Risk Warning: Beware of illegal fundraising in the name of 'virtual currency' and 'blockchain'. — Five departments including the Banking and Insurance Regulatory Commission
Information
Discover
Search
Login
简中
繁中
English
日本語
한국어
ภาษาไทย
Tiếng Việt
BTC
ETH
HTX
SOL
BNB
View Market
BURNT Token Introduction
星球君的朋友们
Odaily资深作者
2021-05-14 06:22
This article is about 1724 words, reading the full article takes about 3 minutes
Burnt Token (BURNT), which powers the ecosystem of Burnt Finance - the first decentralized auction protocol based on Solana.

secondary title

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.

secondary title

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.

secondary title

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.

secondary title

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

DeFi
PoS
Welcome to Join Odaily Official Community