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March 11, 2022

Efinity: The Metaverse Is Live on Polkadot

Efinity: The Metaverse Is Live on Polkadot
Today marks a historic moment for the Enjin community and ecosystem: after years of intensive research and development, Efinity is now live!

At Enjin, we’ve always said and believed that "adoption is everything."

Since 2017, we’ve worked to create the wave of NFT adoption that grew into 2021’s tsunami. The work we've done over the years, from releasing the first public NFT minting service to authoring the ERC-1155 NFT standard, grew into something bigger than ourselves.

Four years ago, we introduced Efinity as a concept. As the industry and technology evolved over time, so did our ideas and the needs of our adopters.

The Ethereum network and NFT movement gained traction beyond our expectations, and it was our responsibility to find a scalable, affordable solution that would allow adopters to build blockchain games and projects for millions of users.

After years of intensive research and development, we found this solution in Polkadot.

Today, we are beyond excited to achieve another significant milestone for the Enjin ecosystem and wider NFT space: The Efinity parachain is live on Polkadot.

The Power of Polkadot

Polkadot was conceived from the 2016 whitepaper published by Dr. Gavin Wood, co-founder and former CTO of Ethereum.

Polkadot was designed to support a vision for a fair, secure, decentralized, and resilient web where users are in control (coined "Web 3.0"), built on the following core principles:

  • True interoperability
  • Economic and transactional scalability
  • Easy blockchain innovation
  • Energy efficiency
  • Security for everyone
  • User-driven governance

After deep diving into this technology stack, it became obvious to us that Polkadot was the future of Efinity—and NFTs.

Developing Efinity

Efinity was fueled by the dream of providing the world's 3.1 billion gamers a home on the blockchain.

We needed it to be scalable enough to support mainstream games and infinitely extensible.

We wanted to create a cross-chain system that could host any cryptocurrency or NFT out-of-the-box, no smart contract deployment needed. This means users will be able to move their assets onto Efinity without asking the creator’s permission.

Efinity has already been live on Polkadot’s Rococo test network since the beginning of March—and as of today, it's officially live as a parachain on Polkadot.

Polkadot parachains


The next step is integrating Efinity into the Enjin Platform, which is already used by over 160,000 NFT creators. With over 100 projects committed to building on Efinity (and more to be announced next week!), these early adopters will be among the first to receive access to Efinity via the new Enjin Platform.

That means we're weeks away from starting the cross-chain future we've been building toward. The decentralized metaverse needs a foundation, and the concrete is almost dry.

Today, the very first version of Efinity is focused on core functionality and chain stability. Creators can mint up to 2,200 tokens to separate wallets per transaction, with batch transfers allowing similar numbers per transaction.

Transaction fees have been set conservatively, in order to allow our team and early adopters to run tests and benchmarks without compromising security. For example, a standard NFT transfer should currently cost 0.016 EFI (half a cent), but we'll share detailed numbers after we perform the first few sets of upgrades to the chain runtime code.

Crowdloan Rewards

As soon as everything is verified to be stable and upgrades are deployed, Efinity crowdloan contributors can start collecting their EFI rewards!

Once reward distribution begins, it will continue for approximately 96 weeks. Rewards will be distributed roughly every 24 hours (in exact terms, every 7,200 blocks).

With 200 million EFI to be distributed (10% of the total supply), that makes for ~279,619 EFI unlocked to the world every single day.

The process for collecting rewards is different depending on whether you contributed directly or through an exchange, so let’s get into what both methods involve.

Polkadot.js

If you contributed to the crowdloan using the official Polkadot.js.org wallet, you’ll be able to log in anytime here and claim your EFI. Your EFI will build up every 24 hours, but there’s no rush to claim—you can collect it every day if you like, or choose to claim one big lump at the end.

After the upcoming launch of Enjin Wallet 2.0, you’ll be able to use your mobile device to view and manage your EFI directly.

Third-Party Exchanges

If you contributed through a third-party platform like Parallel Finance, Kraken, or Gate.io, you can collect your EFI rewards through that service.

These services will collect a total amount of EFI every 24 hours on behalf of everyone who contributed through them, and then distribute it to their users.

For additional information and FAQs regarding rewards, visit our Help Center.

Building Blocks for the Metaverse

Efinity is our legacy, which is why we’ve built it to last forever.

We've spent years working closely with game and app developers to ensure this solution is exactly what they want and need.

The Metaverse is undoubtedly the future; now, the only question is, what will it look like?

We have a clear idea of what it will transform into over the coming decades, and we've built Efinity to bring that vision to life—a metaverse ecosystem we'll all build together.

Efinity: The Metaverse Is Live on Polkadot
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