The introduction of Efinity’s new product, the Parachain, is a prime example of how good incentives can lead to greater success. By offering full control to users and providing an intuitive decentralized platform for players, developers and other stakeholders in gaming, Efinity has finally given blockchain-based games the real chance they have been waiting for all this time.
Hello there, dear readers! Polkadot’s parachain auctions are in full flow as the new year approaches. Polkadot’s sixth parachain spot will be awarded to Efinity on December 30. If they win, Efinity’s future on Polkadot’s network will be decided before the year’s end.
Polkadot’s Parachain Auctions are a series of auctions held by Polkadot.
They’re presently in first place in Polkadot’s second set of parachain auctions, with over 6 million $DOT committed to their crowdloan from 6,961 donors, for a total of over $300 million dollars promised to their auction. Composable Finance is the second position, with roughly 4 million $DOT and 4,666 donors.
Efinity aims to be the chain built specifically for fast NFT transactions and cheap fees, and it’s now part of Polkadot’s parachain network. Polkadot is a network of autonomous, specialized blockchains built for efficiency and particular use cases, all connected to a central blockchain – the Relay chain – that is geared for security. The specifics are, of course, more complicated.
Efinity’s advantage in the auctions comes after a tight race with Clover Finance in the first batch’s last auction, with Clover finally winning by approximately 1 million DOT. After the previous batch’s face-off, all donations from batch 1 were carried over to batch 2, putting Efinity in the lead.
They also provided a slew of incentives to entice contributions. Enjin offered a 1000 ENJ gift for anyone who join the crowdloan the day before yesterday. Contributors will be chosen at random today, with 12 receiving 50 ENJ, two receiving 100 ENJ, and one receiving the main prize of 200 ENJ. Unfortunately, several nations, including the United States, are unable to participate in this contest owing to regulatory constraints. The VPN, on the other hand, is a miraculous instrument. Of course, DYOR.
Other motivations include collaborating with competitor groups that are also vying for a parachain spot, which is first surprising until it is discovered that the cooperation make perfect sense.
Collaborations in the Future
Enjin teamed up with Equilibrium, a cross-chain DeFi platform, last week to enable users to stake DOT for xDOT and their native EQ coin. Equilibrium is also competing in the Polkadot auction for a parachain spot. Both companies profit from one other’s audiences, as Efinity donors now have EQ in their wallets, while Equilibrium gains a new user as a result of the relationship. Fans of Efinity don’t have to worry about losing any liquidity if they stake via Equilibrium in this scenario. Of course, the xDOT has other applications.
How does Equilibrium staking work? (Graphic from the Equilibrium website)
Parallel Finance, another rivalry-turned-collaboration, provided a method to stake DOT on their platform in return for their PARA token. Although the deal expired on December 23, customers may continue stake their DOT on the site. Parallel Finance just won the third auction of the first batch.
The unironically WAGMI spirit characterizing the auction culture sweeps away the hint of Hunger Games-like alliances, a favorable sign for a collaborative future among Polkadot initiatives.
The auction is just a day away, so keep an eye out for any last-minute incentives that may emerge.