Question 1

What is Solana Name Service (FIDA )?

Accepted Answer

The Solana Name Service (SNS), previously known as Bonfida (FIDA), is a blockchain-focused project aimed at simplifying decentralized identities on the Solana blockchain. The core mission of SNS is to provide a cost-effective and decentralized solution for managing domain names with the .sol extension. These domains map human-readable names to on-chain data such as Solana addresses, IPFS CIDs, and other relevant information. This service enables the creation of pseudo-anonymous identities for users, improving the user experience across decentralized applications (dApps) and the metaverse. SNS helps users manage and maintain their Web3 identity in a manner that prioritizes privacy, security, and user control over their personal data​.

In addition to domain services, SNS is evolving into a key infrastructure provider within the Solana ecosystem, integrating over 115 protocols and partnerships. By bridging the gap between Web2 and Web3, SNS aims to drive mass adoption of blockchain technologies, particularly by making interactions on Solana more user-friendly and accessible​.

Question 2

Who created Solana Name Service (SNS)?

Accepted Answer

The team behind Solana Name Service (SNS) consists of experienced blockchain engineers, cryptocurrency analysts, and developers, many of whom were part of the original Bonfida team. With a commitment to long-term growth, the team has expanded its focus from a decentralized naming service to becoming an essential part of the broader Solana ecosystem. This transformation has been driven by feedback from the community, investors, and partners. The project was initially launched with support from the Solana Foundation, and continues to grow through strong backing from institutional partners​

Question 3

What is $FIDA used for?

Accepted Answer

The $FIDA token remains the primary utility token of the Solana Name Service (SNS) ecosystem. It is used to pay for domain registrations and renewals within the SNS. Additionally, $FIDA provides discounts on services and supports governance decisions within the SNS platform. It also funds partnerships and expansion efforts by providing grants to developers integrating with SNS. The token plays an important role in the community by rewarding users and contributors, ensuring continued engagement and growth.