After receiving support from Binance, a new altcoin based on Solana is surging
After being launched on the global cryptocurrency market Binance, a new altcoin based on the Solana (SOL) network is booming.
The Bonfida (FIDA) product suite was launched in December of last year with three key goals in mind: to address the future of decentralized finance (DeFi) within the Solana sphere.
According to the notification made by Binance,
“Bonfida is a Solana-based ecosystem that includes goods such as Perpetual trade on the blockchain. For auctioning and transacting readable Solana addresses, use the Solana name service. Users can utilize Bonfida Bots to automate trading methods and copy trade on Serum DEX.”
Following the news on Wednesday, Bonfida rose about 20% from $5.54 to $6.59 and is currently trading at $6.07, according to CoinGecko.
Holders of the FIDA token receive value accrual, staking rewards, and fee reductions.
Serum, a decentralized exchange based in Solana, bills itself as permissionless, high-speed, and low-cost. SRM is the native token.
Bonfida describes how the Serum platform interacts with it.
“Serum is a technical beast, but in order for it to attain its full potential, its powers must be tamed and extracted. The Bonfida GUI helps users to engage with the DEX in a natural way and maximize its possibilities. Bonfida was the first to expose Serum to charts, market orders, and TradingView data.”
Bonfida has a number of partners, according to the project website, including AKG Venture, Fisher8, CMT Digital, and Three Arrows Capital.
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