We research an altcoin project every week. This week’s cryptocurrency is Efinity. Altcoin Buzz analisdollarseries believes that the altcoin project will do 100x. Let’s take a closer look at cryptocurrencies together.
Altcoin Buzz analisdollarserial Why so excited for Efinity?
Efinity managed to sell $20 million worth of tokens in less than 3 hours. In a sideways trading market, this achievement is truly remarkable and makes Efinity a force to be reckoned with. However, we shouldn’t really be surprised given that Efinity was developed in 2017 by NFT industry pioneers and authors of ERC-1155 (the groundbreaking NFT token standard) Enjin. Therefore, before we start talking about Efinity, it is important to understand Enjin, one of the first NFT creation platforms.
In the summer of 2018, Enjin officially launched the Enjin platform on the Ethereum mainnet. As a free-to-service platform, Enjin allows other game developers to issue exchangeable and immutable assets as in-game Ethereum tokens. Since then, Enjin has evolved as a complete ecosystem for NFT tools designed to facilitate the creation, distribution, storage and integration of both tradable and fiat Blockchain assets. Enjin’s integrated Blockchain ecosystem consists of:
- Enjin Platform
- Enjin Wallet
- Enjin Marketplace
- Enjin explorer
- Enjin Beam
The platform provides the tools and solutions developers (and businesses) need to tokenize digital assets and integrate them into software.
Enjin’s technology is also used by companies such as BMW and Samsung
Enjin’s technology is also used by companies such as BMW and Samsung (Samsung Blockchain wallets support the ENJ and Enjin Coin token swap in new BMW Vantage Apps). There is even a Timeline of achievements that everyone can access to learn more about what Enjin has accomplished.
In fact, Enjin Coin’s credibility is so high that it bypassed Japan’s strict regulatory hurdles, becoming the first gaming cryptocurrency to be Whitelisted for use in the country. But there is a small problem. Enjin has yet to participate in a blockbuster game, the killer app that will bring ENJ’s utility to the traditional gaming world. The problem Enjin is facing is pretty general in the NFT space – it lacks interoperability and transaction speeds are painfully slow. Altcoin Buzz analisdollarseries ,He believes Efinity can solve these problems.
Özedollarse will bring interoperability with many other chains such as Efinity, DeFi chains and NFTs. However, Efinity’s value proposition goes beyond gaming within the Polkadot ecosystem. Efinity will provide the infrastructure that can open NFTs to kiddollars adoption, and Enjin will be the epicenter of this massive shift in the market. Now let’s get straight to the process of evaluating Efinity, what the value proposition is, how it will disrupt the NFT space, and whether there are any real risks.
Altcoin project Efinity
It’s time to think differently, and that’s what Enjin’s Efinity is trying to do. Enjin – in collaboration with the web3 foundation – is building Efinity on Polkadot. Efinity is a next-generation blockchain being developed as a parachain on Polkadot.
700-1 per second. Capable of processing 000 transactions (TPS), Efinity is a major improvement on NFTs traded on the Ethereum network, which is currently bottlenecked at around 15 TPS. Each Efinity transaction is confirmed in 6 seconds, making NFT transactions suitable for mainstream applications. The Efinity Token (EFI) is used for all transaction fee payments on the Efinity network.
Efinity’s value proposition revealed!
|NFT Creators have to work with:||Besides scalability, Efinity aims to disrupt the current NFT industry in the following aspects:|
|Sakadollarser faredollarser||Efinity being a parachain means Polkadot’s core layer driven by Relay Chain, takes care of consensus and end users don’t have to pay the verification fee. The GAS series will still be there, but by depositing the EFI into the Fuel Tank, users can take advantage of the subsidized GAS series. Also, the series of transaction fees in Efinity is designed to stay in the background, allowing users to experience their favorite collections without worrying about how the network works.|
|Inflexible smart contracts (NFTs are basically smart contracts and we can’t do much with them, for example we can’t switch them from one game to another)||Destroying the “Walled Gardens” Enjin is always working to ensure smooth use of NFTs. To make it easier for Enjin to promote MyMetaverse. It is built on Ethereum as a cross-platform project that combines multiple game worlds in a unified Multiverse experience. For example – A Fortnite player spends saadollarser to earn an in-game item. Now he wants to switch to Clash of Clans and wants the in-game Fortnite item with him. Efinity will make this possible.|
|Discrete interoperability – In the current infrastructure, an NFT on Ethereum cannot be used in Polkadot. This limits the use of NFTs.||With Efinity, Enjin will build a significant part of what it calls the multi-chain NFT ecosystem. Efinity will be a hub for all tradable and non-tradable tokens. This is because the Paratoken standard accepts tokens from any other chain, including the popular ERC-721, ERC-1155 and ERC-20 standard yellows. This will create a network effect that attracts increased trading volumes. This is great because NFT interoperability will be established across chains and this will be a stepping stone for mass adoption of NFTs.|
|Networks like Bitcoin and Ethereum reward their miners, but no rewards for NFT participants. The full share of the generated tokens is given only to the miners. As a result, only NFT holders can only hope for price increases to see any gains.||Compensating network participants Efinity is set to change this as it rewards network participants such as NFT users. With EFI, the aggregator nodes of the participants are responsible for the transactions on the Efinity parachain, and the network pays EFI to the participants. In addition to partner node operators, the following network participants will be rewarded with EFI: Users who manage the direction of the network. Buyers and sellers who facilitate price discovery. Developers who propose projects built on Efinity are eligible for grants from the Community Pool. Early adopters and creators increase their token value with bond curves and liquidity. Özedollarse – Transaction fees on the network Beyond its serial purpose, EFI was created so that those present at the start of Efinity would see a steady stream of rewards.|
Efinity shares the same team layout as Enjin’s leadership team. Maxim Blagov is the working CEO and inventor of the ERC1155 token standard. Witek Radomski is the CTO and author of the ERC-1155 token standard.
