacing complex wallet addresses with readable names (e.g., alice.sol). This addresses usability barriers in Web3, enabling seamless social media payments (via partnerships like PIP) and cross-platform identity ownership.

2. Technology & Ecosystem

Built on Solana, Bonfida’s infrastructure includes:
- Solana Name Service (SNS): Manages domain registrations and resolves blockchain addresses.
- Vue/React SDKs: Allow developers to integrate .sol domains into apps, wallets, or platforms.
- QuickNode Add-On: Enhances query efficiency for decentralized identity data.

The ecosystem supports use cases like sending tokens via Twitter handles and hosting decentralized websites on .sol domains.

3. Tokenomics & Governance

• Original Role: FIDA was used for governance, domain purchases, and fee distribution.
• Post-SNS Launch: The May 2025 SNS token airdrop shifted governance to SNS, reducing FIDA’s utility in protocol decisions (The Defiant). FIDA’s ongoing role centers on ecosystem incentives and third-party integrations.

Conclusion

Bonfida anchors Solana’s decentralized identity layer through .sol domains and developer tools, though FIDA’s utility is now secondary to the new SNS token. How will Bonfida balance its original token’s relevance while expanding SNS adoption?