Efinity is the winner of Polkadot’s sixth parachain auction

Efinity, developed by Enjin, is ready to give answers to the most pressing concerns in the NFT space–crippling fees, inflexible smart contracts, and, most importantly, interoperability.

Efinity joins the ranks of other Polkadot parachain slot auction winners, including Acala, Moonbeam, Astar, Parallel Finance, and Clover Finance.

Contributors and investors vote by staking Polkadot’s native cryptocurrency–DOT–in order to win the auction.

According to Enjin’s statement on Twitter, the firm secured its seat with 7.7 million DOT given by over 20,000 community members, guaranteeing its place in the burgeoning ecosystem. Polkadot’s Twitter statement stated that Efinity will join the fleet in March 2022–at the start of lease seven–along with the other auction winners from auctions six to eleven.

Polkadot parachains are self-contained but interconnected Layer-1 blockchains that are linked to and protected by the main relay chain via slots leased for up to 96 weeks at a time. This implies that Efinity will benefit from Polkadot’s validators for about two years, with the option to renew the contract.

Efinity has joined the Polkadot ecosystem as a cross-chain network ready to help with the pricing and exchange of NFTs. According to existing benchmarks, the network will be capable of processing 700–1.000 transactions per second.

Enjin is creating a token standard known as ‘paratokens,’ which will be interoperable with parachains, parathreads, and smart contracts, enabling interoperability with the whole Polkadot and Kusama ecosystems.

Tokens developed on other chains, such as Ethereum ERC-20, ERC-721, and ERC-1155 tokens, will be importable to Efinity via a bridge at the same time.

The main utility paratoken distributed on the network will be the Efinity token (EFI). Its governance tool will allow users to vote on proposals and referendums without the need for staking.

Efinitly, billed as “the next-generation NFT marketplace,” will allow buyers and sellers to generate and fulfil orders for any token.

Finally, this should make it easier to construct third-party apps that will use the Efinitly parachain to move NFTs to other blockchains.

Patrick

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