🔥 FIDA’s 99% plunge—Is there still hope? The life-or-death moment for Solana name-service leader Bonfida
Brothers, today we’ll talk about a project that was once a star but is now in trouble—Bonfida (FIDA).
You may have seen .sol domain names in the Solana ecosystem—that’s what they do. But if you still hold FIDA, this is a must-read.
📌 What is FIDA?
Bonfida originally built the Serum DEX trading interface, and later pivoted to Solana Name Service (SNS)—a domain service on Solana. Think of it like this: just as ENS is to Ethereum, SNS is Solana’s “blockchain yellow pages.” You don’t need to remember a bunch of gibberish addresses—just send to “zhangsan.sol.”
The Brave browser, Hashmail, and Wormhole all integrate with SNS, so the infrastructure credentials are solid.
👥 Team background
Founder David Ratiney:
• Worked at FTX
• Previously built financial systems at Goldman Sachs and JPMorgan
• Founded Bonfida in 2020, raising a $4.5M seed round
Investors: CMS Holdings, Three Arrows Capital (now bankrupt), Spartan Group, etc.
⚠️ Credibility: The team’s 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 they’re still delivering.
🚨 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 FIDA’s governance power. FIDA is left with only a small 5% discount feature.
The team’s own words: “
$FIDA 的代幣經濟學不可持續。”
The new SNS token allocates 40% via airdrop to .sol holders; FIDA holders are not in the priority list. This is the core issue—FIDA was effectively “abandoned” by its own team.
📊 Live price & volume (Binance contracts, 2026.6.22)
• Price: $0.02171
• 24h: +0.65%
• 24h volume: $4.33M (relatively low)
• 24h high/low: $0.02226 / $0.02112
• Funding rate: -0.128% (market is bearish)
• Market cap: ~ $21.5M
• Circulating supply: 0.99B / 1.0B (almost fully circulating)
All-time high $18.77 (2021.3), now down 99.88%.
🔍 My take
✅ Positives:
• SNS domains have real demand, with over 1M users
• Integrations like Brave and Hashmail expand use cases
• Indirectly benefits from Solana ecosystem recovery (2025 Q3 institutional inflows of $1.72B)
• Fully circulating supply—no unlock-induced sell pressure
❌ Negatives:
• FIDA was abandoned by the official team; governance shifted to SNS
• The tokenomics were certified by the team as “unsustainable”
• Huge bagholder positions from the high-price era
• Volume shrinking, with funding rate staying negative
💡 Conclusion:
FIDA is a short-term “zombie token”—the 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 isn’t enough momentum. Long term: lack of a value-capture mechanism.
The only potential explosion point: an SNS launch of a FIDA → SNS migration/conversion plan (none currently).
📢 Action suggestion: Watch and wait. Don’t blindly bottom-fish just because it’s cheap near $0.02. If you’re bullish on Solana’s domain-service track, follow the new SNS token path.
Risks: ⬛⬛⬛⬛⬛⬛ Very high—not that the project is going to go to zero, but that the token value is being diluted.
DYOR.
#Bonfida #FIDA #Solana #domain service