Burst is utilizing NFTs to improve exchanging multiple assets at once for DeFi participants, so that they may easily conduct basket and OTC trades.
We have developed a protocol that allows a user to create a unique basket of an unlimited number of assets (beginning with ERC20). This basket can be be used for multi-asset Over-The-Counter trades without requiring a third party holder or escrow service, as the user can instead use any available and decentralized marketplace. Any user that owns a Burst NFT can destroy it at any time to collect the underlying assets. A Burst NFT creator fee (currently set at 2%) will go back to the basket creator.
Uses cases can include 1) an institution that wants to quickly trade large quantities of assets that it could not do on current exchanges due to liquidity and slippage issues, 2) a user wants to get rid of everything in their wallet at once, rather than conducting multiple trades over potentially multiple exchanges, 3) a user wants to create a basket of assets that share a common feature and sell them at a packaged premium/discount.
As these NFTs can represent the value of any underlying token asset (including LP tokens, debt tokens, etc.) there are even more possibilities in DeFi in which Burst NFT may be built upon to derive additional value. These are to be explored.
This project uses Solidity and OpenZeppelin base contracts to create a protocol that allows users to created NFTs that represent baskets of ERC20 tokens. The protocol is launched on the Matic Mumbai network and uses Covalent API to help users in visualizing the data of the underlying NFT assets.
Website will be hosted on IPFS and a domain name will be acquired through ENS.