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Enjin Raises $18.9 Million Funding to Launch New NFT Blockchain on Polkadot

Enjin Raises $18.9 Million Funding to Launch New NFT Blockchain on Polkadot

The gaming-focused blockchain platform, Enjin, raises $18.9 million for its new NFT blockchain platform. In a tweet, Enjin introduced Efinity, a next-generation blockchain developed for NFTs on the Polkadot ecosystem. The firm raised $18.9 million to fund the new venture in a round led by Crypto.com Capital, DFG Group, and Hashed. Other participants involved Hypersphere, BlockTower, Fenbushi, Blockchain.com Ventures, DeFi Alliance, Iconium, HashKey, Arrington XRP Capital, and several celebrities and individuals.

Efinity will facilitate highly scalable transactions for games, enterprises, apps, and creators. Conversing about the new NFT blockchain’s technical specifications, the declaration stated that Efinity would possess an initial throughput capacity of processing transactions in six seconds. The project team intends to employ PoS (proof-of-stake) consensus to accomplish scalability to the number of 1,000 transactions per second. The Efinity blockchain will operate on Substrate, which powers the Polkadot ecosystem, with extension support from the firm behind Parity Technologies’ network.

Enjin Plans to Launch JumpNet and Paratoken

Enjin also explained the reason behind choosing Polkadot over Ethereum, elucidating that it developed Efinity to supercharge Ethereum NFTs from any blockchain. In enhancement to Efinity, it also plans to launch a platform named JumpNet on April 6 as a high-speed bridge network that will provide free, instant on-chain transactions of Enjin Coin (ENJ) ERC-1155 tokens. Enjin is also producing a new advancement of its ERC-1155 NFT standard, described Paratoken. Moreover, the cross-chain token will be the link for any fungible or NFT employed in the Polkadot ecosystem. 

Furthermore, Efinity will expand the Enjin coin and Polkadot network’s utility as it will open up liquidity and connect a broad ecosystem of creators, sellers, and buyers. The Efinity blockchain will also possess its native token named Efinity Token (EFI). Enjin Coin holders can stake ENJ to receive EFI, which works as the fuel to processing transactions on the new NFT network. EFI will also assist as the governance token for the Efinity community. Enjin’s native token, EJN, surged 9.5% on the notification to reach a twelve-day high of $2.62. Across the past 30 days, EJN has made a massive 260% and hit an ATH (all-time-high) of $3 on March 16.

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