๐ฅ FIDAโs 99% plungeโIs there still hope? The life-or-death moment for Solana name-service leader Bonfida
Brothers, today weโll talk about a project that was once a star but is now in troubleโBonfida (FIDA).
You may have seen .sol domain names in the Solana ecosystemโthatโs what they do. But if you still hold FIDA, this is a must-read.
๐ What is FIDA?
Bonfida originally built the Serum DEX trading interface, and later pivoted to Solana Name Service (SNS)โa domain service on Solana. Think of it like this: just as ENS is to Ethereum, SNS is Solanaโs โblockchain yellow pages.โ You donโt need to remember a bunch of gibberish addressesโjust send to โzhangsan.sol.โ
The Brave browser, Hashmail, and Wormhole all integrate with SNS, so the infrastructure credentials are solid.
๐ฅ Team background
Founder David Ratiney:
โข Worked at FTX
โข Previously built financial systems at Goldman Sachs and JPMorgan
โข Founded Bonfida in 2020, raising a $4.5M seed round
Investors: CMS Holdings, Three Arrows Capital (now bankrupt), Spartan Group, etc.
โ ๏ธ Credibility: The teamโs technical capabilities are top-tier in the Solana ecosystem, but the FTX/3AC connection is a sensitive point. Overall there are no signs of a rug pull, and theyโre still delivering.
๐จ Biggest downside: FIDA was abandoned by the official team
In July 2024, it was rebranded as Solana Name Service (SNS).
In May 2025, a new token $SNS was issued, directly replacing FIDAโs governance power. FIDA is left with only a small 5% discount feature.
The teamโs own words: โ
$FIDA ็ไปฃๅนฃ็ถๆฟๅญธไธๅฏๆ็บใโ
The new SNS token allocates 40% via airdrop to .sol holders; FIDA holders are not in the priority list. This is the core issueโFIDA was effectively โabandonedโ by its own team.
๐ Live price & volume (Binance contracts, 2026.6.22)
โข Price: $0.02171
โข 24h: +0.65%
โข 24h volume: $4.33M (relatively low)
โข 24h high/low: $0.02226 / $0.02112
โข Funding rate: -0.128% (market is bearish)
โข Market cap: ~ $21.5M
โข Circulating supply: 0.99B / 1.0B (almost fully circulating)
All-time high $18.77 (2021.3), now down 99.88%.
๐ My take
โ
Positives:
โข SNS domains have real demand, with over 1M users
โข Integrations like Brave and Hashmail expand use cases
โข Indirectly benefits from Solana ecosystem recovery (2025 Q3 institutional inflows of $1.72B)
โข Fully circulating supplyโno unlock-induced sell pressure
โ Negatives:
โข FIDA was abandoned by the official team; governance shifted to SNS
โข The tokenomics were certified by the team as โunsustainableโ
โข Huge bagholder positions from the high-price era
โข Volume shrinking, with funding rate staying negative
๐ก Conclusion:
FIDA is a short-term โzombie tokenโโthe project is still alive (SNS domains keep running), but the coin is dead (FIDA is replaced by the new token).
Short term: support around $0.021, but there isnโt enough momentum. Long term: lack of a value-capture mechanism.
The only potential explosion point: an SNS launch of a FIDA โ SNS migration/conversion plan (none currently).
๐ข Action suggestion: Watch and wait. Donโt blindly bottom-fish just because itโs cheap near $0.02. If youโre bullish on Solanaโs domain-service track, follow the new SNS token path.
Risks: โฌโฌโฌโฌโฌโฌ Very highโnot that the project is going to go to zero, but that the token value is being diluted.
DYOR.
#Bonfida #FIDA #Solana #domain service