Efinity, which is developed by Enjin, is poised to provide solutions for the greatest challenges in the NFT space–interoperability, inflexible smart contracts, and crippling fees.
Efinity is included among the league of winners of the Polkadot Parachain slot auction. Other winners include Moonbeam, Acala, Parallel Finance, Astar, and Clover Finance.
To win the auction, investors and contributors will have to vote by staking DOT – the native cryptocurrency of Polkadot.
The sixth slot for the Parachain auction goes to Efinity. According to the Twitter announcement made by Enjin, Efinity won the slot with a contribution of 7.7 million DOT accumulated by over 20,000 community members.
With 7.7M $DOT contributed by over 20,000 community members, @efinityio has won the 6th @Polkadot parachain auction! 🎉
Thank you to everyone who has supported us in our endeavor to bring #NFTs to Polkadot.
To Efinity and beyond! pic.twitter.com/n2ffJEr53C
— Enjin | We’re Hiring! (@enjin) December 30, 2021
According to Polkadot’s Twitter announcement, Efinity will onboard in March 2022 – at the beginning of lease seven, along with the other winners from auctions six to eleven.
Congratulations to @efinityio on winning Polkadot’s sixth auction!
Efinity will be onboarded at block #9,388,800 [roughly March 11,2022] at the beginning of lease 7 with the other winners from auctions 6-11. Over 8.6K network stakeholders locked up DOT in favor! pic.twitter.com/vTKqR3XyhX
— Polkadot (@Polkadot) December 30, 2021
The parachains of Polkadot are sovereign but interconnected Layer-1 blockchains. These are connected to and secured via the main relay chain through slots, which are leased for about 96 weeks at once.
With this, Efinity can benefit from Polkadot’s validators for about two years. Also, they have an opportunity for the company to renew the lease.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.