Efinity joins the League of. at Speckle Parachain slot auction winners – Acala, Moonbeam, Astar, Parallel Finance and finally Clover Finance.
To win the auction, contributors and investors vote by staking Polkadot’s native cryptocurrency – DOT.
The sixth Parachain slot goes to Efinity
According to engine‘s Twitter announcement won Efinity its place with 7.7 million DOT contributed by over 20,000 community members, securing its place in the expanding ecosystem.
With $ 7.7 million DOT from over 20,000 community members, @efinityio won the 6th @Polkadot Parachain auction! 🎉
Thank you to everyone who has supported us in our quest to bring #NFTs to Polkadot.
To Efinity and beyond! pic.twitter.com/n2ffJEr53C
– Enjin | We are hiring! (@enjin) December 30, 2021
Polkadot’s Twitter announcement revealed that in March 2022 – seven at the start of the lease – Efinity will be on board along with the other auction winners six to eleven.
Congratulations to @efinityio on winning Polkadot’s sixth auction!
Enfinity is in block # 9,388,800. integrated [roughly March 11,2022] at the start of lease 7 with the other winners from auctions 6-11. Over 8.6,000 network participants have locked DOT in favor of DOT! pic.twitter.com/vTKqR3XyhX
– Polkadot (@Polkadot) December 30, 2021
Polkadot parachains are sovereign but interconnected Layer 1 blockchains that are connected and secured to the main relay chain via slots that are leased for up to 96 weeks.
Efinity will thus benefit from Polkadot’s validators for around two years – with the option of extending the lease.
NFT parachain with interoperability and speed
Efinity joins the Polkadot ecosystem as a cross-chain network ready to facilitate pricing and sharing 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 is compatible with Parachains, Parathreads and Smart Contracts and that leverages interoperability with the entire Polkadot and Kusama ecosystem.
At the same time, tokens that were created on other chains – for example Ethereum ERC-20, ERC-721 and ERC-1155 tokens – can be imported into Efinity via a bridge.
Efinity Token (EFI) will be the main utility paratoken provided on the network. Its governance utility enables proposals and referendums to be voted on without the need for participation.
Advertised as the “Next Generation NFT Marketplace”, Efinitly will enable buyers and sellers to create and fulfill orders for any token.
Ultimately, this is supposed to make it easier to develop third-party apps that use the Efinitly Parachain to push NFTs to other blockchains.
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