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Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the Lifestyle Dezign Studio. Here’s your host Crypto Travels Michael.
Hey, welcome to today’s episode, I’ll tell you we’ve been downloaded and heard in 126 countries around the world. So I thank you the listener and today’s another one in the Solana series. It’s all about Burnt Finance, trade unlimited NFTs with lightning fast speeds. And let’s jump into today’s episode. What is Burnt Finance? Well, it’s a fully decentralized auction protocol built on Solana. Burnt Finance is a DeFi protocol that enables anyone to mint a diverse array of synthetics NFTs and digital assets while also providing them with an unparalleled auction platform. Burnt Finance offers its users access to a variety of auctions. Additionally, users will be able to mint a diverse set of synthetic assets as well as NFTs. 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 in blazing fast transaction speeds. Burnt has a highly intuitive front end user interface that 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 as a Solana powered project Burnt Finance takes advantage of the high speed, the fast transactions of the Solana a blockchain Solana is a fast, secure, and decentralized blockchain. And it’s built to enhance the scalability of crypto dapps. Burnt can process 50,000 transactions per second within a 400 mil speed block time, which allows for a truly fast bidding process and reduces opportunities for bid manipulation. By the way, if you haven’t heard my episode on Solana, definitely listen to that and hear the other episodes in the Solana series that I’m doing. And it really gives you an overall view of some of the top projects in the Solana ecosystem. fully decentralized auction protocol Burnt Finance provides an auction platform that is available to everyone in an entirely decentralized setting. In addition, they are able to match their centralized counterparts in terms of both speed and security, which gives a unique technical infrastructure if you will.
And Burnt Finance also has the security which is backed by the Solana blockchain, which currently secures billions of dollars in value across a number of prominent projects that are operational today. Burnt Finance’s security and reliability are their top priorities. So who founded Burnt finance? Well, it was founded and built by Burnt Banksy. To prove that physical artworks values can be channeled into an NFT, Banksy did this by burning one of the notorious street artists. Banky sees authentic artworks transforming into an NFT, which was a historical feat at the time. Burnt Banksy is an anonymous figure and Burnt Banksy has sold hundreds of NFTs and has achieved the highest average sale price on Opensea ahead of some of the NFT Titans, such as People. Let’s break down the token for a moment. The native digital utility token of the Burnt Finance platform is called BURNT, as you might have guessed. so the BURNT token, which is designed to be solely as an interoperable utility token on the platform.
BURNT is a non refundable fun functionable utility token which will be used as the medium of exchange between participants on the Burnt Finance platform. The goal of introducing BURNT is to provide a convenient and secure mode of Payment and settlement between participants who interact with the ecosystem on the Burnt Finance platform. It’s not intended to be a medium of exchange accepted by the public as payment for goods and services. Use cases for the BURNT token include protocol governance, collateral for synthetic assets, let’s break down the collateral for synthetic assets as a native platform currency. BURNT tokens can be used as collateral for minting synthetic Burnt assets. They’re called be assets on the Burnt Finance platform, these secondary synthetic assets would in turn, be transferable and tradable. And let’s unpack the protocols governance. In order to promote decentralized community governance for the network, Burnt would allow holders to propose and vote on the governance protocols to determine features and parameters of the Burnt Finance platform. Burnt does have a really interesting thing in terms of fee reduction. Users who purchase NFTs on the platform using BURNT are entitled to enjoy reduced transaction fees. The price will be determined by the AMM pool on Solana. And it also has participation incentives. BURNT also functions as an economic incentive which will be distributed to encourage users to contribute and maintain the ecosystem on Burnt. This creates a win win system with all of the participants. So this concludes today’s episode, definitely like and subscribe to the podcast and definitely chime in here for the next one. And I’ll meet you here. Until then, make it a great day.
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