efinity polkadot auctions

Polkadot’s sixth and final parachain auction for 2021 was won by Enjin’s Efinity, which raised approximately $214 million in DOT.

Efinity joins Acala, Moonbeam, Astar, and the other Polkadot parachain slot auction winners. Contributors and investors vote by staking Polkadot’s native cryptocurrency (DOT) to win the auction. Therefore, Efinity raised about 7.7 million DOTs worth from more than 8,600 stakeholders.

Efinity will go live on March 11th, 2022, at the start of lease seven, with the winners of the five auctions that will take place before the onboarding. In other words, 200 million EFI tokens will be distributed among the over 7.7 million DOT contributed in the crowdloan. That is about 26 EFI per DOT.

Also, starting in March 2022, Efinity will distribute rewards linearly during the 96-week parachain period directly to wallets.

Consequences of Winning Polkadot’s Sixth Auction of Efinity

Efinity is a cross-chain NFT infrastructure developed by blockchain gaming company Enjin. Therefore, the platform enables ecosystem interoperability and incentives for users that engage with NFTs. Therefore, here are the effects of this milestone:

  1. Build a decentralized metaverse: Users can exchange and transfer cross-chain NFTs.
  2. Connect parachains with low-cost and high-speed transactions: Polkadot parachain is a layer-1 blockchain that will connect parachains. Platforms, communities, and economies may benefit from increased interoperability and connectivity.
  3. Growth of developer community: Over 75 developers and partners have already committed to creating games and applications on the platform.
  4. Users will purchase NFTs on non-blockchain marketplaces and transfer them to Efinity.
  5. Better experience for players: Game producers will provide a better experience for new players since they will not have to worry about purchasing cryptocurrency or having a wallet before they understand how to play.

What is Next?

This year is gearing up to be Enjin and Efinity’s most important year ever. Efinity has a lot of new product developments and releases on the way.

Finally, here are some of the new products:

The Enjin’s Wallet Version 2 is next on the list. (Q1-2022). Right now, the app is in alpha testing.

Also,  NFT.io is the next-generation NFT marketplace. It will provide a cross-chain version of OpenSea but a more extensive range. Finally, this nft platform will have many purposes, from gaming to art NFTs and beyond.

Also, for more great info, join us on Telegram to receive free trading signals.

Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.


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