We are thrilled to unveil Burnt Finance to the world today.

Burnt Finance is the first decentralized auction protocol on Solana.

Burnt allows users to take auctions into their own hands, enabling the minting and trading of any asset in an entirely permissionless ecosystem. The platform can support auctions for synthetics, NFTs, digital assets, and much more.

Since Burnt is built on Solana, we are able to achieve unparalleled transaction speeds with negligible fees. Additionally, all functions of the protocol are governed entirely by a decentralized network of stakeholders and community members.

Burnt Finance was founded by Burnt Banksy, an anonymous figure who made history in the NFT community with the burning of an authentic Banksy art work. We did this in order to demonstrate that the value of a physical artwork can be transferred into an NFT itself.

This act received universal acclaim and was covered by leading publications such as Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, Art.Net, and many others.

Burnt Banksy has sold hundreds of NFTs and has achieved the highest average sale price on OpenSea ahead of NFT titans such as Beeple.

Burnt Finance was incubated by Injective Protocol and will be an Injective ecosystem project.

After carrying out our NFT auction for the Banksy piece, we quickly came to realize that there was much more to be done in order to take NFTs and decentralized finance as a whole mainstream.

The status quo in the auction space today consists of either centralized or semi-centralized platforms.

These centralized structures are directly antithetical to the ethos of crypto and decentralized finance as a whole. In addition, the centralized nature of platforms today prohibits everyday people from being able to participate in new forms of finance while also forcing participants to divulge personal information.

The situation is further exacerbated when we analyze the current marketplaces for NFTs and synthetics alike. Popular NFT marketplaces today are rampant with issues such as exorbitant gas fees and bid manipulation. These problems largely stem from the slow speeds and high transaction fees at the protocol level.

We are building Burnt Finance in order to introduce a new paradigm within the auction space in which we retain high levels of decentralization while also offering lightning-fast speeds and negligible transaction fees. All of this is done while the technical barriers to entry are abstracted away via a highly intuitive front-end user interface.

Burnt Finance offers all users unrestricted access to host a variety of auctions ranging from English to Dutch. Additionally, users will be able to mint a diverse set of synthetic assets as well as NFTs.

A few major highlights of Burnt Finance include but are not limited to the following:

Burnt Finance provides an intuitive interface for minting new assets. These assets can be synthetics, NFTs, and even new digital assets.

A diverse array of synthetic assets can be minted on Burnt Finance which are termed Burnt Assets (bAssets).‌

bAssets can include synthetic versions of real-world stocks, commodities, indices, etc. Given Solana’s exceptional transaction times and negligible fees, the minting of new bAssets is entirely seamless.

Burnt Finance offers the ability to mint a wide array of NFTs.‌‌

NFTs can be created from any media of the user’s choice (images, videos, GIFs, etc). The process is simple given Burnt Finance’s interface.‌ The creator can select the name of the NFT and dictate specific properties such as the item description. Lastly, the user can select the desired future royalty.‌

Users can mint new digital assets on the Solana blockchain through the Burnt Finance interface. Given the existence of Wormhole (the bridge connecting Solana to Ethereum), anyone can easily bring over their Ethereum-based assets to Solana.‌

Users can also fundraise for new projects through a variety of different auction types (described further in the Auctions section).

Both creators and buyers are provided with an unmatched marketplace for NFTs and synthetics.‌

Buyers are able to make purchases without the typical exorbitant gas fees prevalent on other NFT marketplaces. Issues such as bid manipulation and front-running are also dramatically diminished given our unique Solana-based architecture.

Burnt Finance provides an auction platform that is available to everyone in an entirely decentralized setting. In addition, we are able to match our centralized counterparts in terms of both speed and security given our unique technical infrastructure.

We will look to support English auctions, lotteries, bonding curves, and dutch auctions. We will provide a deep dive into each auction type in future articles.

Moving forward we will introduce other essential themes of Burnt Finance.

Our plan is to debut the platform later this year so that everyone is able to take part in entirely decentralized auctions. Also, since everyone is wondering by now, our protocol will be governed using a native token. We will be conducting a token launch in the coming weeks and provide an opportunity for our community to participate.

You can stay tuned by following us through the following channels:

Discord (chat directly with the team): https://discord.gg/burntfinance

Twitter (follow for the latest updates): https://twitter.com/BurntFinance

Telegram Announcements: https://t.me/burntfinance

Documentation: https://docs.burnt.com

About Burnt Finance

Burnt Finance is the first fully decentralized auction protocol on Solana. Burnt allows users to take auctions into their own hands, enabling the minting and trading of any asset in an entirely permissionless ecosystem. The platform can support auctions for synthetics, NFTs, digital assets, and much more. Given its unique Solana-based architecture, Burnt is able to achieve unparalleled transaction speeds with negligible fees.

Discord | Twitter | Telegram Announcements | Documentation