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Efinity Looking for a Batch 1 Slot in Polkadot’s Parachain Auctions

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With an uphill battle ahead of them, Enjin remains optimistic in their journey for their Efinity network to clinch the fifth spot in the first batch of Polkadot’s parachain auctions. With 2 million DOT staked (~$80 million), Efinity currently sits at 7th place, trailing Manta Network and Clover Finance by about 1 million DOT. 

According to Alenn, an admin in Enjin’s Discord server, Enjin is still gunning for a slot at the first batch, but “We’ll definitely go for the second batch if we don’t get a slot for this batch,” they said. 

The Polkadot Network

Polkadot’s network relies on a series of companies looking to essentially rent space in Polkadot’s main Relay chain, constructing their own individual blockchains that will use the Relay chain’s validators and security while they can focus on scale.

There are only 100 slots available in the Polkadot network as of now, and these auctions will determine which company will be given a parachain in the network. Users can stake their DOT in order to pledge their support for a parachain, and in exchange receive their coins. In Efinity’s case, 10% of the EFI supply will be allotted to stakers.

New Partnerships

To drum up support, Enjin has been pursuing partnerships with some bigger names in the crypto ecosystem, and listing the crowd loan on as many exchanges as possible. The most recent edition was Bitmart on November 29, who is celebrating the listing with an airdrop to Twitter followers today through December 14. 

There was a flurry of exchanges announced as well, including Gate.io, Binance, Kucoin, Bifrost and ParallelFi to name a few.  

While the exchanges mark helpful ways for any investor to accrue EFI in exchange for DOT, individual backers alone likely wouldn’t be able to seal the deal, and large investment firms are needed to beef up the crowd loan. A significant investment of 200,000 $DOT ($7,200,000) came through November 26 from DFG, an investment group focused on blockchain. 

“There has been no designated blockchain for NFT users so far, due to the chaos among ecosystems, the poor user experience, and the undeveloped technology…The presence of Efinity shows us a fresh mindset of solving this sore point within the industry,” said James Wo, the DFG founder and CEO in a blog post last Friday. 

DFG also invested 300,000 DOT in Astar’s crowd loan – currently in third place and heavy favorites for the third spot, which will be decided December 2. They were also the fund responsible for the start of Polkadot’s ecosystem fund in 2020. 

In addition, Enjin has been reaching out to crypto influencers, making partnerships with some of the bigger names like Bitboy and Altcoindaily to attract new investors. 

With Bitboy, there were some NFTs involved. Efinity crowd loan supporters were rewarded with Pluto Alliance NFTs, though the partnership was controversial for some.

Some members of the community praised the move as a good way to get eyes on the crowd loan. 

 

Bitboy has a large audience, but has been criticized in the past for shady tactics. He’s an off-putting character to some in Enjin’s community, many of whom called him “shillboy” or some equivalent in the Twitter replies.

Enjin’s Latest NFT Collection: Degens

Alongside the partnerships and promotions was the announcement of Enjin’s own NFT collection: Degens. In their Tweet they dutifully asked, “Are you a Degenerate?” before describing the collection, which will arrive soon on their NFT.io marketplace

The last few auctions are fast approaching, and we’ll be waiting to see if Enjin and their community’s efforts will bear fruit in Polkadot’s first batch. Regardless, it’s looking likely Efinity will nab a parachain slot in the near future, marking the beginning of one of the first networks built exclusively for NFTs.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.




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