coincodex.com
Key highlights:
- Enjin has announced Efinity, a blockchain specifically designed for NFTs
- Efinity will be a parachain on Polkadot
- ENJ holders will be able to stake their tokens to earn EFI
- The team raised $18.9 million in a private sale for EFI
Enjin announces blockchain platform tailored for NFTs
Enjin, one of the leading projects involved with NFT (non-fungible token) technology, has announced a new blockchain platform that’s designed specifically for NFT users. Called Efinity, the new platform will be a parachain on Polkadot. Efinity will take advantage of the interoperability offered by Polkadot to make it possible for NFTs from other blockchains to be moved to the platform.
When Efinity is launched, ENJ holders will be able to stake their tokens to earn rewards in the form of EFI, a new token created for the purposes of Efinity. The ENJ tokens that are "infused" into non-fungible tokens on Enjin’s platforms will also generate EFI rewards. In total, 15% of the EFI supply will be distributed through the staking program. Efinity will also feature an NFT marketplace where users will be able to earn rewards for providing liquidity for NFTs.
The Enjin team created the ERC-1155 standard for Ethereum, and are looking to make another token standard innovation. The team says that EFI will be a "paratoken", a new token standard for use on Polkadot and Kusama.
The Efinity platform is expected to handle between 700 and 1,000 transactions per second, providing a significant boost over using Ethereum. It will take about 6 seconds for a transaction to be confirmed on the platform.
Enjin CTO Witek Radomski commented on the importance of interoperability between blockchains:
"Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers."
Enjin has managed to attract some significant backers for Efinity, as they have raised $18.9 million in a private EFI token sale led by Crypto.com Capital, DFG Group and Hashed. Other players like Blockchain.com Ventures and Arrington XRP Capital also participated. At this point, it’s unclear what percentage of the total EFI supply was allocated to the private sale.
Thanks to the massive surge in interest for NFTs, ENJ has been a very strong performer recently. The token is up a whopping 353% this month and recorded its all-time high of $3.03 on March 15.