FIDA Token Surges by 35% Following the Launch of Solana Name Service (SNS) in China

FIDA, the token governing Solana-based infrastructure developer Bonfida, has surged by 35% following the launch of its Solana Name Service (SNS) in China.

Solana-based infrastructure developer Bonfida has announced the launch of Solana Name Service (SNS) in China on June 5. Following the announcement, the FIDA token, which governs Bonfida, experienced a surge of 35%.

At the time of writing, FIDA was still up 29%, trading at $0.392 over the past 24 hours, according to CoinMarketCap. The token recorded a daily trading volume of $72 million and a total market cap of $50.3 million.

Despite the recent price increase, FIDA is still down 96% from its all-time high of $10.87, which it reached on April 4, 2021.

Bonfida, which is known for leveraging Solana’s low-latency and cost-effective features, has developed SNS, a platform that offers domain name services. SNS aims to redefine web3 naming systems by providing domain registration, management, record handling, and trading services.

Furthermore, SNS seeks to enhance web3 identity by offering record management, profiling capabilities, and the ability to bridge web2 reputations across multiple blockchains.

Within the Bonfida ecosystem, the FIDA token offers various benefits, including privileged fee structures, registration discounts, and the potential for holders to influence the SNS Improvement Protocol.

The latest price surge follows a June 5 announcement by Bonfida, which stated that Solana Name Service is now live in Chinese.

https://t.co/gku14ukqE2 IS NOW LIVE IN CHINESE 🇨🇳

One 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… pic.twitter.com/kABQTzfr2Y

The announcement highlighted their goal to make the website accessible globally, starting with a Chinese translation of all domain-related services. The Bonfida team also mentioned that users could have their .sol domain in Chinese, highlighting “双子星.sol” listed at $25k+ on SNS or the option to create a .sol domain for $20.

Moreover, on June 6, Bonfida announced its expansion into Vietnam. The team expressed excitement about meeting new ecosystem partners and co-hosting the Solana Happy Hour with partners SuperteamVN, Saros, and Ranger Finance.

Interested parties can reach out to the Bonfida team between June 6 and 9.

Amidst the surge in FIDA, analysts have taken to Twitter to suggest that the token is currently recovering with major strength. In a May 6 Twitter post, Javon Marks said that the token has broken out of multiple key resisting trends on a logarithmic scale and may hit a target of $9.0281.

Marks added, “This breakout can imply another 2,188% upside from here to reach this target and this process may be still in its early stages.”