The post Solana Name Service Gets Powerful New SNS Token from Bonfida appeared on BitcoinEthereumNews.com.

The world of decentralized identity and human-readable addresses on the blockchain is constantly evolving. If you’re involved in the Solana ecosystem, you’ve likely encountered the Solana Name Service, which allows users to replace complex wallet addresses with simple, memorable .sol domain names. Now, a significant development is unfolding within this vital infrastructure, spearheaded by the team at Bonfida. Understanding the Solana Name Service Before diving into the new token, let’s quickly recap what the Solana Name Service (SNS) is all about. Think of it as the DNS (Domain Name System) for the Solana blockchain. Instead of sharing a long string of characters for your wallet address, you can register a .sol domain, like ‘yourname.sol’. This makes sending and receiving transactions much easier and more user-friendly. The SNS ecosystem has grown steadily, facilitating easier interaction with decentralized applications (dApps) and wallets across Solana. It’s a crucial piece of the puzzle for mass adoption, making crypto feel less intimidating for everyday users. Why a Dedicated SNS Token? The Shift from FIDA For a while, the Solana Name Service was closely associated with Bonfida’s native token, FIDA. Bonfida, a decentralized exchange built on Solana, was instrumental in developing and launching SNS. However, as the SNS ecosystem matured, the team identified a need for a dedicated token that could more directly serve the community and governance needs of .sol domain holders. According to Bonfida’s announcement, the FIDA token, while valuable for the broader Bonfida platform and its DEX features, didn’t fully align with the specific requirements and future vision for SNS governance and community incentives. This led to the strategic decision to introduce a new, purpose-built token: SNS. The introduction of the SNS token marks a pivot towards empowering the community directly involved with the naming service itself. It’s designed to be the primary…

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Filed under: News - @ May 7, 2025 1:25 am