What is the utility of the fida token?

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Bonfida

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What is the utility of the fida token?

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09.03.2024

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BOOM · Accepted Answer

Hey there! Let me reference our official message regarding FIDA utility: Fee Incentives: FIDA token holders enjoy special privileges on the Bonfida platform. They are eligible for reduced fee tiers when trading domain names. These tiers are regularly adjusted to ensure that FIDA holders consistently benefit from market dynamics. You can look at these fees incentives here: https://docs.bonfida.org/collection/naming-service/how-to-create-a-solana-domain-name/selling-a-domain-name/accepting-unsolicited-offers Discounts: FIDA holders receive a 5% discount when registering domain names. Token Burn: All FIDA acquired by the protocol undergoes burning, with stablecoins used for purchasing and subsequently burning FIDA in on-chain markets. Governance: Currently, our progress in governance is hindered by the absence of quadratic voting on Solana. We are collaborating with Solana to establish a grant to support this public good. Once implemented, it will replace our previous governance system with gFIDA, hopefully offering a more efficient and dynamic approach. It's worth noting that the deprecation of staking is related to this development.

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