Frontier x Bonfida AMA Recap
On November 6th, We held an AMA in our Public Telegram group with Bonfida.
Bonfida aims to be the single source of truth in the cryptocurrency industry. This covers categories including (but not limited to) exchange statistics and crypto company reviews and scoring, whilst also providing explanations and in-depth research on crypto trends and notable occurrences.
Introduction
Palash Jain
Hello everyone, welcome! Palash Jain from Frontier here, Today we are pleased to be joined by Bonfida Team. Frontier recently listed two exclusive NFTs on Bonfida. Need for Speed and Unlimited Energy are the two NFTs. Unlimited Energy is the NFT which shows the friendship between Frontier and Bonfida.
Before we get started with the AMA, bonfida can you please give us a quick introduction about yourself and Bonfida.
Bonfida
Bonfida arose from a need for more accurate, unbiased and in-depth exchange data. Whilst the data is accessible via API, it's not easy to parse and the interpreted data from exchanges themselves is borderline inaccurate at times.
Our current platform is a bit of a mishmash of data, but it'll shortly start to become more clear the route we're taking. With regards to Serum, we like the idea and think this will quickly become the biggest DEX, to compete with some long-standing CEXes in the space - as such, we want to help provide support for traders where possible to enable this process. We currently offer the following products:
- Serum Dashboard: https://bonfida.com/serum
- Serum DEX: https://bonfida.com/dex
- SPL wallet: https://bonfida.com/wallet
- NFT Exchange: https://solible.com/#/
Palash Jain
Awesome! Thanks for the intro.
Moving to next question, Can you tell us more about the products and/or services that Bonfida currently offers? What’s your goal with Bonfida? We’ve seen you pushing super-hard in the DEX, analytics, and Solana space!
Bonfida
We are offering a wide range of products and services:
Serum Analytics: We have been recording Serum DEX trades and orderbooks since the beginning of the project. Our database is pretty valuable and we are serving this data through a REST API. We currently have around 2 million requests per day. This is mostly used by API traders but also CoinMarketCap and CoinGecko. We are working on offering order placement through our API, this would be the first REST API that allow on chain order placement. You can find our Serum Dashboard here https://bonfida.com/serum
Serum DEX GUI: We have launched our own Serum GUI (https://bonfida.com/dex), this is currently the most used GUI. We are planning to expand our user base and the volume that is going through it
Serum Wallet: You can use our wallet https://bonfida.com/wallet to use Solana and Serum. We even airdrop you some SOL to help you get started! 💸
NFT: We started the first NFT exchange on Solana: Solible. This is still the very beginning of Solible but we already have some artists and we have been able to get some partnerships with: Frontier, Genesis Block and the Bitcoin Association of Hong Kong. Btw, the auction for the first redeemable NFT on Solana ends tonight 9pm HK Time: https://solible.com/#/bitcoin-tram 🙂
Palash Jain
Super cool, This makes me more bullish on the Serum ecosystem. One thing in particular which excites me a lot is NFTs.
before we move to next round, could you tell us more about your NFT marketplace? As far as I know, it’s the first one ever built on top of Solana.
Bonfida
Correct! This is the first ever created on Solana! It was very challenging to start something from scratch but we are glad we managed to get started and have some artists and partnerships already 😎. The first NFT ever was sold for 900 $SRM 10 days ago (https://solible.com/#/)
Currently creating and listing NFTs are not automated but this is something we are working on. If you are interested in creating NFTs and listing them please let us know! You can DM us on Twitter @bonfidadotcom, on TG @bonfida or by email contact@solible.com. We will take care of the creation and the listing. This is entirely free!
Palash Jain
Awesome! Let's move to the next round. We've picked up some questions from the google form. The response has been massive.
Okay, So the first question is from @zuggu1 - when we will see a cross-chain bridge for NFT?
Bonfida
That something that would be awesome! The fundamental idea behind NFts is tracking ownership on chain. Being able to transfer ownership from one chain to another is something that would be extremely valuable. Right now most of the NFTs are on ETH, having an easy way to transfer them to Solana is key. We are working with other team to bring cross chain bridges on Solana. This should be released soon 🙂
Palash Jain
Cool, next up: @JoshuaChen - It seems Bonfida is just a tool for serum dex enhancement, how can Bonfida capture value in this ecosystem?
Bonfida
That’s partially correct. Bonfida offers several products:
Serum API: we are serving on chain data through a REST API. The API has around 2mil requests per day. This is mostly used by API traders but also by Coingecko and Coin Market Cap. The value here dwells in the trading data stored in our systems
DEX and Wallet: The DEX and the Wallet are interfaces built on top of the Serum. The value here dwells in the UX and UI we bring to our users. Currently our DEX is the most used Serum DEX and we will keep improving our UX and UI to maintain this status.
Solible: The first NFT exchange ever created on Solana and Serum. The value here, dwells in the community of artists and the partnerships we create.
Only the DEX and wallet can be considered as DEX enhancement. The other products are entire products on their own 🙂
Palash Jain
Third question, @GauravRKothari - How and when will be able to trade and create NFTS, what is the process for the same?
Bonfida
Currently the NFTs cannot be created automatically. We are working on automating this process and this should be coming out shortly. Right now if you are interested in creating NFTs and listing them on Solible.com you can email us at contact@solible.com and we will take care of everything. This is entirely free 🚀
Palash Jain
fourth question, @ivan_warrior - I was always interested in the question of the name of the project. Where does the project name come from?
Bonfida
Sorry to disappoint you, but the name does not really mean anything. It just came out of our imagination 😛
Palash Jain
okay, so the last question before we start community round.
@profit99persen - Will these project be valuable in the future?
Bonfida
Not sure to understand the meaning of your question. The value of Bonfida comes from two things: the users who are using Bonfida DEX/ Wallet and our database that we are serving to API traders and CMC + Coingecko. The more users we acquire and the more onchain data we collect about Serum the more Bonfida becomes valuable.
But if you are talking about a Bonfida token, that something that might happen rather sooner than later 😉
Community Round
Black Swan
Are you planning to integrate your wallet and DEX, into mobile platforms like Android and iOS?
Bonfida
That’s something we are planning to do. Right now we don’t have a mobile app, but we make sure that our websites are mobile friendly to offer the best UX possible
Hayansa
What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
Bonfida
Being the go to place for everything related to Serum: whether it’s trading on Serum, looking for data, managing a wallet or traidng NFTs. We are already trusted by CMC and Coingecko so that’s a good start!
Nabahu
Does your project have features or benefits that make it competitive with peers? Why did you choose AMA on Telegram to advertise your project instead of advertising on other social networks like Facebook, YouTube, Google,?
Bonfida
We are the only SPL wallet that airdrop you SOL when you create your wallet to help you get started for example 🙂
Machi Sumira
How does Bonfida provide transparency and safety for their users and what sort of a reward structure is there for the token holders?
Bonfida
Most of our code is open source. You can check it out on Github. Currently no Bonfida token, but if it ever happen we will be transparent everything 🙂
Ilham 1908
What was your inspiration throughout the journey of bofinda? How has the artistic and creative vision of bofinda changed throughout its development?
Bonfida
Our vision was driven by the following question: How can we offer a DEX experience that feels like CEX? That’s why we started bonfida.com/dex and solible.com . Our vision has not changed and we are still driven by the same goal 🙂