FTX integrate Bonfida's flagship service to enable domain withdrawal function

The ability for users to withdraw digital assets from centralized exchange FTX is expected to enhance security, ease-of-access and traversing across the Solana ecosystem for both experienced and retail consumers alike.

Bonfida, a multifunctional infrastructure built around Solana blockchain, has announced that their Solana Name Service, or SNS, will be integrated into cryptocurrency exchange FTX in a bid to expand the former's digital footprint and adoption rate.

Alongside the SNS, Bonfida is recognized within the industry for its deployment of the inaugural decentralized exchange, or DEX, on Serum in September 2020 as well as presently serving as an API on-chain data analytics service to the Solana ecosystem in addition to orchestrating governance mechanisms through their native FIDA token, among other functions.

The Solana-centric SNS platform has enabled in excess of 150,000 users to register and interact with .sol domain names, receive and send digital asset payments, transact IPFS CID data as well as images, among more.

The service could be deemed comparable to the highly popular Ethereum Name Service (ENS), which increased its notoriety within the space in November 2021 following the launch of a token airdrop exclusive to early adopters of the protocol.

Cointelegraph spoke to Bonfida’s business developer for greater clarity on their expectations for how the partnership will impact, and subsequently, evolve the project's ecosystem.

“It truly shines [a] light on the utility of .sol domain names we have wanted to prove for a while. CEXs are still dominating and although we have been popular on the Solana ecosystem — we are aiming for much larger adoption,” they stated.

“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.”

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Recent quantitative statistics published by Bonfida's official Twitter account indicate that the Solana Name Service facilitated 147,912 new domain names in January, and a further 158,598 in February. These figures, alongside other corresponding metrics within the space, demonstrate the burgeoning demand for personable domain addresses across a range of utilities. 

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 predicated upon a reciprocal agreement that any proposed implementation would be inherently positive for both parties, continuing to note that “At first glance, we are hoping to get .sol domains fully functional on all their platforms, like their mobile app, for example,” 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.”