The Solana Name Service (SNS.SOL), widely known by Bonfida’s previous name, is making a huge difference. We have announced plans to launch a new token called social media. This new token replaces an existing Fida token.
The team says the shift is designed to better align the interests of .SOL domain holders with the project’s future goals.
Why Social Media Will Replace FIDA: Addressing outdated talknomics
The team behind Sns.Sol explained why they needed a new token. They said that Fida first served its purpose within the serum dispersion exchange ecosystem, but its design no longer supports the current vision of social media. As a result, the introduction of social media tokens is attempting to bridge that gap and establish stronger community incentives.
According to the announcement, Bonfida’s early toconomies are centered around serum, and Fida is closely integrated into its trading environment. However, over time, the disconnect between the original purpose of FIDA and the growing needs of the .SOL community became more pronounced.
The team discovered that FIDA distribution models do not properly reward .sol domain holders. The token system that once helped grow has finally begun to limit it. After much thought, the team decided that new social media tokens were essential to reaching the full potential of the platform.
Adjust social media community vision and incentives
In addition to addressing structural issues, social media launches represent a broader effort to integrate and empower the .sol domain ecosystem. The team highlighted that Fida’s utilities are tied to a different user base, and that .sol domain users are underrated.
They also pointed out that Fida’s incentive structure is not sustainable for the long-term growth of the protocol. The new social media tokens are designed specifically for the domain name ecosystem, which is intended to correct these past imbalances.
Future social media tokens also have a promise to be more comprehensive. The team will share details in the coming weeks on how past, present, and even future .SOL domain users can be involved in the distribution of new tokens.
This approach aims to reward loyal users and also to attract new people to the platform. By directly involving domain holders in social media tokens, the project hopes to build a more enthusiastic and coordinated community.
Fida token prices drop sharply on social media news
The announcement of new social media tokens had a major impact on the market price of FIDA tokens.
Following the news, Fida prices fell sharply over 13.57% to $0.064644. Its market capitalization is currently around $71 million.
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