Solana Name Service

What is Bonfida?

Bonfida is the home of the Solana Name Service (SNS), a pioneering project that serves as the Global Domain Name Provider on the Solana blockchain. Their suite of products and repositories contributes significantly to the growth of the wider blockchain ecosystem. At its core, SNS has a straightforward mission – to offer a decentralized and cost-effective solution for mapping domain names (represented as .sol) to on-chain data on the Solana blockchain. This on-chain data can encompass various elements such as Solana (SOL) addresses, IPFS CIDs, images, text, and more. The key advantage of the name service lies in creating human-readable names that map to SOL addresses, essentially establishing user identities in the metaverse.

Wallet address formats can pose a barrier to entry, and SNS addresses this by providing identifiable, human-readable names, facilitating efficient payments. Beyond payment applications, Solana domain names offer broader utility, particularly in the realm of decentralized applications (dApps), where centralized and censorable domain names are often a single point of failure. On-chain domain names on Solana cannot be censored or confiscated, ensuring the decentralization and censorship resistance of websites hosted on IPFS or Arweave using Solana domain names.

The Genesis of Bonfida

Bonfida, a group comprising experts in cryptocurrencies, analytics, and engineering, is committed to advancing blockchain technology by focusing on decentralized identities. Recognizing the pivotal role of names in identity, Bonfida embarked on the journey of creating the Solana Name Service. The goal is to enable users to establish secure, pseudo-anonymous identities while empowering them to wield influence on-chain. With a belief in user ownership and control of Web3 identities, Bonfida is working towards a future where web reputations are authenticated through distributed and privacy-preserving data.

Features & Benefits of FIDA Token

The FIDA token is a crucial component within the Bonfida ecosystem, offering various features and benefits. Dedicated FIDA token holders enjoy privileged fee structures during domain name trades, ensuring consistent advantages aligned with market dynamics. Additionally, FIDA holders receive an exclusive 5% discount when registering domain names, fostering a rewarding community experience.

The protocol's commitment to sustainability and value growth is evident through the token burn mechanism, where stablecoins are used to buy and burn FIDA in on-chain markets. Furthermore, FIDA token holders will play a significant role in the governance of the Solana Name Service, influencing smart contracts and the SNS Improvement Protocol (SNS IP) through Quadratic voting.

The Served Branches of SNS

The Solana Name Service is not merely a standalone service but a convergence of technological branches aimed at providing a seamless Web3 experience. The trading aspect continually evolves, emphasizing an intuitive user interface and unique smart contract features for a superior trading platform. Leveraging the Wormhole bridge, SNS ensures on-chain efficiency by passing information between multiple chains, fostering interoperability while maintaining Solana as the source of truth.

Beyond naming, the SNS seeks to redefine Web3 identity with comprehensive record management and profiling capabilities, bridging web2 reputations seamlessly across multiple blockchains. Bonfida stands as the epitome of innovation, orchestrating vital operations, branches, and integrations within the SNS ecosystem, embodying the mission's core principles.

Intergrators and Investors

Investors: MGNR, CMS, Kenetic, FBG Capital, AKG Venture, Spartan, Evernew Capital, Resident Pet, Genesis Block, CMT Digital, Sino Global Capital, Folkvang...

Intergrators: Rarible, Phantom, SolanaFM, Backpack, Hyperspace, Skiff, Magic Eden, Mathwallet, Notifi, and Yawww.

Project Development

The new Coinflow integration revolutionizes domain registration on Solana Name Service (SNS), eliminating the need for tokens in users' wallets. Users can now register domains using a credit card, streamlining the process and ensuring they don't miss out on opportunities due to token constraints.

To simplify the process, users can visit https://sns.id, search for an unregistered domain, add it to their cart, and proceed to checkout. Connecting their wallet is the first step, and under token options, they can select Coinflow for credit card payments. Upon clicking "Checkout," users securely input their card details, which are saved for future convenience. Alternatively, users can opt for Google Pay. After confirming the purchase, the "Transaction complete" modal signals a successful transaction.

Post-purchase, users can check their profile page to view their new .sol assets. The integration aims to make the Solana Name Service accessible to all by providing diverse payment options. Acknowledging the Coinflow team's contribution, SNS ensures users never miss opportunities again, offering a seamless and inclusive domain registration experience.

Solana Name Service Price Analysis

As of November 24 2024 Solana Name Service has a marketcap of $122M. This is {{percentagefromath}} from its all time high of $18.77. In terms of its tokenomics, there's a total supply of 1B with 52% currently outstanding. Keep in mind Solana Name Service has a fully diluted value of $237M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude