Efinity becomes the winner of Polkadot’s sixth parachain auction 🚨 This article is 3 years old...
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Efinity becomes the winner of Polkadot’s sixth parachain auction
Developed by Enjin, Efinity is poised to offer solutions for the greatest challenges in the NFT space–crippling fees, inflexible smart contracts, and, above all, interoperability.
2 min read
Updated: Dec. 30, 2021 at 11:46 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Efinity joins the league of Polkadot parachain slot auction winners–Acala, Moonbeam, Astar, Parallel Finance, and finally, Clover Finance.
In order to win the auction, contributors and investors vote by staking Polkadot’s native cryptocurrency–DOT.
The sixth parachain slot goes to Efinity
According to Enjin’s Twitter announcement, Efinity won its slot with 7.7 million DOT contributed by over 20,000 community members-securing its place in the expanding ecosystem.
With 7.7M $DOT contributed by over 20,000 community members, @efinityio has won the 6th @Polkadot parachain auction! 🎉
Thank you to everyone who has supported us in our endeavor to bring #NFTs to Polkadot.
To Efinity and beyond! pic.twitter.com/n2ffJEr53C
— Enjin | We're Hiring! (@enjin) December 30, 2021
Polkadot’s Twitter announcement revealed that Efinity will onboard in March, 2022–at the beginning of lease seven, together with the other winners from auctions six to eleven.
Congratulations to @efinityio on winning Polkadot's sixth auction!
Enfinity will be onboarded at block #9,388,800 [roughly March 11,2022] at the beginning of lease 7 with the other winners from auctions 6-11. Over 8.6K network stakeholders locked up DOT in favor! pic.twitter.com/vTKqR3XyhX
— Polkadot (@Polkadot) December 30, 2021
Polkadot parachains are sovereign, but interconnected Layer-1 blockchains–connected to and secured by the main relay chain via slots that are leased for up to 96 weeks at a time.
This means that Efinity stands to benefit from Polkadot’s validators for roughly two years–with the opportunity to renew the lease.
NFT parachain poised with interoperability and speed
Efinity joins the Polkadot ecosystem as the cross-chain network poised to facilitate the pricing and exchange of NFTs.
Based on current benchmarks, the network will process up to 700–1.000 transactions per second.
Enjin is developing a token standard called ‘paratokens’ that will be compatible with parachains, parathreads, and smart contracts–leveraging interoperability with the entire Polkadot and Kusama ecosystem.
At the same time, tokens created on other chains–for example Ethereum ERC-20, ERC-721, and ERC-1155 tokens will be importable to Efinity via a bridge.
Efinity token (EFI) will be the main utility paratoken deployed on the network. Its governance utility will allow voting on proposals and referendums, with no staking required.
Promoted as “the next-generation NFT marketplace,” Efinitly will enable buyers and sellers to create and fill orders for any token.
Finally, this is expected to facilitate the development of third-party apps that will be using the Efinitly parachain to transfer NFTs to other blockchains.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
