Injector's first incubation project: Decentalized auction protocol Burnout Finance based on Solana Network

Burnt Finance: Solana-based Fully Decentralized Auction Agreements

Author: Burnt Finance Chinese Community

Today, we are pleased to introduce you to Burnt Finance.

What is Burnt Finance?

Burnt Finance is the first fully decentralized auction agreement based on Solana. Burnout allows users to mint, trade and auction various assets themselves. The platform can support auction assets including synthetic assets, NFT, digital assets, etc.

Because Burnout is built on Solana, we are able to achieve fast transaction speeds at a very low cost, and all the functions of the agreement are governed by a fully decentralized network of stakeholders and community members.

Who created Burnt Finance?

Burnt Finance was started by Burnt Banksy, an anonymous figure who created a stir in the art world by burning the works of the famous street artist Banksy and casting them into NFT editions. We do this to show that the value of physical works of art can be transferred to NFT works, which ensure the uniqueness of blockchain technology's smart contracts and works. The action has been covered extensively, including by Bloomberg, CoinDesk, GQ, Cointelegraph, BBC, CBS, Hypebeast, Art.net, and more.

Burnt Banksy has sold hundreds of NFT units and has achieved the highest average selling price on OpenSea, ahead of NFT giants such as Beeple.

Burnout Finance is incubated by Injective Protocol, and will become an ecological project of Injective.

NFT Sale Rankings

Why Burnt Finance?

After the NFT auction for Banksy's paintings, we quickly realized that NFT and Defi have a long way to go before they become mainstream products. However, the current auction field is mostly a centralized or semi-centralized platform. These centralized structures run counter to the spirit of decentralized finance for crypto assets. In addition, the centralised nature of today's platforms prevents everyday people from participating in new forms of finance, while also preventing participants from protecting their privacy.

The situation is even worse in the NFT and synthetic asset markets. Today, the popular NFT market faces issues such as high gas fees and bid manipulation, largely due to protocol layer restrictions.

Therefore, we hope that Burnt Finance will introduce a new paradigm for the auction industry. Burnt Finance retains a high degree of decentralization while offering lightning-fast settlement speeds and extremely low transaction fees, while removing as many technical barriers to entry as possible through a highly intuitive front-end user interface.

What are the advantages of Burnt Finance?

Burnt Finance offers free access to all kinds of auctions, from English auctions to Dutch auctions. In addition, users will be able to cast a variety of synthetic assets as well as NFT.

Some of the key advantages of Burnt Finance:

Completely decentralized: Burnt Finance is a fully decentralized protocol built on Solana that supports fully decentralized auctions.

User friendly: Users can easily create new synthetic assets or NFTs with a simple operation.

Fast transaction: Burnout can reach 50,000 TPS in 400 milliseconds block time, enabling a really fast bidding process and reducing the possibility of bid manipulation.

Very low cost: Transaction fees for bidding or casting new assets are fixed at around $0.00005.

Free sale: Burnt allows for the creation of English auctions, Dutch auctions, closed auctions, joint curve auctions, and many other auctions. Not only can artists sell their work, but new projects can also take advantage of the Burnt platform to raise money.

Assets by type: Users can cast various types of assets, such as synthetic assets, NFT and new digital assets.

Synthetic assets, NFT and new digital assets

Burnt Finance provides a front-end interface for creating new assets. These assets can be synthetic, NFT, or even new digital assets.

Composited Assets: Burnt Assets (bAssets) ‌

Users can cast a variety of synthetic Assets on Burnt Finance, called Burnt Assets (bAssets). ‌ Basset can include synthetic assets of real world stocks, commodities, indexes, etc. Given Solana's fast transaction times and extremely low cost, bAssets can be cast completely seamlessly.

Non-homogeneous tokens (NFTS)

Burnt Finance provides various features for creating an NFT. ‌‌ NFT can be created from any media (image, video, GIF, etc.) selected by the user. On Burnt Finance, the creator can select the NFT name and specify specific attributes, such as a project description. Finally, users can set future royalties for NFT.

New digital assets

Users can use Burnout Finance to forge new digital assets on the Solana chain. Given the existence of Wormhole (the cross-chain bridge that connects Solana to Ethereum), anyone can easily move their Etherium-based assets to Solana. ‌ users can also raise money for new projects through a variety of different auctions.

Burnt Finance market

Both creators and buyers have access to the NFT and synthetic asset markets. ‌

Buyers can make purchases without paying the high gas fees found in other NFT markets. Given Solana's unique architecture, issues such as bid manipulation and preemptive trading have also been greatly reduced.

Burnt Finance Marketplace

Types of auctions supported

Burnt Finance offers a completely decentralised auction platform for everyone to use. In addition, due to our unique technical architecture, we are able to compete with our centralized counterparts in terms of speed and safety. The types of auctions supported include English Auctions, Lotteries, Union Curves, Dutch Auctions, etc. The details will be discussed in future articles.

Future plans?

In the future, we will look at other important components of Burnt Finance. The platform will launch later this year and everyone will be able to participate. In addition, the agreement will be governed by a native token. We will launch the token in the future and provide the opportunity for the community to participate.

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