Burnt Finance provides free access to all users to host English auctions, Dutch auctions, and more.
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What is Burnt Finance?
Burnt Finance is the first fully decentralized auction protocol based on Solana. Burnt allows users to mint, trade and auction various assets themselves. The auction assets supported by the platform include synthetic assets, NFT, digital assets, etc.
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Who created Burnt Finance?
Burnt Finance was started by Burnt Banksy, an anonymous figure who caused a stir in the art world by burning the works of famous street artist Banksy (Banksy) into NFT versions. We do this to illustrate that the value of physical artwork can be transferred to NFT works, and NFT works can ensure the uniqueness of smart contracts and works of blockchain technology. This action has received extensive coverage, including by Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, Art.Net, and others.
Burnt Banksy has sold hundreds of NFTs and achieved the highest average selling price on OpenSea, ahead of NFT giants such as Beeple.
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NFT Sale Rankings
Why was Burnt Finance founded?
After conducting the NFT auction for the Banksy painting, we quickly realized that there is still a long way to go before NFT and DeFi become mainstream products. Today's auction field is mostly centralized or semi-centralized platforms. These centralized structures run counter to the ethos of decentralized finance with crypto assets. In addition, the centralized nature of today's platforms prevents everyday people from participating in new forms of finance, while also preventing participants from protecting their personal privacy.
This situation is even more serious in the NFT and synthetic asset markets. Today, popular NFT marketplaces face issues like high gas fees and bid manipulation, largely due to protocol-layer constraints.
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What are the advantages of Burnt Finance?
Burnt Finance provides free access to all users to host English auctions, Dutch auctions, and more. Additionally, users will be able to mint various synthetic assets as well as NFTs.
Some key benefits of Burnt Finance:
Fully decentralized: Burnt Finance is a fully decentralized protocol built on Solana, capable of supporting fully decentralized auctions.
User-friendly: Users can easily create new synthetic assets or NFTs with simple operations.
Fast Transactions: Burnt can reach 50,000 TPS in 400ms block times, enabling a really fast bidding process and reducing the possibility of bid manipulation.
Extremely low fees: Transaction fees for bidding or minting new assets are fixed at around $0.00005.
Free Auctions: Burnt allows the creation of English auctions, Dutch auctions, sealed auctions, bonding curve auctions, and many other auction formats. This allows not only artists to sell their work, but also new projects to use Burnt's platform for fundraising.
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Synthetic Assets, NFTs, and New Types of Digital Assets
Burnt Finance provides a front-end interface for creating new assets. These assets can be synthetic assets, NFTs, or even new digital assets.
Synthetic Assets: Burnt Assets (bAssets)
Users can mint a wide variety of synthetic assets on Burnt Finance, which are called Burnt Assets (bAssets). bAssets can include synthetic assets of real-world stocks, commodities, indices, etc. Given Solana's fast transaction times and extremely low fees, the minting of bAssets can be completely seamless.
Non-Fungible Tokens (NFTs)
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new digital assets
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Burnt Finance Marketplace
Both creators and buyers can enter the NFT and synthetic asset market.
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Burnt Finance Marketplace
Supported Auction Types
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Future plan?
In the future, we will introduce other important components of Burnt Finance. When the platform launches later this year, everyone can participate. In addition, the protocol will be governed by a native token. We will conduct token launches in the future and provide opportunities for the community to participate.
Discord (direct communication with the team): https://discord.gg/burntfinance
Twitter (follow the latest news): https://twitter.com/BurntFinance
Telegram Announcement: https://t.me/burntfinance
Documentation: https://burnt-finance.gitbook.io/burnt-finance/
About Burnt Finance
Burnt Finance is the first fully decentralized auction protocol based on Solana. Burnt allows users to mint, trade and auction various assets themselves. The auction assets supported by the platform include synthetic assets, NFT, digital assets, etc. Built on Solana, Burnt can achieve very fast transaction speeds with extremely low fees.
