FIDA, the Governance Token of Solana-Based Infrastructure Developer Bonfida, Gained 40% Following the Launch of Solana Name Service (SNS) in China

This increase reverses the token's downward trend in recent months and confirms analysts' optimistic views about its long-term upside potential.

Solana (SOL)-based infrastructure developer Bonfida’s governance token, FIDA, surged over 40% following the launch of Solana Name Service (SNS) in China. At the time of writing, FIDA is still up 40% and trading at $0.44 in the last 24 hours, according to CoinMarketCap data.

The token’s daily trading volume was recorded as $72 million and the total market cap stood at $50.3 million. Despite the recent price increase, FIDA is still 96% off the all-time high of $10.87 reached on April 4, 2021.

Bonfida developed SNS, a platform that provides domain name services using the low latency and cost-effective features of the Solana Blockchain. The platform aims to redefine web3 naming systems, offering domain registration, management, registration processing and commerce services. It also enhances web3 credentials by offering records management, profiling capabilities, and the ability to bridge web2 reputations across multiple blockchains.

FIDA offers preferential fee structures, registration discounts, and the ability for holders to influence the SNS Improvement Protocol.

Bonfida’s latest price surge follows the June 5 announcement that “Solana Name Service is now available in Chinese.” The announcement highlighted their goal of making the website globally accessible, starting with the Chinese translation of all domain related services.

The team also highlighted that users can print domain names with the .sol extension in Chinese, such as “双子星.sol” listed on SNS for over $25,000, or the option to create a domain name with the .sol extension for $20.

Solana Name Service is now available in Chinese 🇨nOne of our main goals is to make our website accessible to everyone, everywhere 🤩

Our first venture is a Chinese translation of all things domains 🌐 We're taking our expansion in the APAC region seriously – look out for us! 🤩For… https://t.co/gku14ukqE2

Additionally, Bonfida announced its expansion into Vietnam on June 6. The team expressed their excitement about meeting new ecosystem partners and organizing the Solana Happy Hour event together with partners SuperteamVN, Saros and Ranger Finance. Interested parties can contact the Bonfida team between 6-9 June.

Among the FIDA surges, analysts suggested that the token is currently recovering with great strength. In a May 6 post, Javon Marks said that the token has broken through multiple key resistance trends on the logarithmic scale and could reach $9.0281.

“This breakout implies a 2,188% upside potential from here to reach this target. This process may still be in its early stages,” Marks says.

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