Bonfida integrate its Solana Name Service (SNS) into FTX crypto exchange

Bonfida, has announced that their Solana Name Service, or SNS, will be incorporated into cryptocurrency exchange FTX in an effort to increase the exchange’s digital footprint and adoption rate.
Bonfida integrate its Solana Name Service (SNS) into FTX crypto exchange

In addition to the SNS, Bonfida is known in the industry for launching the first decentralized exchange, or DEX, on Serum in September 2020, as well as serving as an API on-chain data analytics service to the Solana ecosystem and orchestrating governance mechanisms through their native FIDA token, among other things.

Over 150,000 users have used the Solana-centric SNS platform to register and connect with.sol domain names, receive and send digital asset payments, and transact IPFS CID data and photos, among other things.

The service might be compared to the hugely successful Ethereum Name Service (ENS), which gained recognition in the space in November 2021 after launching a token airdrop exclusively for protocol early adopters.

About the integration

Cointelegraph spoke with Bonfida’s business developer to get a better understanding of how the cooperation will affect the project’s ecosystem and, as a result, evolve it.

“It truly illuminates the utility of.sol domain names, something we’ve been trying to demonstrate for a long time.” CEXs continue to dominate, and despite our popularity in the Solana ecosystem, they remarked, “we are striving for considerably greater adoption.”

“This is […] far from what we have in store — hosting websites, for example, [… is] in reach. This exposure helps us gain even more traction to make this a reality […] support from a well-renowned project such as FTX supports us and thus the utility and quality of our products.”

According to Bonfida’s official Twitter account, the Solana Name Service assisted with the registration of 147,912 new domain names in January and another 158,598 in February.

These data, along with other similar measures in the field, show the growing demand for personalized domain addresses across a variety of services.

Later in our conversation, the business developer stated that future partnership opportunities with FTX would be contingent on both parties agreeing that any proposed implementation would be inherently beneficial to both, adding, “At first glance, we are hoping to get.sol domains fully functional on all of their platforms, such as their mobile app,” before revealing:

“Overall, this add on from FTX will bridge CEXs with Solana, especially considering how fast our ecosystem is growing. This signals that CEXs are truly embracing the notion of Web3 — as FTX is one of the leading CEXs and hopefully will encourage […] more centralized exchanges to start adopting us and other DEX projects.”