Burnt Finance — Telegram AMA — January 25
On Tuesday, January 25, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of Burnt Finance.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Can you please introduce yourself and give us a brief overview of Burnt Finance?
A — Burnt Banksy from Burnt Finance: I first came into the limelight when I burned an authentic Banksy painting and turned it into an NFT. The act itself catapulted both my team and our platform to the top of the NFT world in particular. We currently hold the record selling average NFT price on OpenSea for example which beat out other famous artists such as Beeple. This performance was covered by international media such as Forbes, BBC, Bloomberg, and many more.
During this process of both minting and creating the Banksy NFT, we ran into a number of issues. This included the slow transaction times, high gas fees, and also the bidding manipulation that occurs on current auction platforms. So burnt was started ahha.
We were incubated by Injective and is backed by leading funds such as Animoca, Alameda, Multicoin, Defiance, and many more to build an entirely decentralized protocol built on Solana that is able to support entirely decentralized auctions
About Burnt Finance
Q — Ayeley from GAINS: Tell us more about Burnt Finance. What is the project about? And is the focus still on NFTs, given that it ignited this
A — Burnt Banksy from Burnt Finance: So the focus is still on NFTs but we are taking what I think is an interesting approach. We see the marketplace as a starting block. From here we have the ability to ship out great work. Regarding the marketplace, we are of course introducing a launchpad so any user anywhere can create a generative NFT collection.
But, what I am most excited about is our foray into DeFi. Our initial lending contract just passed an audit and we are excited to show you the results!
Q — Telegram user Tubii: Why did you choose the Solana network ? As we know, currently the network on Solana is suffering from DDOS quite a lot recently. Why didn’t you choose other chain have small fee and popular like: BSC,Terra or FTM ( Terra and FTM recently grow up to top 2 and top 3 about TVL )
A — Burnt Banksy from Burnt Finance: There will always be short term volatility for long term growth
Q — Twitter user @meml1997: I saw one of the most important things on Burnt Finance is “Verification”. Can you tell us more about this? How can users on Burnt be verified and what kind of advantages does this bring to them? Is this verification made with KYC? What kind of personal information do you ask for?
A — Burnt Banksy from Burnt Finance: So before that, I think we need to define what “verification” means in this web2 world where a magical blue checkmark meant that you were selected by a trusted group. this is mega antiquated
What we do is allow for everyone to connect their wallet to bonfida, we then implement the aspect for on-chain collections. Now every single aspect of an NFT from Twitter, to the owner, to the collection, to NFT, is completely on-chain. It is by this that people can become “verified”
This doesn’t mean they are necessarily trustworthy. It just means they are who they say they are.
Q — Telegram user Susanti: What systems do you need to implement NFT liquidity?
A — Burnt Banksy from Burnt Finance: this is going to be really cool. We have an insane idea that we are working on pre-fractionalization to determine market value. You will see a lot more of this
Q — Telegram user Sumit: As you are planning to release a “Launchpad ‘’ on your Marketplace? What main motive will it serve for users?
A — Burnt Banksy from Burnt Finance: We want to give everyone the access to create their NFT project without having to pay insane fees. The only thing you need is the layers and we handle the rest. All for free
Q — Ayeley from GAINS: Will you have a token?
A — Burnt Banksy from Burnt Finance: We will but unfortunately we cannot comment much about it outside of utility for the platform
Q — Ayeley from GAINS: How do you handle security? Has there been an extensive audit?
A — Burnt Banksy from Burnt Finance: We are proud to announce that the codebase has been audited by CertiK twice. Also, we are starting an additional audit with Halborn soon :)
Q — Twitter user @HumbertoAnttoni: I was looking for information on your website and docs, but I did not get information about your roadmap, so I would like you to tell us about Burnt Finance’s next goals and what awaits us in 2022?
A — Burnt Banksy from Burnt Finance: It is vastly different in a lot of the roadmap features
I think a lot of our roadmap focuses on pure expansion. In the short term, you are going to see a launchpad and lending. You are also going to see a heavy push into gamefi on our end hence Animoca leading our last round. Additionally, we would love to be cross-chain soon and don’t see this as a true long term idea anymore
Q — Telegram user Satish 💲: As you are building Features around GameFi and Defi, what Products is planned to be launched?
A — Burnt Banksy from Burnt Finance: Yes, we have some really cool aspects about peer to pool lending coming through the pipeline that I am really excited about. Also, I have some really cool ideas of a quasi AMM for guilds to rent to other guilds at a perpetual rate. Super excited for all of this but especially to allow users to make money by doing what they already do.
Q — Ayeley from GAINS: Could you please update us on some hot news or big events of Drops to the community? How can we be involved from the start?
A — Burnt Banksy from Burnt Finance: We have so many cool ones ready to go live especially with our launchpad! At first they are going to be some big solana projects that we have become friends with, in addition to some projects coming to solana 👀👀. Then some really cool ones for those who don’t follow crypto much with some great partnerships in mind for retail :)
Thanks very much for coming into our community, and breaking down the Burnt Finance project for us. I really enjoyed the session and I believe so did everyone in the community. Very informative too. Do you have any final words for us? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
We are live! Try minting and selling your first NFT! Final words: Everyone, I know times might seem dark right now but it is always the roughest seas that make the strongest sailors. When it rains it pours, but make sure you can weather the storm until the sun shines again. — Burnt Banksy from Burnt Finance