The ability for users to withdraw digital assets through FTX, a centralized exchange, is expected to improve security, ease-of-access, and navigation across the Solana ecosystem for both seasoned and retail customers.
Bonfida, a multifunctional infrastructure based on the Solana blockchain, has announced that their Solana Name Service, or SNS, will be incorporated into cryptocurrency exchange FTX in order to increase the latter’s digital footprint and adoption rate.
Along with the SNS, Bonfida is known in the industry for launching the first decentralized exchange, or DEX, on Serum in September 2020, as well as providing 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.
The Bonfida’s business developers clarified their expectations for the relationship and the projects’ and ecosystem’s further evolution.
“It genuinely demonstrates the value of.sol domain names, which 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 planned; for example, hosting websites is possible.” This publicity will help us get even more traction in our efforts to make this a reality… Support from a well-known project like FTX helps us, and hence our products’ utility and quality.”
According to Bonfida’s official twitter account, the Solana Name Service assisted with the registration of 147,912 new domain names in January and 158,598 new domain names 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.
Registering domains on Solana 👀 https://t.co/PrW2ZjwEtL
— Tom Farren ☮️ (@tomfarrencrypto) November 10, 2021
Later in our conversation, the business developer stated that future partnership opportunities with FTX would be contingent on a reciprocal agreement that any proposed implementation would be inherently positive for both parties, adding, “At first glance, we are hoping to get.sol domains fully functional on all of their platforms, like their mobile app for example,” before revealing, “Overall, this add-on from FTX will bridge CEXs with Solana, especially if they have CEXs,” before revealing, “Over This indicates that CEXs are actually embracing Web 3.0 – since FTX is one of the major CEXs – and will hopefully encourage… additional centralized exchanges to start adopting us and other DEX projects.”