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- Efinity makes its place with the Polkadot parachain slot auction winners and will be onboarding in March 2022 with other winners from six to eleven.
- The Efinity network’s currency benchmark is set to process up to 1000 transactions every second and will enable importing tokens built on other blockchains.
- The Efinity token will be the primary utility token deployed on the network, and its governance will support voting for the proposal without any staking.
The Efinity blockchain is a parachain developed by Enjin, which acquires a consensus algorithm based on the validators of the Polkadot Relay Chain. This lets Efinity possess its own state, data, and economic framework. Efinity was created to solve some of the most significant problems in the NFT ecosystem, such as interoperability, impeding fees, inflexible smart contracts, and many more.
The winners of the Polkadot parachain slot auction are joined by Efinity now. The winners now include Astar, Efinity, Acala, Clover Finance, Moonbeam, and Parallel Finance. The auction winner is decided by the votes of investors and contributors who stake DOT token, Polkadot’s native token.
Announcement Details
An announcement made by Enjin on Twitter revealed that Efinity won the slot at 7.7 million DOT tokens which were contributed by more than 20,000 members of the community, and has secured its position in the developing ecosystem.
Another tweet from Polkadot explained that the onboarding of Efinity will be effective in March 2022, when lease seven begins, altogether with the winners of auctions from six to eleven.
Parachains of the Polkadot are the rulers, but the Layer-1 interconnected blockchains are secured and connected through the main relay chain using the slots that are sometimes leased for up to 96 weeks. This signifies that Efinity will surely benefit from the validators of Polkadot for a period of about two years and would have an opportunity to renew the lease.
The Efinity Benchmark
The Efinity will enter the ecosystem of Polkadot as a cross-chain network which will make the exchange and pricing of NFTs smoother. As per the benchmark currently, the network is set to process about 700 to 1000 transactions every second. Also, a token standard, named paratokens, is currently being developed by Enjin, which is believed to be suitable for smart contracts, parachains, and parathreads. The token standard will leverage the interoperability with the complete ecosystems of Kusama and Polkadot.
Importing Tokens From Other Blockchains
Another incredible feature will be the ability to import tokens built on other blockchains such as Ethereum, tokens being ERC-1155, ERC-721, ERC-20, and many more, to Efinity via a bridge. The primary utility token deployed on the network will be the Efinity token, and the governance utility it will serve will support voting on proposals without any staking.
The Efinity has been promoted as the next-gen NFT marketplace to let sellers and buyers fill and create orders for any token. At last, it might also support the development of third-party applications which will utilize the Efinity parachain to send NFTs onto the other blockchains.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
