Efinity joins the league Polkadot winners of the parachain slot auction – Acala, Moonbeam, Astar, Parallel Finance and finally Clover Finance.
In order to win the auction, associates and investors vote by investing Polkadot’s original cryptocurrency – DOT.
The sixth slot for the parachain goes to Efinity
According to EngineIn a Twitter post, Efinity won its place with 7.7 million DOTs contributed by more than 20,000 community members, securing its place in a growing ecosystem.
Thanks to everyone who supported us in our effort to bring #NFTs to Polkadota.
To Efinity and beyond! pic.twitter.com/n2ffJEr53C
– Enjin | We are hiring! (@enjin) December 30, 2021
Polkadot’s post on Twitter revealed that Efinity will be included in March 2022 – at the start of the lease of seven, along with other winners from six to eleven auctions.
congratulations @efinityio about winning Polkadot’s sixth auction!
Enfinity will board block # 9,388,800 [roughly March 11,2022] at the beginning of the lease 7 with other winners from auctions 6-11. More than 8.6K network stakeholders locked DOT in favor! pic.twitter.com/vTKqR3XyhX
– Polkadot (@Polkadot) December 30, 2021
Polkadot parachains are sovereign but interconnected layer 1 blockchains – connected and secured by a main relay chain via slots that are rented for up to 96 weeks at a time.
This means that Efinity will benefit from Polkadot’s validators for about two years – with the possibility of renewing the lease.
NFT parachain ready for interoperability and speed
Efinity joins the Polkadot ecosystem as a cross-chain network ready to facilitate pricing and the exchange 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 will be compatible with parachains, parathreads and smart contracts – using interoperability with the entire Polkadot and Kusama ecosystem.
At the same time, tokens created on other chains – for example Ethereum ERC-20, ERC-721 and ERC-1155 tokens will be able to be imported into Efinity via a bridge.
The Efinity Token (EFI) will be the main service paratoken deployed online. Its management tool will allow voting on proposals and referendums, without the need for investment.
Promoted as the “next generation NFT market”, Efinitly will allow buyers and sellers to create and fulfill orders for any token.
Finally, this is expected to facilitate the development of third-party applications that will use parachain Efinitly to transfer NFTs to other blockchains.
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