Introducing Burnt Finance on Solana

Digital art is seeing unexpected hikes in both consumer desire and pricing as blockchain technology becomes more prevalent. Trying to take advantage of this new market for Non-Fungible Token (NFT) digital art, auction protocol Burnt Finance will be launching on the Solana blockchain.

By
Ifeanyi Egede
on
May 5, 2021
Category:
Breaking News

Burnt Finance on Solana 

According to a recent announcement by the Burnt Finance team, the project will soon be launched on Solana. Burnt Finance will be the first fully decentralized auction protocol on the Solana blockchain. Burnt Finance allows users to customize their auctions which allows asset minting and trading to take place in a completely permissionless ecosystem. As a Solana-powered project, auctions on Burnt Finance are completed at almost no cost and with blazingly fast transaction speeds. 

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Project Details 

Burnt Finance allows users to customize their auctions which allows asset minting and trading to take place in a completely permissionless ecosystem. As a Solana-powered project, auctions on Burnt Finance are completed at almost no cost and blazingly fast transaction speeds. A highly intuitive front-end user interface removes all technical barriers to entry. Users can select from a variety of languages to perform limitless auctions and mint various assets like synthetics and NFTs. There will also be a Burnt Finance marketplace for creators and buyers of NFTs and synthetics. As a Solana-powered project, transaction fees are super low and other sundry issues like bid manipulation are almost non-existent. These advantages allow Burnt Finance to compete favorably with auction platforms on other blockchains. The decentralized nature of the platform makes it accessible to everyone and ensures the trustless nature of the project.


About Burnt Finance

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Burnt Finance was built by Burnt Banksy to prove that physical artwork values can be channeled into an NFT. Banksy did this by burning one of notorious street artist Banksy’s authentic artworks and transforming it into an NFT - a historical feat at the time. Burnt Finance is a completely decentralized auction protocol built on the injective protocol but powered by the Solana blockchain. The Burnt token ($BURNT) powers the Burnt ecosystem and allows new creators to pay lesser fees. Some uses for the Burnt token include protocol governance, synthetics minting, and collateralization, reduced transaction fees for purchases made with $BURNT, proof-of-stake security, and participation incentives. There are various auction types users can use to raise funds for new projects. The Burnt Finance interface is developed to allow users to mint new digital assets via the Solana blockchain. Anyone can switch their assets from Ethereum to Solana through the wormhole - the connector between Solana and Ethereum.

About Solana

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Solana is a fast, secure, decentralized blockchain built to enhance the scalability of crypto apps. It is currently accepting registrants for its next Hackathon which will commence by May 15. More than 3,000 builders are now registered for the event. Those who wish to learn more about the hackathon event can do so by following the hashtag #Solanaszn on Twitter. 


Roadmap

Burnt Finance has released the following roadmap in a Medium post:

  • Launch will likely be before this year ends
  • A token launch is scheduled to happen in the next few weeks and all community members will be allowed to participate.
  • The latest updates and announcements will be available on Twitter and Telegram first, while direct chats or queries with the team will be on their Discord channel. 


Closing Thoughts

There are several auction projects on various chains. However, most of them are centralized or semi-centralized and are plagued by issues such as slow speeds, sky-high gas fees, and bid manipulation. Thanks to Burnt Finance, all these problems will now be issues of the past for consumers. Anyone interested in auctioning their NFT or other digital assets should be excited about this new project on Solana.


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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile crypto writer and researcher on fintech, the blockchain and emerging technologies. He has several published works online and in the print media. He loves reading, research, traveling, meeting people and football. When he is not writing, he spends time with his lovely wife and kids.