Efinity is a blockchain platform designed to support decentralized applications and dApps. The project has just successfully completed its own token sale, raising $1.2 million USD in under three hours of trading! This is the first time that any delegated PoS blockchain has raised this amount using an auction system and there are many other exciting developments on the horizon for Efinity.
The “Polkadot crypto” is a cryptocurrency that has been created by the team behind Ethereum’s Parachain. It aims to be an experimental blockchain for decentralized apps. The Polkadot network will consist of many independent chains, which are connected together using a shared ledger and governance mechanism. Read more in detail here: what is polkadot crypto.
Hello everyone, it’s been a while. Enjin’s Efinity network is competing in one of five Polkadot auctions to become a parachain on their network, and it’s an exciting moment for them. According to data from Parachains.info, the first slot of batch 1 of auctions completed yesterday, with Efinity finishing in eighth position with almost 1 million DOT ($41 million) earned in the sale.
After a close contest with Moonbeam, an Ethereum compatibility layer, Acala, a DeFi platform, took first place.
Congratulations to @AcalaNetwork for taking home the first parachain auction on Polkadot!
Acala will be onboarded with the other first five auction winners at block #8179200 [Dec. 18] at the start of lease 6. Over 81K network stakeholders voted in support of the DOT! https://t.co/ZFSzezZAFX pic.twitter.com/Xn0hItfHrm https://t.co/ZFSzezZAFX
November 18, 2021 — Polkadot (@Polkadot)
Enjin is aiming for the fourth position in this first group of auctions, which will be decided on December 2. Acala and Moonbeam are the big favorites for the early rounds, so Enjin isn’t expecting to win the first slot. While being one of the first (with the extra visible benefits) has a certain allure, technologically speaking, all parachains will work the same regardless of when they were founded.
According to their press release, Efinity’s networks will be active on mainnet by the end of 2021 if they get the slot.
The community essentially decides the fate of the Parachain Efinity, as the voting system is based on how much DOT users stake in the company’s crowdloan on Polkadot.js, a leading Polkadot wallet (and just this morning Kraken’s Polkadot auction platform). Enjin created an incentive for its community to contribute to the crowdloan, saying in a press release that “A fixed pool of 10% of EFI supply (which equates to 200 million EFI tokens) will be distributed proportionally to contributors.”
Efinity’s candidacy for the parachain slot also harkens back to the beginnings of staking and solves the age-old question of “why.” The crowdloan would enable “individuals to bet their DOT, ETH, ENJ, USDC, or USDT for EFI payouts,” according to an Enjin news release from November 4. It’s not quite the actual ENJ staking that will aid with the operation of the Efinity networks, but it’s a necessary step on the way there.
Enjin and Ludena
Enjin’s been leading up to the auctions with major announcements, including a partnership with Ludena protocol, a Korean based play-to-earn social gaming platform, to expose their network to the Asia Pacific gaming market, and a $100M Efinity Metaverse fund established to support fledgling projects on the Parachain Efinity.
The announcements, along with the auctions, solidify Enjin’s big bet on Polkadot’s network, and the language surrounding the releases continues to emphasize interoperability and environmental narratives, both of which are important in this era of increased skepticism about NFTs and their environmental impacts.
The environment was emphasized in Enjin’s cooperation with Ludena, which picked Enjin “because of their strong, eco-friendly tech stack and Efinity,” according to Ludena COO Kenneth Lee.
Ludena’s cooperation implies a focus on Asia’s expansion, a vast market that entices any firm with gaming as its core business. Ludena functions as a P2E Steam with a stronger social media focus, featuring games like Axie Infinity, The Sandbox, and now a suite of Enjin-powered games. Users may purchase and sell NFTs, gain incentives for posting, and stake their tokens on their GameTalkTalk social network. This is where Efinity comes in, and according to a recent press release, GameTalkTalk will utilize it to host more environmentally friendly NFTs.
Ludena now has 3 million members and is attempting to tap into Asia Pacific’s more than 3 billion gamers.
“Working with Ludena Protocol will extend Enjin’s thriving ecosystem and provide blockchain-powered gaming mechanics to firms like KillBox and Chainos.” Rene Stefancic, Enjin’s Partnerships Lead, stated, “We encourage all developers and innovators to join us as we establish the Metaverse’s foundations.”
It’s a Critical Moment
The $100 million ecosystem fund, which will be utilized as seed and equity investment for early enterprises, should help the network flourish. Enjin has yet to announce any initiatives that have benefited from the financing.
The end of the year is a pivotal point in Enjin’s chronology, with a lot riding on the parachain auctions to establish themselves as a major participant in the Polkadot ecosystem. Increased user base, network utilization, and NFT revenues might all result from expanding into Asia Pacific.
Despite the high gas prices, the NFT ecosystem is still based on Ethereum, with many users also using Solana. To get a presence in the arena, Efinity must either siphon off some of the larger players or establish that they are a worthy recipient of the tokens. After all, they are a stronghold of interoperability.
Frequently Asked Questions
Will Efinity win a Parachain slot?
A: There is no way to know this with certainty, but the current odds are very slim that Efinity will win a Parachain slot.
Who won Polkadot Parachain auction?
A: The winning bid for the Polkadot Parachain was $3,700,000.
Did Efinity win the Parachain auction?
A: In the summer of 2018, Intel won a Parachain auction for $7.6 billion in order to build out its next-generation computing platform. This is not related to Beat Saber or any other games that you might find on PS4/PSVR.