Judy_EncryptClub Host: Lots of people are under the delusion that Christmas is coming earlier this year due to the quarantine period from January to March. It will be Christmas in 10 days, will there be significant market changes because of the upcoming Christmas Holiday? No matter to which direction the market will go, I am uneasy and waiting for the next opportunity. As one of the most active projects this year, Serum is to launch a new portal decentralized platform Bonfida to strengthen Serum’s ecology.
Today, we are honored to have David Ratiney, the CEO and founder of the Bonfida project with us, and give us a detailed introduction to the original intention and future prospect of the Bonfida project .
Thank you for coming, David. Could you introduce yourself?
Hey guys! Thanks for having me tonight!
I graduated from the university of Cambridge in January 2020 with a master in engineering. My master thesis was done on the application of Bayesian deep learning and was made in partnership with Boeing. During my time at Cambridge I also co published in a peer reviewed journal with other Cambridge researchers on the application of machine learning to supply chain prediction. I started Bonfida on his spare time. In September I decided to pursue Bonfida full time.
Thanks for your self-introduction, David. Here comes the first question of our AMA.
Q1:Bonfida integrates DEX, NFT auction and exchange traffic monitoring, significantly facilitating the convenience of Serum and users’ data calls. Can you introduce the functions of Bonfida in details？
Bonfida aims to be the one stop shop for Serum and it’s ecosystem. Currently Bonfida is made of 3 different pieces: a DEX, an API and a NFT exchange.
The main goal of Bonfida is to remain the number one GUI for Serum and bring the CEX trading experience on chain.
The first step to achieve this was to replicate the same trading interface as centralized venues i.e having TV charts made from on chain data, market order, trade history etc…
The second step was to bring customer support, we want to demystify on chain trading and help people to get started. We already deployed a help center (in both Enlgish and Chinese: https://help.bonfida.com) and a 24/7 customer support on TG (English and Chinese) and Discord (English only).
The third was to list more markets, we want to provide choice to Serum users. Bonfida is currently the Serum GUI which has the most markets and we will keep listing more and more markets. If you are looking for a place to list your token reach out to us :)
We recently started working on creating Bonfida’s Bot: the first version of 3Commas on chain. This will allow people to automate their trading strategies in a decentralized way. The first versions of it will be released during 2021
Already used by Coingecko, Coinmarketcap and some of the largest market makers in the space, Bonfida’s API has around 7mil requests per day and will continue to expand its offering to provide its users a CEX like experience.
Solible is an NFT exchange built on top of Solana and Serum. Solible will provide all the features provided by traditional NFT exchanges. However, the Bonfida team will focus on NFT that can be redeemed in order to make Solible a real on chain marketplace.
Q2：Since Bonfida has aggregated so much function, what’s its feature as a decentralized platform? why users choose Bonfida?
Bonfida aims to be the one stop shop for Serum and provide a complete suite of products to access the Serum ecosystem. Serum is a Decentralized platform but it’s not enough, there needs to be someone who bridges the gap between this technology and the end user.
This is where Bonfida steps in, Bonfida focuses on bringing the best UX and UI on top of Solana. Our goal is to show that we can reproduce the same experience as centralized platforms but in a decentralized manner.
Q3：Bonfida provides a seamless Graphic User Interface for Serum, so can we take it as the layer2 of Serum with more development opportunities? What is the relationship and difference between Bonfida and Serum？
The goal of our API is to serve on chain data in an efficient and usable way. Anybody can fetch on chain data, but fetching directly from the blockchain is slow and expensive. The goal of the Bonfida API is to serve data that is ready to use in a few milliseconds. For example, the API allows us to build TradingView charts made from on chain data but also provide data to CoinGecko and CoinMarketCap as well as Market Makers.
Bonfida can be seen as a layer 2 in the sense that Bonfida builds on top of Serum. Bonfida is building on top of Serum in order to bridge the gap between the amazing technology that is Serum and the end customer. The goal is to demystify blockchain and DEX trading in order to show that we can bring the CEX experience on chain: from the trading interface to the automated trading strategies. Serum is the technological layer that makes amazing things possible and Bonfida is what makes the magic actually happen. In a short sentence, Bonfida to Serum is like Interactive Brokers to Nasdaq.
Another example of how Bonfida bridges the gap between Serum and the end user is Solible. Solible is an NFT exchange that focuses on redeemable NFTs i.e NFTs that can be used in real life such as tee-shirts or Ledger Nano X. This NFT exchange is built on top of Serum but in order to make this happen you need a team that handles the logistic, the branding, the customer support, the product development and many other things. And once again, this is where Bonfida steps in and brings a fully operational product to the customer.
Q4：What is the token of Bonfida? And what is Bonfida token’s function in the economic model of the paltform?
FIDA is anticipated to hold the following utility:
• 95% of the net fees on Bonfida will be governed by the FIDA token and could be used for buy/burns, etc.
• FIDA will be used transactionally for:
– Access to the VIP API
– Bonfida Bots that will allow people to automate their strategy on chain
– Bonfida DEX and Solible listings with market making services
– Whitelabels and consulting services
• FIDA staking will grant its holders:
– Exclusive API endpoints and lower latency — Access to rare Solible markets
– Advanced analytics
- Access to more on chain strategies for Bonfida Bots
• Bonfida will likely include a limited governance model based on the FIDA token. Some parameters such as product fees may be changed through a governance vote of FIDA tokens.
Because we want the Bonfida and Serum ecosystems to work together and benefit from each other, some FIDA token will also be airdrop on SRM holder as yield.
Q5：Is there any product similar to Bonfida? What the development prospect of Bonfida?
There are other GUI on Serum but Bonfida is the only one to have:
- Trading View charts built from on chain data
- Trading View charts that allow people to save their charts
- Market order
- Trade history
- Exclusive markets including leveraged tokens and volatility products
- Wallet management
This allows Bonfida to have a trading interface similar to a centralized exchange while remaining fully decentralized. The ultimate goal is to bring what has been built on top of centralized exchanges like 3Commas for instance but on a chain. The vision for Serum is to provide a technology that can replace centralized exchanges and Bonfida.
Bonfida also built the first NFT exchange on Solana: Solible. The goal of Solible is to focus on redeemable NFT and allow people to spend their crypto for items that they can use in real life. So far we listed Serum tee-shirts and Ledger Nano X on Solible and these listings were all very successful. The long term goal is to create a on chain real marketplace.
Here comes our free QA session, we will choose 1–2 lucky question for guest.
User1: As Solible is a NFT exchagne focusing on the redeemable NFT used in real life, will you run a supply chain company to do the NFT packing and logistics for Solible NFT exchange?
David: Yeah, we have a team dedicated to the logistics of Solible and it takes care of everything from the redeem process to the shipping.
User 2: What’s the listing plan of FIDA?
David: FIDA IEO is happenning on the 17th on FTX and Bitmax, listing will happen on 22nd on Serum, FTX and Bitmax
Judy_EncryptClub Host: Thanks David for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.