Move to Immediate Domain Name Registration

One of the most anticipated changes from our users has finally arrived! The auction system for .sol domain names has officially come to an end. Bonfida’s first DAO vote took place on the 17th of January 2022, where community members had the opportunity to vote to end the auction system adopted by Solana Name Service (SNS). Less than 20 hours later, the proposal was approved by users casting their votes in gFIDA tokens.

Let’s dive into what this change will look like:

What does the immediate registration system mean?

Initially, users had to commence an auction for a domain name with a minimum duration of 3 days. This approach was decided on to offer everyone a fair chance to obtain the .sol domain name they desired.

However, as of now, users can immediately register and buy the domain name of their liking, without the delay of the 3 day auction process.

How will the immediate registration system work?

SNS abides by the essence of Web 3.0, that is, granting users 100% ownership of domain names they own. Thus, Bonfida adopted a once-off payment system that guarantees users permanent possession of their .sol domains in the future.

The once-off charges for immediate registration are as follows:

• 1 character .sol names: $750 USD worth of $FIDA
• 2 character .sol names: $700 USD worth of $FIDA
• 3 character .sol names: $640 USD worth of $FIDA
• 4 character .sol names: $160 USD worth of $FIDA
• 5+ character .sol names: $20 USD worth of $FIDA

These charges mostly resemble that of Ethereum Name Service (ENS), with a slight variation for some character lengths. Unlike ENS, SNS does not require its users to pay yearly rent/renewal fees to uphold ownership of domain names. Therefore, where there is a price difference, SNS will still result in the cheaper alternative when compared to the annual fees endorsed by ENS.

Closing Statements

We are excited to implement changes as per our users’ requests. Thank you to everyone that participated in our first DAO vote and be sure to be on the lookout for more!

If you have any other questions, suggestions and/or proposals feel free to pose these on Bonfida’s Community Forum.

Until next time, be safe and take care.

None of the above is financial advice.

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