Enjin is striving to bring a user-friendly experience to the world of crypto with a specific focus on simplifying and redefining what non-fungible tokens (NFTs) can do. ENJ and EFI work in unison to accomplish this goal.
What is Efinity?
Fueled by EFI, Efinity is a Polkadot parachain purpose-built for NFTs. It’s designed to make the Metaverse accessible, infinitely scalable, and decentralized. EFI is based on the Paratoken Standard, a new standard for interoperable, cross-chain tokens—across the entire Polkadot ecosystem, and even external blockchains.
Today’s users expect to pick up an app, understand how to use it without reading any instructions, and receive instant gratification from their actions. That’s where Efinity and the Paratoken Standard come in.
These solutions will enable NFTs to flow across blockchains, ecosystems, apps, and marketplaces, and is the key to an intuitive, fluid user experience, where everyone, everywhere can enjoy NFTs. In a world of real-time feedback from the mainstream apps we use daily, speed and scalability will also play a key role in the widespread adoption of NFTs.
- Efinity (EFI) is environmentally-friendly, scalable, and designed to make NFTs accessible to everyone.
- EFI is designed to reward and empower the creators and explorers of the decentralized Metaverse.
- EFI is the core utility token on Efinity—it’s used to pay for transferring, bridging, and trading tokens.
- As the first paratoken on the Efinity network, EFI is designed to pay for transaction fees and facilitate liquidity, community rewards, and governance.
ENJ & EFI relationship
While EFI is designed to fuel a decentralized Metaverse, ENJ is used to infuse digital assets like NFTs. Every asset minted contains ENJ, giving it residual value, which can be retrieved through “melting” at any time.
“We envision a future where NFTs will define the value of digital and physical products across nearly all industries.
To make this a reality, we need to upgrade the infrastructure they are created, used, and traded on. We’re building Efinity so NFTs can flow through games and apps seamlessly, with Enjin Coin (ENJ) and Efinity Token (EFI) as the utility and governance tokens that give participants the power to shape, mold, and optimize the network.”
“Enjin Coin is the lifeblood of our ecosystem; it runs through every NFT as they move across its apps, marketplaces, and wallets. We’ve designed ENJ and EFI to work in unison, each serving a core purpose within the Enjin NFT ecosystem”
6 Ways ENJ & EFI Work Together
Efinity brings new opportunities to the Enjin community, from ENJ holders and NFT collectors, to the wide range of games, apps, and businesses using NFTs to create next-generation experiences for their users.
1 Affordable NFT Transactions
EFI is used to pay for the low-cost transactions to move your Enjin-powered NFTs on the network.
Unlike other networks where fees are paid fully to network administrators (miners and nodes), Efinity’s transaction fees are used to maintain governance, nominate efficient network administrators, and encourage active participation in the network.
2 Collator Nomination
By attributing ENJ to nodes (in Efinity terminology, “collators”), Enjin Coin holders can nominate the most efficient and stable nodes that run the blockchain and earn EFI rewards for participating in collator selection.
- Initial Collator Nomination Rewards: Efinity invites ENJ holders to use the network and drive collator (node) nomination. 15% of the total supply of EFI is reserved for collator nomination pools. ENJ holders are NFT early adopters who bring valuable activity to Efinity, and ensuring the most reliable collators maintain Efinity is central to the network.
- Nominating via NFTs: In addition to ENJ holders, holders of ENJ-infused NFTs may also nominate collators. This encourages the minting of Enjin-powered NFTs for use on Efinity.
- Ongoing Collator Nomination Rewards: Part of Efinity’s network fees, marketplace commissions, cross-chain bridging tolls, and smart contract fees will go toward community rewards. Users will receive rewards and rebates for participation: nominating collators, infusing ENJ into NFTs for use on the network, and initiating transactions to trade and discover NFTs.
Efinity is a decentralized network governed by the community. Every EFI hodler can submit and vote on proposals and help steer the future of the network. ENJ holders who are rewarded for their participation in collator nomination, can they use their EFIÂ to also participate in governance.
ENJ and NFTs can continue to be used in the Efinity marketplace and other applications, since the tokens remain in your address on Efinity. If it’s transferred or melted, staked ENJ will be automatically un-staked.
5 Fueling Innovation
Over 1.14 billion digital assets have already been created with ENJ.
Every single one of them will benefit from the low costs, speed, and next-generation features of Efinity, such as crafting and fuel tanks.
EFI also unlocks utility on Enjin JumpNet, a fee-free blockchain. Holding EFI on JumpNet (JEFI) increases your transaction limits, so you can continue enjoying instant, free NFT and ENJ token transfers on-chain.
The vision of Efinity
“More than a blockchain, Efinity is also an idea, a movement, a vision of a future where digital worlds are free, decentralized, open, and accessible to everyone, everywhere.”
-Maxim Blagov, Enjin CEO
“As we build on the edge of technology, Efinity is the highway leading us to an advanced, open digital asset economy where new virtual worlds begin, and that road starts in the Enjin community.”