By Aaron - Crypto Specialist - 30-09-2021
Bonfida (FIDA), a product suite designed to connect Serum to Solana (SOL),recently saw a surge in price after a popular cryptocurrency trading platform listed it. FIDA is a new crypto altcoin that was developed within the Solana Network; the suite aims to support the decentralised finance (DeFi) sector within Solana's ecosystem. As previously mentioned, Bonfida bridges Serum to Solana; Serum is a decentralised exchange also built within the Solana network which provides users with affordable, fast and permissionless services.
Recently, crypto exchange Binance had listed the cryptocurrency, making it available for Binance users to buy, sell, and trade FIDA. Once Binance listed the coin, the price to buy FIDA rose significantly. Binance had released a statement regarding the Solana-based crypto coin, stating that Bonfida is its own ecosystem. Binance explained that Bonfida's product suite includes a native perpetual swap that allows users to invest in cryptocurrency without owning any. Another product within Bonfida's suite is the Solana Name Service which is used for transacting Solana addresses. Finally, Bonfida contains Bonfida Bots; the bots give users access to trading strategies that are automated as well as "copy-trading on Serum DEX."
After the coin's listing, Bonfida's price increased by almost 20%, rising from $5.54 to about $6.59. The rise in price comes after the Binance announce which was released on Wednesday. Since the announcement, the price has dropped to the price of $6.07 at the time of writing. Reportedly, FIDA holders have access to staking rewards and cheaper transaction fees.
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