Bonfida (FIDA) (Founded in 2020) is a decentralized non-custodial exchange that is built on the open-source Serum trading protocol, as well as powered by the Solana blockchain.   It provides a full product suite that bridges the gap between Serum, Solana, and the growing user base that is actively trading on the Serum DEX. ^[1]

History

Bonfida (FIDA) was built by the Bonfida Foundation, which is a team of experts in the crypto industry with a specialty in front, backend, and blockchain development.

The team is expert in community building and providing great customer services. Apart from their experiences garnered in the crypto space, the team is also very comfortable in working in analytics and engineering.^[2]

The team consists of several Developers based in HK and Europe. With support staff throughout the world.
The foundation’s flagship product, Bonfida, has seen the growth of requests since it enables DEXs to be as robust and powerful as some of the well-known centralized exchanges.

Overview

Bonfida is the flagship product on Serum GUI (Graphical User Interface). In addition, the platform has a backend structure that stores any transaction that occurs on Serum on-chain, which allows the exchange to provide data that is currently being used by CoinMarketCap and CoinGecko to deliver their own services.^[2]

Being the flagship product on Serum GUI, its goal is to make Bonfida a go-to solution that can replicate what the prominent players in the Ethereum DeFi (Decentralized Finance) ecosystems are able to do.^[3]

Bonfida also has developed Solible, which is an NFT e-commerce store that would allow users to buy high-end collectible items on-chain.^[2]

The Bonfida API is currently being used by some of the biggest market makers in the cryptocurrency industry. Furthermore, it has experienced quite an impressive growth with over a 25% weekly increment in its usage.^[1]

Why Bonfida was built on Serum

There are reasons why the Bonfida team has chosen Solana and its DEX Serum as a foundation for their project.

• High transaction throughput – Solana has the ability to facilitate more than 50,000 transactions per second. This will increase further as the chain grows.
• Lower gas costs – Gas costs on averages less than $0.001 per transaction.
• Composability – Given that the Serum protocol is open-source, anyone in the community can work on developments that could add value to the ecosystem.
• Decentralization – Transactions and storage of crypto holdings are entirely free from any third-party control.

Users will have to set-up a compatible wallet to connect to the platform, which requires SPL (Solana Program Library) tokens. The three options are bonfida.com/wallet, solongwallet.com, and sollet.io.

Bonfida Serum GUI

Bonfida’s long term aim is to remain the flagship product of Serum GUI. Presently, Bonfida holds the prestige of being the best available GUI since it provides all of the needs of Serum user. The platform also adds an interface that is user-friendly.

The $FIDA Token

$FIDA is Bonfida’s native utility token. It is mainly used to pay for gas fees on the platform but it can also be used for the following purposes.

• Access to VIP API
• Bot payments
• Consulting services (for people who want to get started on Serum)

Features

Bonfida offers the following features:

• Exclusive markets and listing: Bonfida has access to exclusive markets on Serum. $FIDA holders (more on $FIDA token later) can vote on which listings will be available on the platform. Market makers ensure liquidity through the help of partnerships with organizations like Alameda Research.
• On-chain advanced order types: Both Limit and Market orders are already available on Serum while others like take-profit and stop-loss are currently being developed on by Bonfida. However, advanced on/off chain order types will require users to keep their $FIDA staked.
• Order Placement through TradingView Charts: Bonfida is the first to have TradingView charts linked to on-chain data; users will be able to place orders through them.
• Advanced UI and Basic UI: To accommodate both basic and advanced traders, Bonfida will have two trading modes for Serum. The advanced mode will have features like ‘Bonfida Bots’ and the aforementioned advanced order types.

Serum API

Bonfida’s backend allows it to store all transactions that occur on-chain for Serum. This stored transactions are then used to provide data that is being used by major crypto firms like CoinGecko.^[2]

Accordingly, Bonfida is also working on closing the gap between Web 2.0 and Solana blockchain. The platform would be able to achieve this by building a Serum order placement API. It is expected that FIDA would have to be staked to get this done.^[3]

Bonfida Bots

To make it easier for traders to manage their positions on the platform, Bonfida is working on a ‘bot’ that users can customize accordingly to their targeted technical indicators. The customization can be referred to as ‘Rules,’ which a person can freely design on his own and use to earn $FIDA. There are three possibilities:^[3]

• People can pay to utilize existing trading rules: Using $FIDA, users can pay who owns the rules they utilize in the trading bots. The creator decides the costs.
• Pledge assets to other rule owners: Rules’ owners can determine how much they wish to charge, whether a share of the daily percentage fees or a portion of the profits.
• Tokenize rules: Owners can tokenize their strategy as a SPL token which can then be bought/burned.

Solible

Solible is an exchange for non-fungible tokens (NFT) featured on top of the Bonfida platform. It supports all the features that are usually available on most NFT exchanges, without the classic Ethereum network costs. The aim of the platform, which also serves as a bridge for connecting NFTs with other blockchains, is to establish an e-commerce store. People will purchase collectible items which can also be redeemed in real life. ^[1]

First Serum ICO

Bonfida has been the first project built on Serum to have an initial coin offering (ICO). The initial offering was conducted in three parts for a total of 6 million $FIDA tokens on auction.^[2]

The two IEOs (Initial Exchange Offering) took place on FTX and BitMax.io, while the third part was a ISO (Initial Serum Offering) on Serum. All of them had a maximum price offer of $0.1 per token and a max allocation of 4000 $FIDA per person. For the few lucky ones who managed to get in at this price, it resulted in an incredible 7x on listing day. The token is currently at $0.37.  ^[1]

Listed Exchanges

The top exchanges for trading FIDA are currently:

• FTX,
• Binance
• Coinbase
• Gemini
• Kraken
• BitMax.io,
• Bilaxy,
• Serum DEX, etc.^[4]

Conclusion

Serum Project’s Bonfida was a successful venture into creating an exchange that is not only capable of fast transactions but also of fully-automated and decentralized trading. With Bonfida, users can customize their own trading strategies and set their goals with sophisticated trading indicators, all without the hassle of their transactions getting stuck in a congested blockchain.^[2]