Bonfida Crypto: Smart Investment Or Risky Gamble?

Bonfida is a decentralised, non-custodial exchange built on the Serum trading protocol and powered by the Solana blockchain. It was founded in 2020 and has a native token, FIDA, which is used to operate the system. Bonfida's goal is to showcase the capabilities of the Solana blockchain and bridge the gap between Solana, Serum, and the user. It also aims to make the Serum DEX more accessible and user-friendly.

As of May 2024, Bonfida has a market cap of $2.293T and a 24-hour trading volume of $344,654,985.82, representing a 3,845.70% increase from the previous day. The current price of FIDA is $0.2239, with a 24-hour range of $0.4280.

When considering investing in any cryptocurrency, it is important to do your own research and understand the associated risks. Bonfida has exhibited high historical volatility and has characteristics of a speculative cryptocurrency. It is also important to consult with a financial advisor before making any significant investment decisions.

Bonfida's price history and future predictions

Price History

Bonfida (FIDA) was founded in 2020, with FIDA coming onto the open market the same year. On 23 December 2020, FIDA opened at a fraction under $0.57. In early 2021, the crypto market went through a bullish phase, and Bonfida responded well, trading at highs of over $3 in late April and the first half of May.

In the summer of 2021, the market fell, but it picked up again in the autumn, and FIDA hit an all-time high of $59.61 on 3 November 2021. However, things took a turn for the worse, and it closed the year at $3.55.

Cryptocurrency suffered a famine in 2022, and FIDA was no exception. Although the token reached a high of $3.88 on New Year's Day, it fell to a low of $1.37 by 22 January. There were some recoveries throughout the year, but a series of market crashes saw FIDA reach a low of $0.2869 on 18 June.

On 14 November 2022, the collapse of the FTX (FTT) exchange, which significantly impacted the Solana blockchain, saw FIDA crash to an all-time low of $0.1976. However, there was a small recovery, and on 21 November 2022, FIDA was worth about $0.4225.

Future Predictions

It is important to remember that price predictions for cryptocurrency are often wrong and that the market is extremely volatile.

CoinCodex's short-term FIDA price prediction in November 2022 suggested the crypto could trade at around $0.4726 on 26 November before falling to $0.337988 on 22 December.

CaptainAltCoin predicted in November 2022 that FIDA could fall to $0.1779 in January 2023 and rise to $0.2901 in November 2023. By 2025, the site predicted FIDA could be worth $0.5033, and by 2030, it could reach $1.26, more than doubling in value by 2040 to $2.52.

CryptoPredictions.com predicted that FIDA could trade at $0.3497 by the end of 2022, reach $0.38936 in November 2023, and achieve $0.4748 a year later. By the end of 2025, the site said that FIDA could have been worth $0.68917.

WalletInvestor had a more bearish outlook, suggesting in November 2022 that FIDA was in for a challenging year, with the potential to drop to just $0.0475 by November 2023.

As with any investment, it is important to do your own research and only invest what you can afford to lose. The cryptocurrency market is highly volatile, and predictions are often wrong, so it is challenging to provide an exact outlook for FIDA's future price. However, some sources predict that FIDA could reach $1.26 by 2030 and even $2.52 by 2040, indicating a positive outlook for the token's future.

The pros and cons of investing in Bonfida

Pros

• Bonfida is a decentralised, non-custodial exchange built on the Serum trading protocol and powered by the Solana blockchain. Solana is the most powerful and scalable chain available today, offering the best alternative to Ethereum.
• Bonfida's decentralised exchange (DEX) is user-friendly, making it easier for people to trade on the Serum DEX.
• Bonfida has a strong connection to Serum, a high-performance DEX with a fully on-chain central limit order book and matching engine. It acts as a full product suite that bridges the gap between Serum, Solana, and the user.
• Bonfida is the first Solana-based project to bring Solana's data analytics to the field, helping Serum reduce gas costs to less than $0.001 and process submissions on a human-reaction-time scale.
• Bonfida offers a decentralised naming service on Solana, simplifying fund transfers and project development.
• Bonfida introduced Solana's first perpetual swaps, performed on-chain with maximum security and a growing trading volume.
• Bonfida has a buyback and burning mechanism to reduce the supply of tokens and ensure the growth of their value.
• Bonfida allows users to stake their tokens and receive rewards, which come as a portion of the daily network fees generated from all network protocols.
• Bonfida has developed its own messenger app, Jabber, which is an on-chain, encrypted application built on Solana.
• Bonfida has a strong team of experts in crypto, analytics, and engineering, as well as community building and customer service.
• Bonfida has experienced impressive growth, with a weekly increase in requests and a 25% weekly increment in the usage of its API by major market makers.
• Bonfida's native token, FIDA, is used to operate the system, and holders can vote on proposals for changes to the platform.
• Bonfida has a market cap of $2.293T and a 24-hour trading volume of $344,654,985.82, representing a 3,845.70% increase from the previous day.
• Bonfida has a strong use case, well-designed tokenomics, an active community, and a solid team, increasing the probability of its success.

Cons

• Bonfida is a risky investment, like all cryptocurrencies.
• Bonfida's price history has been volatile, with highs and lows influenced by the broader crypto market trends and events like the collapse of the FTX exchange.
• Bonfida's price predictions for the short and long term vary significantly, with some forecasts indicating potential growth, while others predict declines.
• Bonfida's native token, FIDA, has characteristics of a very speculative cryptocurrency, and its price can be highly volatile.
• Bonfida is facing competition from other projects and exchanges, and its success depends on various factors, including community support, media attention, and regulatory concerns.

