By
Steve Muchoki
May 6th, 2024
Efinity is a cross-chain NFT network powered by the Efinity Token (EFI) and built on Polkadot. The protocol is environmentally friendly, scalable, and designed to enable a future where NFTs are as widespread and easy to use as smartphones today.
CoinList, the token sale platform, and cryptocurrency exchange has announced the sale of Efinity Token (EFI) with registration opened ahead of the exercise slated for June 24, 2021. According to the official announcement, the sale registration will end on June 18 at 00:00 UTC, and participation from every country except the United States, China, Canada, and a limited number of jurisdictions whose laws do not permit such offerings.
The Efinity Token sale succeeds other iconic projects that have trailed similar paths through CoinList including Casper Network (CSPR), Mina Protocol (MINA), and Rally (RLY) to mention a few. The success rate recorded by CoinList for this presales has reaffirmed the new awakening amongst crypto investors for prospective projects with real-world use cases and potentials.
Here are the major highlights of the Efinity Token sale:
- Price: $0.20 per token
- Min/max: $100 min, $500 max
- Lockup: Tokens release linearly over 9 months starting August 4, 2021
- Supply: 100M tokens
- Funding Methods: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USDC
The scheduled public token sale will represent the fourth funding round from the Efinity team. Prior rounds include a Seed round in which the firm raised $3 million from 3% of the total supply, an Early round in which the firm raised $8.4 million at a valuation of $120 million fully diluted market cap, and a $7.5M Strategic Round bringing the valuation to $150 million. The firm was backed by investors including Crypto.com Capital, DFG, and Hashed amongst others.
Beyond the Efinity Token Sale: What Is the Tech on Offer?
Efinity is a cross-chain NFT network powered by the Efinity Token (EFI) and built on Polkadot. The protocol is environmentally friendly, scalable, and built to enable a future where NFTs are as widespread and easy to use as smartphones today.
The key highlights for the Efinity technology include simplicity. Fees for operating on the network are designed to stay in the background and end-users do not need a blockchain wallet to operate on the network. The simplicity is complimented with speed as transactions are confirmed in about 6 seconds. This will help in boosting the push for the mainstream adoption of the tech and its product offering.
Unlike Bitcoin (BTC), Ethereum (ETH), and other blockchains that reward miners, Efinity’s reward structure is for everyone. NFT creators, traders, developers, and early adopters are rewarded with the EFI token, in order to help boost Efinity’s growth and development.
As a protocol backed by Polkadot, any NFT from any chain to be moved to the network, supercharging it with next-gen features, low fees, and fast transaction times. Efinity will enable NFTs to be utilized by virtually any industry, unlocking trillions of dollars in currently illiquid and unique real-world and digital assets. Efinity employs a decentralized governance structure through the EFI tokens.
The protocol is built by the team behind Enjin, the blockchain firm that created the ERC-1155 token standard. The Efinity ecosystem comprises The Fabricant, Binance, OKEx, Polkadot, and Coincodex amongst others.