Efinity Eyeing for the Fifth Spot on Parachain Auctions
- Polkadot native tokens (DOT) are required for Parachain auctions.
- Acala’s first Polkadot parachain garnered an estimated $900,692,652.
Polkadot creators Gavin Wood and Robert Habermeier initiated parachain slot auctions in the second week of November, and it is still running. The parachain auction will include four projects, with Efinity having the best chance of becoming the fifth Polkadot winner.
Efinity is aimed at businesses and developers that want a modern, mainstream, and developer-friendly NFT solution. Since Ethereum’s launch, efforts have been made to build infrastructure and tokenize it, but more is required.
Efinity is developing a new token standard compatible with Polkadot and Kusama. The first Paratoken will be EFI. Enjin (ENJ) created Efinity for interoperability and user experience. NFT also solves Ethereum’s scalability difficulties.
Polkadot Auction Rankings
Polkadot native tokens (DOT) are required for Parachain auctions. The most voted project wins. Four projects have four Polkadots now. Companies like Clover Finance and Litentry are vying for the fifth Polkadot parachain, alongside Efinity.
Acala’s first Polkadot parachain garnered an estimated $900,692,652. Moonbeam raised $990,550,100. Parallel Finance came in fourth, followed by Aster. They raised 10,751,519 ($297.817.066) and 10,333,552 DOT ($286.239.392) respectively.
Efinity is the most likely winner of the upcoming Polkadot parachain, but only time will tell. DFG donated 200,000 DOT to Efinity’s Polkadot crowd loan. This is the company’s second-biggest allocation to a parachain initiative. It now leads fundraising. The project presently has 6,418,556 DOT’s or $177,793,991, along with 6,000 signatures on proposals.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
