FIDA (Solana Name Service) rose 19.99% in 24 hours.

Gate News Bot message, July 22, according to CoinMarketCap data, as of the time of writing, FIDA (Solana Name Service) is currently priced at $0.13, having risen 19.99% in the last 24 hours, reaching a high of $0.13 and a low of $0.08. The current market capitalization is approximately $124 million, an increase of $20.6 million compared to yesterday.

FIDA is the token of the Solana Name Service (formerly known as Bonfida). The Solana Name Service is a global domain provider dedicated to establishing decentralized and censorship-resistant identity identifiers through Solana. Users can replace complex decentralized addresses with human-readable domain names, making it easier to establish identities in the Web3 environment. Currently, there are over 149,500 users who have registered 340,900 domain names, receiving integration support from more than 115 projects. FIDA also provides developer tools such as wallet integration guides, SNS SDK, and SNS guides to promote the development of the ecosystem.

Important news about FIDA recently:

1️⃣ Solana Name Service announces airdrop of 40% of token supply Solana Name Service (SNS) announced an airdrop of 40% of the token supply, a decision made after the FIDA token economic model was deemed unsustainable. This initiative aims to redistribute tokens, optimize the project's token economics structure, and is expected to enhance community participation and invigorate the ecosystem.

2️⃣ FIDA price has risen over 25% The price of FIDA tokens has seen a significant rise, with an increase of over 25%. This surge may be related to recent major listing events, indicating that the market maintains a high level of attention towards domain service projects within the Solana ecosystem.

3️⃣ The Solana ecosystem continues to develop As an important project in the Solana ecosystem, FIDA benefits from the continuous development and application growth of the Solana network. Solana's high performance and low fee characteristics attract more and more developers and users, creating a favorable development environment for ecosystem projects like FIDA.

From a technical perspective, FIDA has shown a strong rise after breaking through recent resistance levels and may continue to maintain upward momentum in the short term. However, investors still need to closely monitor the overall cryptocurrency market trends and the further development of the Solana ecosystem.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.