FIDA, the token governing Solana-based infrastructure developer Bonfida, has surged by 35% following the launch of its Solana Name Service (SNS) in China.
At the time of writing, FIDA was still up 29%, trading at $0.392 over the past 24 hours, according to CoinMarketCap. The token recorded a daily trading volume of $72 million and a total market cap of $50.3 million.
FIDA 24-hour price chart | Source: CoinMarketCap
Despite the recent price increase, FIDA is still down 96% from its all-time high of $10.87, which reached April 4, 2021.
Bonfida leverages the low-latency and cost-effective features of the Solana blockchain, developing the SNS, a platform offering domain name services. The SNS aims to redefine web3 naming systems, providing domain registration, management, record handling, and trading services.
It also seeks to enhance web3 identity by offering record management, profiling capabilities, and the ability to bridge web2 reputations across multiple blockchains.
Within the Bonfida ecosystem, the FIDA token offers various benefits, including privileged fee structures, registration discounts, and the potential for holders to influence the SNS Improvement Protocol.
One of our main goals is to make our website accessible to everyone, everywhere
Our first venture is a Chinese translation of all things domains. We're taking our expansion in the APAC region seriously – look out for us!
The announcement emphasized their goal to make the website accessible globally, starting with a Chinese translation of all domain-related services. The Bonfida team also mentioned that users could have their .sol domain in Chinese, highlighting “双子星.sol” listed at $25k+ on SNS or the option to create a .sol domain for $20.
You might also like: Ethereum Name Service, GoDaddy partner linking domain names with crypto wallets
Additionally, on June 6, Bonfida announced its expansion into Vietnam. The team expressed excitement about meeting new ecosystem partners and co-hosting the Solana Happy Hour with partners SuperteamVN, Saros, and Ranger Finance.
Interested parties can reach out to the Bonfida team between June 6 and 9.
Amidst the surge in FIDA, analysts have taken to X to suggest that the token is currently recovering with major strength.
In a May 6 X post, Javon Marks said that the token has broken out of multiple key resisting trends on a logarithmic scale and may hit a target of $9.0281.
Marks added, “This breakout can imply another 2,188% upside from here to reach this target and this process may be still in its early stages.”