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Background: Next Generation Decentralized Auction Model
Since its establishment, Burnt Finance has quickly won wide acclaim and completed $3 million in financing. Investors include Alameda Research, Multicoin Capital, Definance, Vessel Capital, Mechanical Capital, Hashkey, Spartan Group, etc. Incubating Injective has taken us to the next level and brought together some of the brightest minds in the cryptocurrency space into our project.
At the beginning of the new year, non-fungible tokens (NFT) have re-entered the public eye, opening up the connection between art, games and collector communities, and even surpassed DeFi in the first quarter.
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BURNT Token
Through unique synergy on Solana, Burnt has transformed the auction protocol into a fully decentralized infrastructure owned and managed by the community. Any user will be free to conduct various auctions on the platform, from English auctions to Dutch auctions. Additionally, users will be able to mint NFT and synthetic assets themselves, collectively known as Burnt Assets (bAssets). The value is created and owned by users, and this community-driven spirit drives the development of the entire protocol.
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BURNT function
Protocol Governance
Protocol Governance
In order to facilitate decentralized community governance of the network, BURNT will allow token holders to propose and vote on governance proposals to jointly decide on the functions and/or parameters of the Burnt Finance platform (including protocol upgrades, account verification, and synthetic asset creation).
Community users can make proposals in the governance process, and approval of new proposals (e.g., verification of user accounts) will be handled by voting on the protocol.
For governance functions, the amount of BURNT a user owns determines their voting power in the protocol. Only users who have staked BURNT can vote on proposals. Therefore, users who stake more BURNT tokens have greater voting rights.
Synthetic Asset Collateral
As a native token, Burnt can be used as collateral to mint synthetic Burnt assets (bAssets) on the Burnt Finance platform. These synthetic assets will be transferable and tradeable.
transaction fee waiver
For users who use BURNT to purchase NFT on the platform, the transaction fee will be reduced from 1% to 0.1%, and the price will be determined by the AMM pool on Solana.
Participation reward
In order to expand the influence of the platform, a portion of the token supply will be rewarded to early users who participate in activities on the Burnt Finance platform (such as minting synthetic assets or NFTs, or buying and selling NFTs) within a certain period of time.
Securing the PoS network
The Burnt Finance platform is a blockchain protocol that does not own or run any computing resources, so third-party computing resources are required to maintain protocol security. Providers of these resources (also known as validators) will need to earn revenue from the consumption of these resources (such as minting on the Burnt Finance platform) in order to maintain the integrity of the network.
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Fully Decentralized Auction Based on Solana
Follow us
Follow us
Website: https://burnt.com
Medium: https://medium.com/burnt-finance
Discord:https://discord.gg/burntfinance
Twitter:https://twitter.com/BurntFinance
Telegram:https://t.me/burntfinance
Documentation:https://docs.burnt.finance
Weibo: BurntFinance Chinese Community
