Bonfida: 1 Year Reflective Statement
Bonfida is 1 year old, and it’s been an undoubtedly exciting year, with many accomplishments worth celebrating. This notably busy year is showcased through large growth figures, brand new projects and many significant partnerships. Check out this edition to reflect with us on some of the biggest achievements of 2021 and the flashy things to come!
Let us take a quick look at Bonfida’s achievements and milestones through 2021
- Launched Bonfida Bots, the first on-chain trading platform that allows users to automate trading strategies via native tradingview integration, in April.
- Gate.io listed Bonfida’s token, FIDA, in May 2021.
- Hosted the very first on-chain bot trading competition in May and saw over 70 bot authors joining in.
- Delivered the Audaces Protocol in July, which is the first perps platform built on Solana.
- Ran the first trading competition on Audaces, which realized over 45k USD worth of FIDA and COPE in prizes from July to August.
- Binance listed FIDA in September and made it the second SPL token after RAY to be listed.
- Launched the first on-chain messaging application Jabber at the end of November.
- Organized the first on-chain AMA session with Alex Wice via the messaging application Jabber with 125 people in attendance.
- Brought back on-chain staking in December, which provides a governance token, gFIDA. Staking realizes rewards that will increase the longer you stake.
- Audaces boasts over 1.5 billion USD volume traded
- Solana Name Service witnessed huge growth with more than 131,000 domain names auctioned and 22,000 Twitter handles registered.
Bonfida has grown to offer many products and services throughout the year. Continue reading to touch base on some of the key developments and future endeavors of the; Solana Name Service, the Asset Agnostic Order Book, the Serum DEX, Audaces Protocol and the Bonfida Bots.
It all begins with the Solana Name Service
Bonfida proudly launched the Solana Name Service (SNS) in May 2021 and it’s been a game changer for the sphere ever since. SNS is an inexpensive and decentralized way to map on-chain data through a memorable domain name. It has provided many benefits to the ecosystem such as effortless payments with a .sol domain name, the ability to resolve websites hosted on IPFS and the first encrypted on-chain messaging service ever.
SNS: The Noteworthy in 2021
SNS has witnessed monumental growth
The developments throughout the year have inadvertently increased the demand of SNS. Since its launch a mere 8 months ago, SNS has shown considerable growth with more than 131K domain names auctioned and 22k Twitter handles registered. The highest auction valuing at a staggering $60,000 USDC for the domain name “💎.sol”.
Integrating all major wallets on Solana
SNS has become the norm for transactions on the Solana blockchain and has quickly shown how it can benefit the ecosystem and projects that integrate it. As a result, Bonfida has gained valuable integrations for SNS, boasting big names like Phantom, Slope Finance, Solflare, Sollet, Blocto and the cross-chain MathWallet, to name a few. See the full list here.
Launch of the first on-chain messaging application: Jabber
Jabber, now available on iOS and Android, offers exciting expansions to the on-chain messaging service. Besides encrypted DMs between users, Jabber also permits the creation of customizable profiles and hosting and/or joining group chats directly on-chain. Bonfida has done just this and has hosted AMAs with influential guests including Sino’s CEO Matthew, Taiwanese KOL Benson Sun, Evernew Capital and Alex Wice. Join the fun and keep an eye out on Bonfida’s Twitter for announcements on future VIP guests and updates on Jabber V2.
The Solana Name Service Resolver
SNS users can now build an uncensorable web using IPFS and .sol domain names. A Bonfida community member (Twitter: @officialzhvng; Discord: 21club#1289) has developed a powerful extension allowing you to resolve domain names in your browser. Web 3.0 is upon us and Bonfida gives you an opportunity to pave the way for a trustless and easy-to-use permaweb. The future’s looking bright!
What can you expect from SNS in the future?
Of course, Bonfida strives to continuously grow and improve the environment for its users. Despite the recent advances in SNS such as Jabber and the use of domain names to resolve IPFS hosted websites, Bonfida has more in the pipeline.
In the near future, Bonfida aims to provide the community with the ability to use their .sol domain names as a unique Metaverse ID.
