Solana
IFAD rebounds 35% after launch of Solana Name Service in China
FIDA, the governing token Solana-based infrastructure developer Bonfida, surged 35% after the launch of its Solana Name Service (SNS) in China.
At the time of writing, IFAD 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 capitalization of $50.3 million.
FIDA 24 hour price chart | Source: CoinMarketCap
Despite the recent price increase, IFAD is still down 96% from its all-time high of $10.87, reached on April 4, 2021.
Bonfida leverages the low-latency and cost-effective features of the Solana blockchain, developing SNS, a platform offering domain name services. SNS aims to redefine Web3 naming systems, providing domain registration, management, registration management and trading services.
It also seeks to improve web3 identity providing records management capabilities, profiling, and the ability to link Web2 reputations across multiple blockchains.
Within the Bonfida ecosystem, the FIDA token offers various benefits, including preferred pricing structures, registration discounts, and the ability for holders to influence the SNS improvement protocol.
The latest price hike follows a June 5 announcement from Bonfida that Solana Name Service is now available 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 Chinese translation of all fields. We’re serious about expanding into the APAC region – watch out for us!
For… pic.twitter.com/kABQTzfr2Y
— Solana Name Service | Bonfida (@bonfida) June 5, 2024
The announcement highlights their goal of making 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 for over $25,000 on SNS or the option to create a .sol domain for $20.
Furthermore, on June 6, Bonfida announcement its expansion in Vietnam. The team expressed their excitement to meet new ecosystem partners and co-host Solana Happy Hour with partners SuperteamVN, Saros and Ranger Finance.
Interested parties can contact the Bonfida team between June 6 and 9.
Amid the rise of IFAD, analysts have turned to X to suggest that the token is currently recovering with force majeure.
In a May 6 jobJavon Marks said the token broke away from several key resistance trends on a logarithmic scale and could reach a target of $9.0281.
Marks added: “This breakout may imply an additional 2,188% rise from here to reach this target and this process may still be in its early stages. »