Authors: Vuong Dung – Công Gunner
Review: Nam Akihiko
Burnt Finance is a fully decentralized auction protocol built on Solana. Burnt Finance is a Defi protocol that enables anyone to mint a diverse array of synthetics, NFTs, and digital assets while also providing them with an unparalleled auction platform.
Burnt Finance offers all users unrestricted access to host a variety of auctions ranging. Additionally, users will be able to mint a diverse set of synthetic assets as well as NFTs.
A few major highlights of Burnt Finance include but are not limited to the following:
• Fully decentralized: Burnt Finance is an entirely decentralized protocol built on Solana that can support entirely decentralized auctions.
• User-Friendly: Users can easily mint new synthetics or NFTs in just a few clicks.
• Fast Transactions: Burnt can process 50,000 transactions per second within a 400 millisecond block time which allows for a truly fast bidding process and reduces opportunities for bid manipulation.
• Negligible Fees: Transaction fees on Solana hover around $0.00005 for bidding or the minting of new assets
• Limitless Auctions: Burnt allows for the creation of English, Dutch, Bonding curves, and a plethora of other auction formats. This allows new artists to sell their works while new projects can also utilize Burnt’s platform for fundraising
• Unlimited Assets: Users can mint a diverse array of assets such as synthetics, NFTs, and new digital assets
Key Features and Functionality: Burnt Finance provides an intuitive interface for minting new assets.
These assets can be synthetics, NFTs, and even new digital assets:
● Synthetics: Burnt Assets (bAssets): bAssets can include synthetic versions of real-world stocks, commodities, indices, etc.
● Non-Fungible Tokens (NFTs): Burnt Finance offers the ability to mint a wide array of NFTs from any media of the user’s choice (images, videos, GIFs, etc).
● New Digital Assets: Users can mint new digital assets on the Solana blockchain through the Burnt Finance interface. Given the existence of Wormhole (the bridge connecting Solana to Ethereum), anyone can easily bring over their Ethereum-based assets to Solana.
Buyers can make purchases without the typical exorbitant gas fees prevalent on other NFT marketplaces.
Burnt Finance marketplace: Burnt Finance provides an auction platform that is available to everyone in an entirely decentralized setting.
In addition, it can match our centralized counterparts in terms of both speed and security given our unique technical infrastructure. Burnt Finance will look to support English auctions, lotteries, bonding curves, and Dutch auctions.
– Token Name: Burnt Finance Token
– Ticker: Burnt
– Blockchain: Solana
– Total Supply: N/A
– Circulating Supply: N/A
Token use case
● Protocol Governance: The Burnt token can be used to govern several elements of the protocol. This includes protocol upgrades, profile verification, and synthetic asset creation.
● Collateral for Synthetic Assets: Burnt tokens can be used as collateral for minting synthetic Burnt Assets (bAssets).
● Fee Reduction: Users who purchase NFTs on the platform using BURNT will have reduced transaction fees from (1% to 0.1%)
● Participation Incentives: A portion of tokens will be distributed to participants who engage on the platform in a given epoch
● Proof-of-Stake (PoS) Security: To safeguard the protocol, BURNT tokens will act to reward participants who stake on the network.
Founder of Burnt Finance – an anonymous figure who made history in the NFT community with the burning of an authentic Banksy artwork.
Burnt Banksy has sold hundreds of NFTs and has achieved the highest average sale price on OpenSea ahead of NFT titans such as Beeple.
Burnt Finance had raised 3M US dollar from Injective Protocol, Multicoin Capital, Mechanism, Alameda Research, Hashkey, Spartan, Terraform Labs, Vessel Capital
Popular NFT marketplaces today are rampant with issues such as exorbitant gas fees and bid manipulation. These problems largely stem from the slow speeds and high transaction fees at the protocol level. hence, Burnt Finance was born to resolve that problem.