SINGAPORE, 4 August 2021 — Enjin has announced the public release of the Efinity (EFI) token, the native utility and governance token for the Efinity non-fungible token (NFT) blockchain. On its release date, EFI will be listed on OKEx, Blockchain.com Exchange, and CoinList, alongside DEXs like Uniswap and SushiSwap. The token supply is capped at 2 billion.
Enjin announced Efinity in March, a next-generation blockchain purpose-built for NFTs, alongside an $18.9M private sale. Efinity is being developed as a Polkadot parachain, and will support NFTs from any network. According to Enjn’s latest development updates, the team has an internal alpha version of Efinity synthetically testing at 120 million transactions per block, with a block time of 6 seconds, though performance degradation is expected as Efinity moves towards open beta.
Instead of being solely dedicated to processing smart contracts, Efinity’s blockchain initiates minting, transferring, burning, and trading of tokens at the base layer of its runtime logic. This means no heavy smart contracts, smart contract languages, or smart contract infrastructure is needed to initiate advanced token transactions on the Efinity parachain.
Enjin is also developing a new token standard called Paratokens, which will be compatible with the entire Polkadot and Kusama ecosystem. Optimized batch and storage operations will allow up to 40 million NFTs to be minted or transferred in 1 transaction. Enjin will also launch a REST API for interacting with Efinity, which will be compatible with the official Polkadot.JS wallet.
In the future, Enjin Coin holders will be able to nominate the most efficient and stable nodes that run the blockchain, earning EFI rewards for their active participation. Through community governance, holders of the EFI token will be able to vote on governance proposals and treasury grants to steer the network’s future. EFI will also be able to process transactions to mint, send, and trade NFTs, as well as move them across Efinity bridges and onto neighboring blockchains.
Enjin is the all-in-one platform for developing scalable, interoperable blockchain ecosystems, making it simple for anyone to adopt NFTs. NFTs are central to the Enjin ecosystem, which offers a comprehensive product stack for creating, integrating, trading, and distributing NFTs on a scalable and almost-zero fee platform. Enjin’s products see wide application in blockchain games, applications, enterprise programs, and innovative marketing campaigns. For more information, visit https://enjin.io.
Efinity is a next-generation blockchain for NFTs developed by Enjin on Polkadot. Boasting over 1000 TPS and the full interoperability power of the Polkadot ecosystem, Efinity is the ideal network for utilizing NFTs in an environmentally friendly, scalable way. The native EFI token is the multi-purpose Paratoken used to pay transaction fees, maintain liquidity of tokens on the network, reward network participants, and vote in Efinity on-chain governance. For more information, visit https://efinity.io.