Now that the sprint at the end of Batch 1 of parachain auctions is over, we can wish the five new parachains congratulations and turn our attention to Batch 2, where we fully expect to win a parachain slot for Efinity.
Contributions for the Efinity Crowdloan in Batch 2 are live, so you can begin supporting immediately!
There's a hidden silver lining here, which we'll get to below. This post is aimed at answering any questions you may have about Batch 2—we'll tackle some of the more common ones below, and will update this post as more questions surface on our Telegram, Discord, and other community channels.
Batch 2 begins on December 23, and its timeline is a little more stretched out, ending in March of 2022.
The timeline is as follows:
Projects that succeed in Batch 2 of the parachain auctions will be onboarded to the Polkadot network in March 2022.
Efinity is aiming for a 96-week slot, meaning it'll have to participate in another auction after 96 weeks of being a parachain, and contributors will have their DOT locked up for 96 weeks.
Any DOT contributed to projects which weren't successful in Batch 1 has been returned, and it should already be back in your wallet. If you'd like to continue supporting Efinity in Batch 2, this DOT will have to be re-contributed.
If you're familiar with Efinity's Batch 1 reward scheme, nothing has changed. For those who aren't familiar, we'll detail it again below:
We don't know how much DOT it'll take to win in Batch 2, but rewards can be calculated with the following formula:
(Your DOT Contribution / Total DOT Contributions) * 200,000,000 EFI
After the big hype and VC activity in Batch 1, there's every chance it'll take less DOT to win a slot in Batch 2—in which case the EFI will be spread among less DOT, which means more rewards for you as a contributor.
Similarly, there's no change to the Degens NFT rewards: the top 250 contributors will win a Degen, and 250 random contributors will win a Degen.
We've teamed up with fellow parachain Parallel Finance to offer additional rewards to Efinity supporters. Contributing through Parallel Finance also carries extra rewards in the form of its PARA token.
If you already contributed through Parallel Finance in Batch 1, there's an option for keeping your DOT contributed, and it's offering an extra 5% in EFI and an extra 25% in PARA if you do so. This offer only applies until December 23rd—check the Parallel site for more details.
There's also the ability to give extra rewards to friends who referred you to Parallel, so if you're part of a group contributing to crowdloans, you might as well refer each other! Both the referrer and referee get an additional 2.5%.
Parallel is also offering extra rewards to those who originally contributed through Binance or Kraken in Batch 1 and are re-contributing in Batch 2. If you withdraw from either of these addresses, it'll automatically be identified by Parallel:
So basically, if you withdraw from Binance as normal into a polkadot.js.org account, and then go through the standard Parallel contribution process, these rewards will be automatically applied. Parallel can see where the DOT came from, and once you've got your polkadot.js.org account set up, the process is quite easy & intuitive from there.
Want to learn more? We'll be hosting a Twitter Spaces AMA with the Parallel Finance team on December 27 at 11:00 Pacific Time, so follow along and tune in!
If the process of setting up a polkadot.js.org account is new to you, we recommend following our video guide:
We've teamed up with Equilibrium to offer bonus rewards to Efinity crowdloan supporters:
Contribute via Equilibrium now.
Not every exchange from Batch 1 is supporting Batch 2.
We'll update this page and social media as more platforms are added!
Our team is still working hard on Efinity development, the Paratoken Standard, Version 2 of the Enjin Wallet (more on this soon!), our new marketplace NFT.io, bringing on more adopters and partners, and other fun things like the upcoming NFT Awards.
While we encourage everyone to do their own calculations and comparisons in terms of rewards for parachain auctions (and we think you'll like what you find), this is about more than just rewards.
This is about supporting the kind of world and metaverse you want to live in.
With a high number of contributors and lower average contributions in Slot 5, Efinity was the people's choice. Let's take that momentum straight into Batch 2!