SNS users can also expect useful functions such as depositing and withdrawing funds on centralized exchanges using their .sol domain names. This function will serve to further expand the efficiency of fund transferring, not just on decentralized exchanges but its centralized counterpart too.
It’s unquestionable that the future of SNS will remain promising for the improvement of Solana and its ecosystem.
Don’t Forget About the Asset Agnostic Orderbook
Bonfida has created a new Serum primitive: the Asset-Agnostic Order Book (AOB). The AOB’s matching engine service embraces the opportunity for any asset, and we mean any asset, to benefit from Serum’s central limit order book. The AOB has allowed Serum to become a truly universal component that can be used to match anything from protocols, derivatives, spot, domain names and even NFT’s! This advance has empowered Serum to become the universal order book it is today, one that is no longer confined to just SPL tokens.
The value of the AOB is undeniable and has been an exciting development for Bonfida, which opens up many avenues for the future!
For a detailed outline on the AOB and its processes you can refer here.
Serum DEX V4: Integration to the Asset Agnostic Order Book
Say hello to the new and improved Serum DEX; Serum DEX V4. The Serum DEX has successfully been upgraded to the AOB and will go live soon. Ultimately, enhancing the Serum DEX experience for users.
Audaces V2: Integration to the Asset Agnostic Order Book
Bonfida presents yet another first for the Solana ecosystem. In July 2021, Bonfida partnered with Audaces Foundation to launch the first perpetual futures protocol built on Solana.
Audaces possesses the fastest liquidation engine ever built on-chain and the first vAMM protocol that can solve imbalances between longs and shorts. Audaces further leverages the power of the Pyth network oracle that provides high resolution sub-second price feeds, aggregated over multiple data providers, to obtain maximal reliability.
Along with all the perks of using the Audaces Protocol, it is easy to understand that it has elicited high trading volumes; boasting with over 1.5 billion USD volume traded since its initial launch!
This explains why more and more projects on Solana are opting to integrate the Audaces Protocol, allowing users to trade on multiple different UI’s that harness the power of Audaces as explained.
So, you said Audaces V2?
Coming soon: Audaces protocol will also migrate to the AOB, thus converting Audaces to an orderbook as opposed to the previous design of vAMM. This integration will create an even more powerful perpetual trading platform, specifically based on denser liquidity and more diverse markets.
The Rise of the Bonfida Bots
Bonfida Bots launched in April 2021 and were the first on-chain bots on the Solana ecosystem.
Through Bonfida Bots’ users can seamlessly integrate TradingView alerts to send trade executions. Additionally, they can create and subscribe to strategies, presenting a synergistic relationship where bot authors (strategy creators) as well as subscribers have gained revenue and Bonfida has been able to increase trading volumes on Serum via automated trading.
Monumental First Month Statistics for Bonfida Bots
The first month after Bonfida Bots’ launch, remarkable trades were executed. The Bots oversaw more than 240k trades executed and the Total Value Locked in the pools reached 80k USD. These statistics allow for the utility of Bonfida Bots to speak for itself!
The Bonfida Community
The Bonfida Wolfpack
The Bonfida Wolfpack is a program that rewards the most loyal and committed members of our community. Wolves can earn rewards through promoting Bonfida by creating usable content and completing assigned tasks from the community noticeboard. Through this program, Bonfida has retained valuable wolves.
Bonfida’s community continues to grow
The community has definitely grown throughout the year and currently totals 6.7k members on Discord, more than 8.6k members on Telegram and over 62.2k followers on Twitter. These communication channels are also supported with 24/7 customer service.
All these developments and achievements display that Bonfida’s cohesive, efficient and driven community can and will deliver outstanding products. Bonfida could not have done this without you! We are excited for the year to come and hope to make it even bigger and better than the last.
Thank you to all our community members for joining Bonfida’s journey thus far. Here, we strive to prioritize our users and to continue developing game-changing products/services for the Solana ecosystem.
Happy New Year to all, let’s make this one great!
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None of the above is financial advice.
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