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Burnt Finance: Trade Unlimited NFTs With Lightning Fast Speeds [Solana Series]

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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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By: cryptotravelsmichael
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Table of Contents

Welcome back to another podcast episode! In today’s discussion, we’ll be looking at the artistic side of crypto and talking about Burnt Finance, something that can benefit Digital Artists. Let’s get into it! 

What Is Burnt Finance? 

Burnt Finance is a non-fungible token (NFT) minting and auction mechanism built on Solana. Burnt is an easy-to-use interface for minting new assets, including synthetics, non-fungible tokens, and other digital assets. 

A user can create a new asset and hold a totally decentralized auction within a few moments.

On the Solana blockchain, Burnt Finance will be the first truly decentralized auction system. Burnt Finance enables individuals to tailor their auctions, allowing for asset minting and trading in a permissionless environment. 

Auctions on Burnt Finance, as a Solana-powered initiative, are done at absolutely no cost and with lightning-fast transaction speeds.

Taking A Peek Inside 

Burnt Finance empowers users to customize their auctions, allowing for asset minting and trading in a permissionless environment. 

Auctions on Burnt Finance, as a Solana-powered initiative, are done at absolutely no cost and with lightning-fast transaction speeds. All technical hurdles to access are removed by a highly intuitive front-end user interface. 

Users can execute limitless auctions and mint various assets such as synthetics and NFTs in a number of languages. 

There will also be a Burnt Finance marketplace for NFT and synthetics developers and purchasers. Transaction fees are extremely minimal as a Solana-powered enterprise, and other concerns such as bid-rigging are nearly non-existent. 

Burnt Finance can compete advantageously with auction services on other blockchains thanks to these benefits. 

The platform’s decentralized structure makes it accessible to anybody and ensures the project’s trustworthiness.

Burnt’s ecosystem is powered by the Burnt token ($BURNT), which essentially allows developers to pay lower fees. 

Protocol governance, synthetics minting, and collateralization are among the applications for the Burnt token, as are lower transaction costs for transactions made with $BURNT, proof-of-stake security, and participation rewards. 

Burnt Finance is a user interface that allows users to create new digital assets using the Solana blockchain. The wormhole, which connects Solana to Ethereum, allows anyone to transfer their assets from Ethereum to Solana.

History Of Burnt Finance 

Burnt Finance was created by Burnt Banksy to demonstrate that the value of tangible artwork can be transferred to an NFT. 

Banksy accomplished this by converting one of the renowned street artists Banksy’s original artworks into an NFT, which was a remarkable accomplishment at the time.

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.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

  • What is Burnt
  • Benefits and features
  • The founders
  • The BURNT token

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

As blockchain technology becomes more widely used, digital art is seeing surprising increases in customer demand and pricing.

Burnt Finance, an auction system, will launch on the Solana blockchain in order to reap the benefits of this new market for Non-Fungible Token (NFT) digital art.

On numerous chains, there are many auction projects. Nevertheless, the majority of them are centralized or semi-centralized and thus suffer from challenges like poor speeds, exorbitant petrol prices, and bid manipulation.

All of these troubles will be a thing of the past for consumers, courtesy of Burnt Finance. This new effort on Solana should thrill everyone interested in auctioning their NFT or other digital assets.

The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.

I’d love to hear from you! Email me at show@newtocrypto.io and let’s chat.

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