The cryptocurrency and blockchain space is open for innovative changes and developments in the technological field. This is why the conceptual framework of DeFi and Dapps is gaining global recognition and relevance. The number of DeFi protocols is also increasing significantly with the increase in demand. However, new protocols are bringing a new dimension to ensure more efficiency in their working mechanisms. Burnt Finance is also a newly launched DeFi protocol that is ensuring decentralization, along with speed and minimal fees to facilitate its users.
In its true essence, Burnt Finance was developed by Burnt Banksy to channel physical artwork into NFTs. Burnt Finance is built on the Solana blockchain as an NFT auction protocol. It has a 400 millisecond processing time and an average transaction cost of $0.01. The protocol is built for the auctioning of web3 assets. It has recently launched the Inferno Mainnet which is a major development for the protocol.
Burnt Finance facilitates creators and collectors with its recent update
The team at Bunt Finance had invested months to come up with the release of the Inferno Mainnet. The announcement of the launch was done through the Twitter account of the platform on February 7. The newly launched mainnet will help the users to trade and mint their NFTs rather easily. They can also leverage the high-speed and low-cost transactions of the Solana Network.
It will help to cut down on the gas fee of minting and transacting NFTs on the platform. Moreover, the network will also allow its consumers to gain complete ownership, control, and custody of their assets on the platform. The protocol will not charge any fees from its consumers.
With this newly launched feature, Burnt Finance will facilitate creators on its networks. These creators will be able to access a range of tools that will make their launching process more feasible and effective. It has features that will enable anyone on the platform to launch their collections without fees. Also, the feature will make the Burnt Finance ecosystem robust.
Users can now implement two on-chain signatures at the time they create their NFT collections. It makes it nearly impossible for anyone to replicate any NFT from an already existing collection. The use cases of Burnt Finance are also increasing and expanding with these features. The network has gone through several changes in the past month or so. Therefore, more users are getting attracted to the protocol.
