18.4 C
Manchester
June 30, 2022
Image default
Altcoin

Enjin’s Efinity Won Polkadot’s Sixth Parachain

Enjin’s Efinity Won Polkadot’s Sixth and Final Parachain Auction of 2021 With a Fundraising of Over $214 Million in DOT

Enjin is closing out 2021 in style with its scalable, decentralized, cross-network NFT infrastructure, Efinity, which emerged as the winner of the last Polkadot parachain auction of the year.

Efinity won the sixth parachain slot after raising nearly 7.7 million DOTs worth over $214 million from over 8,600 shareholders who blocked their funds in favor.

Congratulating the project on the victory, Polkadot recalled that Efinity will go live on March 11, 2022, at the beginning of contract seven, alongside the winners of the next five auctions that will be held before onboarding.

Building the Next-Gen NFT Market

Efinity is a project developed by blockchain gaming company Enjin as a cross-chain NFT infrastructure that creates ecosystem interoperability and incentives for users who engage with NFTs.

With nearly all previous DeFi-related Polkadot parachain slots winners, Efinity believes that “interconnected blockchains – and indeed the world – need an up-to-date network to share digital assets”.

The cross-chain network describes itself as “the next generation NFT market”. The aim is to leverage the Polkadot ecosystem to build a decentralized metaverse that will allow users to exchange and transfer non-fungible tokens between blockchains.

Polkadot Parachain Slot Winners

polkadot started its slot machine auction on November 11, 2021 after years of planning. Parachains are an integral component of the Polkadot framework and represent custom and project-specific blockchains integrated into the network.

Since the auction began, Polkadot has conducted six auctions, with the winners being Acala, Moonbeam, Astar, Parallel Finance, Clover Finance, and most recently, Efinity.

With around 100 parachain slots available on Polkadot, winners will be able to connect to the network by renting a slot on the relay chain for up to 96 weeks with the option of review.

Meanwhile, Polkadot’s seventh parachain auction is scheduled for January 7, 2022.

Source: CryptoPotato

Related posts

Ghost, McAfee’s cryptocurrency is coming!

Anupreet Kaur

SushiSwap (SUSHI) goes through Rally valuing 10%

Anupreet Kaur

XRP price rises 12% after positive news in the Ripple-SEC case

Anupreet Kaur

Leave a Comment