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Efinity Wins Polkadot’s sixth parachain Auction

Efinity joins the ranks of Acala, Moonbeam, Astar, Parallel Finance, and Clover Finance as winners of the Polkadot parachain slot auction.

Then, Contributors and investors vote by staking Polkadot’s native cryptocurrency–DOT–in order to win the auction.

Therefore, Efinity secured its seat with 7.7 million DOT given by over 20,000 community members, according to Enjin’s Twitter statement, guaranteeing its place in the developing ecosystem.

“With 7.7M $DOT contributed by over 20,000 community members, @efinityio has won the 6th @Polkadot parachain auction! 🎉”

“Thank you to everyone who has supported us in our endeavor to bring #NFTs to Polkadot.”

“To Efinity and beyond!” — Enjin | We’re Hiring! (@enjin) December 30, 2021

More so, Efinity, along with the other winners from auctions six through eleven, will begin leasing in March 2022, according to Polkadot’s Twitter statement.

“Congratulations to @efinityio on winning Polkadot’s sixth auction!”

“Enfinity will be onboarded at block #9,388,800 [roughly March 11,2022] at the beginning of lease 7 with the other winners from auctions 6-11. Over 8.6K network stakeholders locked up DOT in favor!” — Polkadot (@Polkadot) December 30, 2021

Also, Polkadot parachains are self-contained Layer-1 blockchains that are linked to. Then, and secured by the main relay chain via leased slots that last up to 96 weeks.

Then, This implies Efinity will have access to Polkadot’s validators for about two years. With the option to extend the contract.

So, Efinity has joined the Polkadot ecosystem as a cross-chain network that will help with NFT pricing and exchange.

Lastly, The network will process 700–1.000 transactions per second, according to existing standards.

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