How to buy Bonfida

To buy Bonfida (FIDA), you will need either Bitcoin (BTC) or Ethereum (ETH) for trading purposes. You can then follow these steps:

Step 1: Create a Binance Account

• Visit the Binance website (https://www.binance.com/en).
• Check for the 'Secure' certificate in your address bar and bookmark the site to avoid any confusion.
• Click the 'Register' tab and fill in your trading details, such as your mobile number or email address.
• Create a strong password with a mix of numbers, symbols, and upper and lower-case letters.
• Enable two-factor authentication (2FA) for added security.

Step 2: Buy Your First Bitcoin (BTC)

• Send money to your Crypto wallet on Binance using a bank transfer or debit/credit card.
• Go to the 'Buy Crypto' tab, select your currency (e.g., US Dollars), and choose the 'Credit/Debit Card' option.
• Select Bitcoin (BTC) and the amount you want to spend. Review the total amount, including fees.
• Click "Buy BTC," review the order details, and proceed to payment.
• Verify your email and phone number if it's your first simplex payment.
• Complete identity verification by uploading an official document.

Step 3: Transfer Your Cryptos to an Altcoin Exchange

• Create an account on an altcoin exchange like FTX or Bilaxy, where Bonfida (FIDA) is traded.
• Copy your unique BTC wallet address from the new exchange.
• Go to your Binance wallet, find BTC, and click "Withdraw."
• Paste the deposit address, select BTC as the transfer network, and enter the amount to withdraw.
• Confirm the withdrawal with your 2FA code and email.

Step 4: Deposit BTC to the Exchange

• On the new exchange, go to 'Wallet' and find BTC.
• Click 'Deposit' and copy the 'Deposit Address.'
• Return to Binance, go to 'Wallet,' and select 'Fiat and Spot (Deposit & Withdrawal).'
• Look for BTC, click 'Withdraw,' and paste the deposit address.
• Confirm the amount and the transfer network, then submit the withdrawal.
• Verify the transaction with your 2FA code and email.

Step 5: Trade Bonfida (FIDA)

• Go back to the exchange where you deposited BTC.
• Click on 'Trading' and select 'Standard' under 'Cash Trading.'
• In the left column, ensure 'BTC' is selected, and in the search bar, type 'FIDA.'
• Click on FIDA, and in the middle of the page, you'll see a price table of FIDA/BTC.
• Select the 'Market' tab for a straightforward purchase.
• Enter the amount or choose the percentage of your BTC deposit to spend.
• Click "Buy FIDA."

Other Exchanges to Buy Bonfida:

• HotBit (allows US investors)
• MXC (allows US investors)
• Gate.io (American exchange with a wide selection of trading pairs)
• Binance (popular crypto-to-crypto exchange, but does not allow US investors)

Final Step: Store Bonfida Securely in Hardware Wallets

• Consider using hardware wallets like Ledger Nano S or Ledger Nano X for added security.
• These wallets are USB-enabled, military-level secure, and designed by established companies.
• They typically cost around $50 to $100, depending on specifications.

The Bonfida Foundation and its role in the project

The Bonfida Foundation is a group of experts in crypto, analytics, and engineering. They are also specialists in front-end, back-end, and blockchain development, as well as community building and customer service. The Foundation's flagship product is Bonfida, a decentralised, non-custodial exchange built on the open-source Serum trading protocol and powered by the Solana blockchain.

The Bonfida Foundation's role in the project is to bridge the gap between Serum, Solana, and the user. Bonfida acts as the flagship Serum GUI (graphical user interface), bringing first-of-its-kind Solana data analytics to the field. The Foundation also developed the backend structure that stores all transactions that occur on Serum on-chain, which is used by major crypto firms like CoinMarketCap and Coingecko.

The Bonfida Foundation also created the native token FIDA, which is used to operate the system and vote on proposals for changes to the platform. FIDA can also be staked in return for rewards. The Foundation also developed Solible, an NFT e-commerce store where users can buy high-end collectible items on-chain, and Jabber, an encrypted mobile messenger application.

The Bonfida Foundation's work is aimed at showcasing the capabilities of the Solana blockchain, which they believe is the most capable and scalable blockchain in the industry. They offer a growing ecosystem of products that encompass all facets of the blockchain experience, powered by Solana's blockchain.

Bonfida's unique features and benefits

Bonfida is a decentralised, non-custodial exchange built on the open-source Serum trading protocol and powered by the Solana blockchain. It was founded in 2020 and has since developed a host of unique features that offer benefits to its users.

Firstly, Bonfida acts as a bridge between Serum, Solana, and the user. It is designed to make the Serum DEX more accessible and user-friendly, allowing users to interact with Serum more easily. This includes allowing users to give their Solana-based wallets an individual name.

Secondly, Bonfida brings Solana data analytics to the field. It claims to be the first Solana-based project to do so, with its API used by some of the biggest market makers in the space. This helps Serum reduce gas costs to less than $0.001 and process all submissions on a human-reaction-time scale, all while remaining decentralised and open.

Thirdly, Bonfida offers Solana's first perpetual swaps, performed on-chain with maximum security and a growing trading volume.

Additionally, Bonfida offers a decentralised naming service developed on Solana, simplifying the transferring of funds, the development of projects, and more. It also introduced staking, allowing users to stake their tokens and receive rewards.

Furthermore, Bonfida has developed its own messenger app, Jabber, which is an on-chain, encrypted application built on Solana. While group conversations are not currently encrypted, 1-on-1 conversations are fully encrypted, end-to-end.

Finally, Bonfida has developed Solible, an NFT e-commerce store that allows users to buy high-end collectible items on-chain.

With these unique features, Bonfida showcases the capabilities of the Solana blockchain and aims to drive its adoption.

Frequently asked questions