Author(s): @cyn.sol Tags: asset-onboarding Asset Name: Bonfida Asset Code: FIDA Submission Date: 01-09-2022 Ratification Date: Status: Pending Forum URL: https://forum.jetprotocol.io/t/add-fida-as-collateral-for-jet-protocol/778
This is Cynthia from team Bonfida!
Bonfida is one of the earliest projects built on Solana. Bonfida’s contributions to the ecosystem include; creating a new Serum core engine, known as - The Asset Agnostic Orderbook (AOB), simplifying the way users send and receive payments with the Solana Name Service, delivering the first on-chain perpetual swap Audaces, and the first on-chain social trading platform Bonfida Bots.
Collateral Asset Profile
Collateral Name (and symbol): FIDA (FIDA)
Collateral Short Description: The FIDA token (FIDA) is the utility token of Bonfida. The FIDA token (FIDA) is required for bidding on a .sol domain name. Holding FIDA grants users access to discounts on transaction fees when reselling domain names as well as discounts on trading fees when using Audaces.
Total Value in Circulation: ~112mio USD
Total Value on Solana: Total supply is 1billion
Price Oracle Feeds: Provided by Pyth
Detailed description of the asset and the reason(s) the Jet Community should consider onboarding it.
Bonfida is one of the earliest projects built on Solana. Over the past year, Bonfida has proudly delivered the Sonala Name Service, Serum Core - the asset agnostic orderbook, the first perpetual swap Audaces and the first on-chain social trading platform Bonfida Bots, actively contributing to the Solana ecosystem.
Bonfida believes that FIDA, as the utility token, plays a really important role in the whole Solana ecosystem. For instance, users need FIDA to bid on a .sol domain name, and hold FIDA in their wallets to access discounts on transaction fees when reselling domain names as well as discounts on trading fees when using Audaces. With Solana becoming more adopted by the masses, Bonfida foresees a greater demand for FIDA from both retailers and institutions. Therefore Bonfida would like to suggest Jet Protocol to include FIDA as its collateral asset.
The Solana Name Service
- FIDA is required for bidding on a .sol domain name
- Holding FIDA grants users access to discounts on transaction fee when reselling a domain name
- Holding FIDA grants users access to discounts on trading fees
- Staking FIDA earns the governance token gFIDA, which is used to participate in Bonfida’s DAO.
Total Value In Circulation: ~112mio USDC
Total Value Locked: ~954mio of FIDA tokens are subject to the unlock schedule (linearly unlock in the next 3 years)
Age of Asset: ~12 months
List sources for metrics in #Additional-Links
Technical Risk: NA
Counterparty Risk: NA
Liquidity Risk: NA
Price Feed Risk: Pyth suspends providing price feed under unexpected circumstances
Bridge Risk: NA
Other Risk: NA
Any links used for reference or research in this creation of this proposal.
Official Website: http://bonfida.org/
Links to any available audits of the project.