Burnt Finance to Lead Adoption for a Solana NFT Standard
At Burnt Finance, we have made the strategic decision to adopt the technology standard established by Metaplex to help accelerate growth and adoption on the Solana network. The open-source framework created by Metaplex can easily be used to build Solana-based infrastructure that leverages its low-cost and high-throughput properties while maintaining the decentralization of the underlying chain. Burnt Finance will adopt this novel structure as we continue to develop our decentralized auction protocol.
The Solana ecosystem is rapidly growing but remains largely fragmented. Different projects and platforms are adopting varying standards regarding token issuance and technology stacks. The Solana network has huge potential for growth but its fragmented ecosystem has the potential to hinder its progress moving forward. The network was carefully built to facilitate high-throughput decentralized transactions at low costs. However, the lack of a common standard among Solana projects has slowed the adoption of the protocol.
For the leading decentralized computing network Ethereum, common standards have been put in place for several years. ERC-20 tokens serve as the standard for fungible tokens while ERC-721 serves as the default underpinning for non-fungible tokens (NFTs). These common standards have helped the Ethereum network maintain its position as the leading decentralized computing blockchain.
Solana has undergone a phase of extraordinary growth and adoption. The network was built by extremely high-caliber technologists from leading enterprises including Apple, Microsoft, Qualcomm, and Twitter. The network’s throughput and security have led some to crown Solana as the world’s first web-scale blockchain.
Solana clearly holds significant advantages over the incumbent leading decentralized computing network Ethereum. Ethereum has been crippled by excessive fees and slow transaction times. Although the network has been transitioning to PoS-based consensus to address these challenges, the upgrade has been largely unstructured and delayed.
Given the astronomical growth of the crypto sector, we just cannot wait to rectify its many issues any longer. Thus, new projects are flooding into the Solana ecosystem. The favorable fees and high throughput of the platform make it a natural choice for those looking to build the next generation of Web-3 applications. However, this influx of innovative projects has been accompanied by widely different approaches in terms of technology standards. It’s time for Solana-based projects to converge among a common standard.
Burnt Finance is thus leading the adoption of the Solana NFT standard which will operate as follows. The token Metadata establishes a standard to decorate mint with Metadata PDA. This includes Name, symbol, uri, list of creators with royalty splits, and sold/not sold. Additionally, the standard defines a “MasterEdition”. This is a special type of object that acts as the first copy of an NFT. You are able to mint from a master edition but the Master edition tag will always be held in the first copy. Master Editions have the ability to be one of a kind (Metadata + MasterEdition with max_supply of 0) or mintable (Metadata + MasterEdition with unlimited max_supply). It is also possible to have token Metadata without the aspect of a Master edition
The advantages of the chain have spearheaded its growth to rank among the few multi-billion-dollar layer-1 blockchain projects. However, we anticipate that it may struggle to grow further if Solana-based projects fail to adopt a common tech standard. We are officially establishing the Solana NFT Alliance and welcome all projects to join in setting community standards. More on this soon.
Legendary investor Benjamin Graham proposed that the stock market was a voting machine in the short run and a weighing machine in the long run. Similarly, in the world of decentralized computing, the chain with the most favorable environment should attract the lion’s share of the Web-3 infrastructure. Solana has the properties to be that chain. However, to push it towards that point, a common Solana standard must be adopted and we at Burnt Finance are thrilled to be leading the way.
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.