Launched on Solana in collaboration with Burnt Banksy, Burnt Finance hopes to become a truly revolutionary auction protocol for NFTs and Synthetics.
What Is Burnt Finance?
Burnt Finance is the first completely decentralized auction protocol built on the Solana blockchain. Users can take complete control of the auction with the ability to mint and trade any asset in a permissionless ecosystem.
Burnt Finance can support auctions for a variety of synthetics, digital assets, NFTs, and more.
The Person Behind The Hype
Burnt Finance was founded by an anonymous figure called Burnt Banksy. Burnt Banksy was behind the burning of an authentic Banksy piece, showing that individuals can transfer the value of a physical artwork into an NFT.
Burnt Banksy has sold several NFTs, achieving the highest sale price on platforms like OpenSea.
The Need To Do More
The team at Burnt Finance saw that almost all auction platforms had considerable issues that had to be ironed out so that DeFi and NFTs could go mainstream. Some of the major problem areas were
Centralization of current auction platforms puts it out of reach of most people
Exorbitant minting and transaction fees
Prolonged transaction times
Advantage Burnt Finance
Burnt Finance offers its users significant advantages, like the ability to mint a diverse set of NFTs and synthetic assets. It will also give users access to a host of auctions. Some clear advantages that Burnt Finance has are
Access to limitless auctions
Access to unlimited assets
Burnt Finance Is Another Gem From Solana
Lark Davis, the well-known Bitcoin and Crypto investor, described Burnt Finance as a gem while talking about the launch on Twitter.
Although most platforms are Ethereum based, Burnt Finance saw problems with high gas fees and slow transaction speeds. To rectify these issues, Burnt Finance decided to go with the Solana blockchain.
Solana can support up to 65000 transactions per second with 400ms block times. Furthermore, Solana achieves this throughput without any sharding.
Founded by ex-Qualcomm, Intel, and Dropbox engineers, Solana delivers scalability without sacrificing security or decentralization.
About Injective Protocol
Injective Protocol is a universal DeFi protocol for cross-chain derivatives. It enables users to trade on markets of their choice and also earn liquidity mining rewards for participating in the network.
About Injective Labs
Injective Labs is a fully decentralized, Layer-2 derivatives protocol that unleashes the full potential of DeFi.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.