FIDA, the token of Solana-based developer Bonfida, surged 35% after launching its Solana Name Service (SNS) in China on June 5, 2024. At the time of writing, FIDA remained up 29%, trading at $0.392, with a daily trading volume of $72 million.
Despite a recent price increase, FIDA is still down 96% from its all-time high of $10.87 in April 2021. Bonfida’s SNS platform offers domain name services, enhancing web3 identity with domain registration, management, and trading. The platform supports record management and bridging web2 reputations across multiple blockchains.
FIDA token holders benefit from fee discounts, registration perks, and the ability to influence SNS improvements. The Chinese launch aims to make the platform globally accessible, allowing users to create Chinese .sol domains. A notable domain, “双子星.sol,” is listed at over $25k.
Additionally, Bonfida expanded into Vietnam, engaging with new partners and hosting events from June 6 to 9. Analysts predict a strong recovery for FIDA, suggesting it could rise by 2,188% to $9.0281. This strategic expansion underscores Bonfida’s commitment to global growth and web3 innovation.
