Quarterly Community Call — Transcript — 30th June 2021
Quagmire: Welcome everyone!
Bonfida: Hey guys!
Quagmire: So this is our first quarterly community call!
The purpose of this forum is to give YOU the opportunity to discuss with the team directly.
You can raise suggestions, questions or anything that you would like to discuss with Bonfida!
So to kick off lets cap off some of our developments from the past 6 months!
@bonfida is our founder. So please give him a warm welcome
Community Question: dukunbitcoin — hey, I create bot in Bonfida, and wondering if i could see my historical transactions
Bonfida: Hey @dukunbitcoin! You can see the historical transactions on the explorer. When you are on the bot’s page, click on “Pool info” then you will see the links to the explorer(edited)
Community Question: dukunbitcoin — yeah but its difficult hahaha. Can you make it simple like historical in TradingView? perhaps together with step finance?
Bonfida: Yep, can def be a nice Collab with Step
Quagmire (Host) — You may be aware of the FIDA token. It launched on December 22nd 2020. We were operational as a DEX a few months earlier in conjunction with Serum launching.
After launching the Bonfida GUI, we focused on developing other key products that will make the Bonfida DEX a seamless experience for users to use when coming from a CEX.
Within the first 6 months We rolled out VC Pools, IDOs, Staking, Bots, Buy & Burns Token vesting and naming services.
Who here has used some of these products?
How were your experiences?
Community Question: dukunbitcoin: I have with bots. Its good
I have with bots
Quagmire (Host): Great! How was your experience?
Community Question: dukunbitcoin: i think more metrics would be nice, like drawdown, avg trade, etc and there’s suggestion in discord about using leverage, that’s very interesting
Quagmire (Host): Those metrics would be a great addition. I’ll take a note of that.
Community Question: dukunbitcoin: I'm looking forward into it
Quagmire (Host): Leverage would be interesting. Would be a catch 22. Do we allow bot authors to set the leverage or the user?
Community Question: dukunbitcoin: i think author would be easier, BUT if user could custom their leverage, it would be mind blowing hahaha
Quagmire (Host): Would be a challenge to have individual users leverage settings applied.
So @bonfida , we have this question from earlier
‘Are we going to see other social networks on the Bonfida Naming service next to Twitter? I’d love to see Discord, Reddit and YouTube ‘
The user @beeman raised this question. What do you think @bonfida?
Bonfida: Yeah this is something that we might consider if we see enough demand. The main question here would be how to verify the ownership of the social media account. For Twitter it’s fairly easy as the owner can Tweet the address of his wallet and an off-chain oracle can verify it
Adding Discord, Reddit, YT etc might require to use oauth methods to identify the user
But this is something we are looking into
Quagmire (Host): That is exciting! Would it be fair to say we could integrate other social platforms like Facebook for example?
We have a question from @phuccfno1 , ‘bonfida develops many good features, in which I am very interested in bot trading, please let me know your plans and roadmap about bot fida?’
So what features and products could we see coming to Bonfida Bot @bonfida
Bonfida: The long term goal is to plug the bots in as many DeFi protocols as possible, like options, borrow lending, perps etc… Many of these protocols are still being built, so as soon as they are live we will see which one we decide to integrate. Our goal is only to integrate with the best to provide the best UX possible
Quagmire (Host): Exciting times ahead!
From the user @Matt — ‘Any thoughts or development on a borrow/lending system that allows for margin trading on top of serum?’
Community Question: dukunbitcoin: well if you can combine defi + tradingbots = marvelous
Bonfida: That’s the goal
Community Question: dukunbitcoin: yes, especially if you only trade interest from defi, that would be 0% drawdown
Quagmire (Host): That would be great! Does anyone have any more questions?
Cyn (Co-Host): I’m helping some Chinese users to communicate their questions here
Quagmire (Host): We will move onto the 2nd segment shortly where we will discuss the road ahead for Bonfida and what we are working on at the moment
Cyn (Co-Host): CN user wants to know whether building a mobile app is on our roadmap for the year?
@bonfida could you please elaborate more on where the project is heading to and what’s on our road map?
Bonfida: This is something that would be great to do but it’s not on the short term road map at the moment. Would be awesome to have a community built app though
Quagmire (Host): So moving onto the 2nd segment of the community call. What can we expect from Bonfida in the coming months @bonfida ?
Bonfida: Lots of things, here are a few:
Domain names: We want the domain names to become the new standard for Solana payments. This means working on integrations for all the wallets, centralized exchanges. Building some tooling to help people deploy their webapp with the solana name service
Bots: Integration with the best borrow lending protocols, options and perps. And maybe more competitions
Perps: We want to be the main UI for the best perps protocol that will be released
Quagmire (Host): Exciting to see a big uptake of the Domain names so far. What are some of the key differences between regular ENS/domains compared to .SOL domains?
Bonfida: There are a few: -
Pricing: The Solana name service chooses a market driven approach where domain names are auctioned for 1 week.
Once you win an auction you will have the domain name for life.
In practice it’s the way more affordable than ENS — You can edit the data of the domain name account.
This means you can use it to deploy your webapps easily — You can verify your Twitter handle
What is the starting cost of a .SOL domain name compared to an ENS?
Well a cost comparison for starters.
All auctions start at 20 USDC, for ENS it will depend on the length of the domain, some may start at 10 and others at more than 100
And for a period of 1 year for ENS, while for Solana it’s for life
That’s a huge benefit right there.
What would make PERPS on Bonfida a game changer for DEX’s? @bonfida ?
What would be a game changer would be to bring a centralized exchange experience on-chain i.e fast order execution, low fees and intuitive UI]
And Solana allows all of these
Quagmire (Host): I personally finished reading the Whitepaper for the Audaces PERPS
If you are really excited for what is coming soon you could have a read here:
Community Question: dukunbitcoin:
how about liquidity in perps?
Is it big enough?
Quagmire (Host): PERPS will be using a vAMM which means it will be using the PYTH oracle to provide high liquidity. Which means low slippage
Community Question: dukunbitcoin:
Bots: Integration with the best borrow lending protocols, options and perps. And maybe more competitions could you build a dashboard for bot author ?
Bonfida: What would you like to see in the dashboard?
Community Question: dukunbitcoin: maybe like menu for defi, perp, options what to choose, leverage, anything
Bonfida: Ah gotcha, yeah for sure a dahsboard like this make sense once we will have integrated more protocols
Quagmire (Host): Thanks everyone for tonight!
If you have any questions please leave them here and the team will get to you promptly
None of the above is financial advice.
Bonfida does not provide services to personal accounts of current residents of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, or Antigua and Barbuda.
FIDA is not offered within the United States or prohibited jurisdiction.
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