What is Bonfida (aka SNS) (FIDA)?

Deep Dive

1. Purpose & Value Proposition

Bonfida’s Solana Name Service (SNS) replaces complex wallet addresses (e.g., HsV9...) with readable .sol domains, streamlining transactions and decentralized app (dApp) interactions. It aims to unify web3 identity across blockchains via Wormhole, letting users maintain a single domain for Ethereum, Solana, and other chains while keeping Solana as the “source of truth” for security (Bonfida Whitepaper).

2. Technology & Architecture

Built on Solana for sub-second finality and negligible fees, SNS supports domain registration, trading, and record management. Its Asset Agnostic Orderbook (AOB) enables decentralized domain trading, while SDKs let developers integrate SNS into apps. Cross-chain functionality via Wormhole allows domains to resolve addresses on Ethereum and other networks.

3. Tokenomics & Governance

FIDA (1 billion max supply) grants holders:
- Fee discounts: 5% off domain registrations and reduced trading fees.
- Governance rights: Future quadratic voting for protocol upgrades.
- Deflationary burns: Protocol revenue buys and burns FIDA, reducing supply.
Token distribution prioritizes ecosystem growth, with 10% allocated to development and 10% to contributors (locked 1–4 years).

Conclusion

Bonfida (SNS) anchors Solana’s decentralized identity layer, combining usability with cross-chain ambition through FIDA’s governance and economic design. As web3 identity evolves, will SNS’s Wormhole integration achieve seamless interoperability without compromising Solana’s speed?