What is Burnt Finance?
Burnt Finance is a fully decentralized auction protocol running on the world’s fastest blockchain, Solana. Burnt Finance is a DeFi protocol that enables anyone to mint a diverse array of “synthetics and NFTs” while also delivering a cutting-edge auction platform.
Burnt is powered by the Burnt Token (BURNT) which handles governance procedures while reducing fees on the platform for new creators.
The advantages of this utility token include all users being able to host a diverse array of auctions. Burnt is able to accommodate most major auction languages, from English to Dutch. Users will also be able to mint a diverse set of synthetic assets as well as NFTs.
Burnt Finance can process 50,000 transactions/second within a 400ms block time, allowing for a truly fast bidding process that significantly reduces the chance for bid manipulation. Average transaction fees are ~$0.00005, which removes friction from gas fees.
Given its unparalleled combination of decentralization, speed and lower fees, Burnt Finance aims to “bring forth a new paradigm shift” for the world of DeFI and NFT auctioneering.
About the Burnt Finance Team
Burnt Finance Protocol is backed by a virtual who’s who of major firms in Defi venture capital. The list includes Defiance Capital, behind such projects as Aave and Sushi Swap, powerhouse Alameda Research, as well as the Hashkey group, Asia’s leading end-to-end digital asset finance house.
Their list of partners include the CEO of Terra Do Kwon, the COO of Polygon Sandeep Nailwal, and the COO of Fantom Michael Chen.
Burnt Finance also has a host of media partners that have written articles about the project, including Forbes, CBS, Coindesk, the Guardian, Bloomberg and GQ.
Burnt Finance Protocol is backed by a virtual who’s who of major firms in Defi venture capital. The list includes Defiance Capital, behind such projects as Aave and Sushi Swap, powerhouse Alameda Research, as well as the Hashkey group, Asia’s leading end-to-end digital asset finance house.
Their list of partners include the CEO of Terra Do Kwon, the COO of Polygon Sandeep Nailwal, and the COO of Fantom Michael Chen.
Burnt Finance also has a host of media partners that have written articles about the project, including Forbes, CBS, Coindesk, the Guardian, Bloomberg and GQ.
Burnt Finance Tokenomics
The Burnt Token is strictly a utility token. There are a multitude of use cases for the token apart from payment on the auction platform, it is even mined to pay the fees associated with the computational resources of third party networks (gas). Use cases include:
Protocol governance – Burnt Token allows for decentralized community governance for the network. BURNT will allow holders to propose and vote on governance proposals to determine features and development such as protocol upgrades and synthetic asset creation features. However, the right to vote is restricted solely to voting on features of the Burnt Finance platform and/or changes to its governance process; this does not mean BURNT holders will vote on management of the Company or share equity interest.
Collateral for Synthetic Assets – the native platform currency, Burnt tokens can be used as collateral for minting synthetic Burnt Assets (bAssets) on the Burnt Finance platform. These secondary synthetic assets would in turn be transferable and tradable.
Fee Reduction – Users who purchase NFTs on the platform using BURNT enjoy reduced transaction fees from (1% to 0.1%). The price is to be determined by the AMM pool on Solana.
Participation Incentives – BURNT provides economic incentives distributed to encourage users to contribute and maintain the ecosystem on the Burnt Finance platform, thereby creating a win-win system where every participant is fairly compensated for their efforts. Activity and contribution on the Burnt Finance platform gives users and/or holders incentives to support the health of the ecosystem.
In order to promote adoption, a portion of the token supply within a given epoch will be distributed to early users who engage in various activities vital to the network, such as minting synthetics or NFTs, or buying or selling NFTs.
Proof-of-Stake (PoS) Security – The Burnt Finance platform itself is simply a blockchain protocol without independent computing resources, so third-party computing resources are required for maintaining protocol security. Providers of these resources require payment for consumption ( “mining” on the Burnt Finance platform). Thus the BURNT token supports network integrity by being distributed as the native platform currency to quantify and pay the costs of the consumed resources.
BURNT tokens are designed to be utilized, and that is what will govern the tokenomic model for BURNT distribution.
How to get involved in the Private Sale of Burnt Finance Token
The token sell period for Burnt Finance is not yet set. It will run on the ERC20 network with a total token count of 200,000,000.
Check back soon for any updates on how to buy, sell, and utilize BURNT token by engaging with the Burnt Finance NFT auction platform.