The total EFI supply is 2,000,000,000 coins.
- 35% of EFI will go towards the growth of Efinity, the Polkadot parachain (meaning that the project will not run out of funds to continue development).
- 15% of the total supply is reserved for candidate staking and pools. These tokens are awarded as a reward for running the parachain for the first 8-10 years.
- This is good because early adopters who secure the network get incentives over a long period of time. This will encourage early participation.
- 10% sets
- 20% companies
- 20% of tokens distributed in seed, early, strategic and public sale rounds. Unlike other Polkadot projects, Efinity does not perform any token airdrops. Obviously, only a small percentage of the total EFI supply will initially circulate. This is a good thing for any project, because the lower the circulating supply, even a slight increase in demand can translate into a massive upward price move.
Efinity is being built around the Enjin and Polkadot ecosystem by a team of trusted developers. Some of the important points to consider are:
- Since Enjin has its roots in Ethereum, Paratokens like EFI will be backward compatible with ERC-1155.
- Tokens created on other chains (for example, ERC-20, ERC-721 and ERC-1155 on Ethereum) can be transferred to Efinity using a bridge.
- Efinity offers its Marketplace to offer buyers and sellers a robust suite of tools for creating and filling orders for any token. Efinity will also be the world’s first trusted token market rewarding anyone who provides liquidity for NFTs. The name of the flagship NFT market in Efinity is NFT. io will be.
Growth and longevity prospects
EFI’s utility and tokenomics look pretty promising. The qualifying periods are cleverly planned and there will be no sudden EFI supply shocks that could upset the delicate demand-supply balance in the market. The circulating supply is very low, only 10M initially. This opens up the possibility of a price increase and hence the possibility of a sharp price increase.
Fuel Tank – EFI tokens can be stacked in a fuel tank for a fixed period of time. The Fuel Tank will basically lock in a percentage of the circulating EFI supply. Imagine what, the demand for EFI is rising and the circulating supply is falling. It automatically pumps the EFI price. The question, however, is why an EFI holder would lock their token. EFI users can enjoy discounted fees by staking. With larger stakes and durations, users can benefit from a 50% subsidy on the freerolls. This answers your question.
However, the Fuel Tank isn’t the only place to reduce circulating supply. EFI can also be locked in Jumpnet. JumpNet is Enjin’s Forever Free Ethereum scaling solution. It also creates utility for EFI. JumpNet basically allows limited free transactions per address. However, by keeping the EFI in the JumpNet, users can increase the limits of their transactions in the JumpNet. The EFI on the JumpNet will be called JEFI, and for every 100 JEFIs a user holds on the JumpNet, the limidollarseries doubles (up to the specified limidollarseries).
From a longevity perspective, Liquidity will not be a challenge for Efinity as users can use Efinity Swap to exchange tokens and cryptocurrencies.
Currently, EFI is ready for circulation, but the Efinity product is still in development. This means that there is no Parachain and no running product. So why all this hype? This is because Enjin is a reliable business model that always delivers. But if there’s a delay, the excitement around EFI may subside a bit.
Why is this week so important to Efinity?
The very successful token registration event on Coinlist in June 2021 helped Enjin raise $21 million. Over 100 million EFI tokens were sold at a unit price of $0.20, but they were not distributed. On August 4, 2021, 10% of these 100 million EFI tokens were released. This means that there will be 10 million EFI tokens available for trading on the market, but we do not yet know on which exchanges they will be available. However, based on Coinlist’s listing history, we can try to make some educated guesses about its post-release price.
Solana’s record sales event was held on Coinlist on March 24, 2020 at $0.22 per SOL. On April 10, 2020, SOL was listed on Binance. In the first few hours of trading, SOL climbed more than 500% to $1.33 after the opening. Do we see a pattern there? When a potential project makes a sale on Coinlist right after the token distribution, the price seems to skyrocket. Therefore, Altcoin Buzz analisdollarseries is waiting for a padollaration in altcoin.
How will Efinity affect the price of Enjin tokens?
Interestingly, the release of EFI will also bring some good news for Enjin holders, who are currently trading up almost 700% since the start of the year. Here are 2 key benefits:
- The launch of Efinity will bring a new level of utility for ENJ. Enjin token 2.0 stake… Enjin Coin holders will be able to deposit their ENJs into nodes (in Efinity terminology, “collectors”) and earn passive income in the form of Efinity’s native currency EFI. Interestingly, 15% of the EFI supply (300 million tokens) is reserved to reward the staking of ENJ.
- Cryptocoin. As we previously reported as com, ENJ will be used to mint NFTs in Efinity and this infused ENJ will be automatically staked and generate rewards in the form of EFI.
This is likely to strengthen ENJ very well, according to the Altcoin Buzz analisdollarseries.