Non Fungible Tokens (NFTs) are being regarded as the big thing in crypto these days. This article is about the Efinity token created by Enjin. This Enjin is a cryptocurrency running on the Ethereum blockchain. The project intends to enable any developer to design, maintain, mix and share non-fungible tokens. This Enjin is responsible for the ERC-1155, the NFT token standard.

According to its website, Efinity is a next-generation blockchain developed for digital assets. It is created on Polkadot. Efinity describes itself as the cross-chain NFT blockchain. It comes with a deflationary EFI token. The network is scalable and created for games, apps, companies, and authors to produce their own non-fungible tokens for the public.

Polkadot is a bridge to combine various blockchains. The project was launched in 2016. The Web3 Foundation manages the project. It was founded by Gavin Wood, Rober Habermeier, and Peter Czaban. Polkadot is a blockchain platform that allows a fully decentralized web of parachains where people fully own their identity and data.

The Polkadot is outlined to run two kinds of blockchains:

• Relay Chain: The heart of Polkadot, accountable for the network’s distributed security, agreement, and cross-chain interoperability.
• Parachains: Main blockchains that utilize the transfer chain’s calculating sources to verify that transactions are safe and reliable.

The Efinity is a parachain that utilizes Polkadot Relay Chain validators. This enables Efinity to become a self-governing financial structure, data, and environment. The Efinity is trying to solve the current blockchain issues such as interoperability, scalability, agility, safety, isolation, and much more.

Efinity Token (EFI) is created for transaction charges, liquidity, and prizes. Highlighting community governance for EFI owners to offer and vote on plans to drive the prospect of the network.

Transactions are managed by the parachain's nodes, and the system issues EFI to users. The purpose of Efinity is to work as an NFT bridge. It doesn't want to be a general-purpose calculating blockchain. The network focuses on token making, transfers, and buying.

Efinity wants to give its users a strong set of instruments for building and placing bookings for any token. This feature promotes the growth of third-party apps utilizing Efinity to carry NFTs to other blockchains and NFT marketplaces. The important thing to note here could be that the network charges, marketplace fees, cross-chain bridging prices, and smart contract payments will be moved to the yield that can be obtained by staking and implanting Enjin Coin (ENJ) and competing in trading and finding NFTs. ENJ is a significant component of the project, enabling any user to choose the most suitable collator nodes that drive the Efinity blockchain.

The Efinity token can be purchased on the top cryptocurrency exchanges such as OKEx, ZT, Uniswap (V3), Gate.io, and Crypto.com Exchange.

Efinity is a part of Binance's DOT Slot Auction. This auction is a parachain auction. It utilizes a candle auction method to randomize the precise time the winner of an auction is decided. Projects need the largest DOT requests for the parachain slot, which can strongly be rented to grow as a Polkadot parachain, through doing "cross-chain". Slots can be rented for 3 months per period, with the highest term of 2 back-to-back years.

Now, the important question is will it really be listed on Binance? The answer to this question is NO. According to Binance's DOT slot auction page, for the trading and listing of tokens on Binance, these DOT tokens will have to face the corresponding stringent listing review method as Binance does for any other coin/token. The Binance further has said that carrying the DOT Slot Auction does not ensure or endorse the listing of tokens of the Polkadot parachain projects. 

Polkadot Network is closer to launch the long-awaited parachain functionality as it has finalized the first round of parachain slot auctions for its sister network Kusama. In this article, we talk about kusama parachain auctions.

Kusama (KSM) is known as a "canary network" for Polkadot and its big goals.

This means that Kusama is the testing ground for all the technologies that Polkadot will implement on the mainnet.

The fifth and final parachain slot auction, from Kusama's first batch of five parachain, ended on July 20 with Bifrost Finance as the winner.

The launch of parachain in Kusama is the culmination of a multi-stage process. It started with the launch of Kusama Chain Candidate 1 (CC1) in August 2019. In order to prepare for the first parachain slot auction in Kusama, several teams have already implemented parachain for testing and optimization in the Ro cocó and Westend testnets. 

Polkadot and Kusama Network support a limited number of parachain slots estimated at around 100. For this reason, interested projects are competing to win a parachain slot auction, using DOT or KSM tokens, to occupy a parachain slot on the Kusama platform. 

These slots will be leased to projects for a limited period of time: 48 weeks for Kusama and 2 years for Polkadot's main chain.

The auctions are conducted through a collective loan, where the work fanatics agree to block KSM on their parachain list in exchange for governance tokens.

Public auctions for Kusama's parachain collections began on June 15.

The DeFi Karura platform was the winner of the first parachain auction in Kusama. On June 22, Kusama announced on his Twitter account that Karura won first place.

The first auction took place over seven days, and Karura emerged victorious with a winning bid of KSM 501,137.66. It got its financing through a community-backed collective loan (Karura crowdfunded her winning bid).

Karura's Network is scalable and EVM compliant. Its DeFi platform enables users to trade, earn, lend, borrow, and much more with micro gas fees that can be paid with any cryptocurrency. Karura's suite of products includes a decentralized automated market-making (AMM) exchange called Karura DEX. This is a derivative of trustless staking called Liquid KSM (LKSM). The multi-sided kUSD stablecoin got backing by cross-chain assets.

Moonriver Network became the second real parachain in Polkadot's Canarian network, Kusama, by winning the second parachain auction.

On June 29, Kusama tweeted on his Twitter account that Moonriver became a second winner.

Around 6,000 network participants locked KSM tokens to support Moonriver's bid to win the second round of auctions.

Like Karura, Moonriver has been one of the most active projects in the Rococó testnet.

Shiden is the sister project of Polkadot's leading native layer 2 decentralized application hub, Astar Network (previously Plasm). After Karura and Moonriver, Shiden won the third parachain position in Kusama.

On July 6, Kusama announced on his Twitter account that Shiden won third prize.

Shiden protected the slot with a total of 137,020 linked KSM tokens, worth nearly $29 million at current costs.

Phala Network won the fourth Kusama parachain slot auction with 132,280 Kusama (KSM) contributed by 2,759 addresses. In this way, he became Kusama's fifth parachain.

Over 2,700 network stakeholders have blocked KSM to support Khala's actual addition to their network.

The news appeared on the Kusama Twitter account on July 13.

Raising over 139k KSM coins from over 5k unique addresses, the project, which allows liquidity staking on the Polkadot substrate, won the fifth and final Kusama Parachain auction slot.

The news appeared on the Kusama Network Twitter account on July 20.

With the incorporation of Bifrost, the first batch of Kusama parachains culminates. Before the second batch of five auctions begins, a pause should assess the overall performance of the network.