Robert Steinadler, a year ago
Polkadot is going through exciting times because the first Parachains are starting. Since there is a high demand for a limited number of slots the first parachains on Polkadot are auctioned. Enjins Efinity was able to secure a slot winning the last auction in 2021.
What is Efinity trying to achieve by becoming a part of the Polkadot network and what are parachains in the first place?
In order to bid for an auction, crypto projects need DOT the native token of the Polkadot blockchain. To be more specific they need DOT from contributors who are supporting their goals and are willing to give them a crowdloan. In return for that loan, supporters are rewarded with tokens and the top contributors usually receive some sort of bonus.
Efinity managed to convince over 8.000 community members who collectively contributed over 7 million DOT. With a contribution worth more than 180 million Euros Efinity won the sixth auction which was the last one in the year 2021.
There will be five more auctions for a slot held with the last one ending March 10th. After the last auction, Efinity will go live alongside the other five winners.
Efinity aims to build a cross-chain infrastructure for NFTs. It is imperative for this project to build that idea on a blockchain platform that is focused on interoperability. Polkadot is achieving that by running a so-called relay chain that secures the network without being able to do a complex task. Instead, so-called parachains connect to the relay chain and can serve specific tasks or purposes.
This system also allows connecting other blockchains to the relay chain via so-called bridges. In effect, Efinity is counting on the technology of Polkadot because it can serve as an interface to any blockchain without the need for the team to focus on anything else but their own product.
It remains to be seen if Efinity becomes indeed a huge success. Starting in March Efinity can use the slot for 96 weeks with an option for review. With only 100 slots available on Polkadot things are getting more interesting because some slots will be reserved for parathreads and projects that serve a common good instead of a business case.
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