Efinity Token

What is EFI and how Does It Work?

Efinity Token (EFI) functions as a fuel token, essential for aspects such as transaction fees, liquidity provision, and rewards distribution. Its functionality emphasizes prompt transaction processing, maintaining an operational speed geared towards the needs of its users. EFI applies a deflationary token structure, routinely adapting its total supply. Recognized for its functionality and its role as the foundation of the Efinity Governance system, EFI offers holders the ability to influence through vote proposals, which can be directed towards the sustained evolution of the network. Its creation is credited to Maxim Blagov, a computer scientist with significant expertise in various tech-heavy sectors, particularly the interactive apps and video game industry.

The Vision and Mission Behind EFI

EFI operates within the Efinity ecosystem, an innovation intended to address challenges within the token space and decentralized gaming realm created by the Enjin team. Efinity distributes NFTs to mainstream audiences. This creation is part of Polkadot's parachain technology devised in conjunction with Parity Technologies and Web3 Foundation. In terms of infrastructure, Efinity managed to win a parachain auction and launched its own parachain on the Polkadot Relay Chain. The prime focus of Efinity lays with the spread of NFTs and easing transactions for low costs. For those with EFI, multiple roles exist within the Efinity ecosystem that include joining governance occasions and gaining network proceeds. Additionally, EFI primarily functions for NFT.io, a multi-chain NFT platform and marketplace arranged by Enjin. Network participants may also receive benefits via the JumpNet, a system that allows for cost-free trading and account origination.

How to Buy and Store EFI?

To purchase EFI, Flooz.xyz offers a streamlined process that allows traders to buy the token using a smooth checkout, without the need to own a wallet. Tap tap go! All payment methods are supported. Using Flooz self-custodial web wallet, you can ensure seamless EFI transactions, including storing, sending, and receiving tokens. You can create a self-custodial wallet directly on Flooz using your email, Google, and Apple ID in a matter of seconds. This also ensures that you have access to your funds at all times, thanks to the power of cryptography. Flooz.xyz aggregates more than 50+ providers to ensure you with the fastest and cheapest payment routes for your trades. This seamless and optimized trading experience has captivated over 85,000 active traders on Flooz.xyz.

EFI Metrics:

• Current price: $0.0121

• Market cap: $1.05 M

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $30

Exploring EFI Financial Mechanics

EFI, developed by Enjin and built on the Polkadot network, enhances the user experience of token governance, facilitating users in creating, distributing, transferring and acquiring Non-Fungible tokens (NFTs). EFI offers functionalities like transaction fee delegation, smart contracts, fuel tanks, crafting, discrete accounts, and native multisig, among others. The token facilitates efficient transaction confirmation times and high capacity. Efinity's protocol involves validators and other participants, operating with the support of Enjin Coin (ENJ). Fees associated with network transactions cater to cross-chain bridging expenses and other functionalities. The platform addresses critical blockchain issues like interoperability, scalability, speed, privacy, developability, and governance. Additionally, it awards those staking ENJ tokens and appreciates patronage from a myriad of participants. The EFI token is employed in several ways and adheres to a fundamental distribution process. The Efinity protocol operates within the framework of the Polkadot parachain ecosystem. Assets on Efinity can be traded in multiple formats.

Advanced Insights: Mining and Ecosystem

EFI is a token intertwined with the NFTs (NFTs) component of the token asset space. Anchored on the Enjin Blockchain, it facilitates integration for games and applications. Within the Efinity network and ecosystem, different engagements with ENJ, and in-depth investigation of NFTs occurs, without offering any assurances to those involved. By working under a proof-of-stake system with Enjin nodes in the validating position, EFI has the goal to curtail transaction fees and support activity on proof-of-work blockchains. Looking forward, EFI has the intention of accommodating both fungible and NFTs, facilitating the pricing and exchange of NFTs, elevating transaction volume, and promoting network effects. In the backdrop, Witek Radomski, someone pivotal to the development of the ERC1155 token standard, has played a role with Enjin Coin's integration into the Enjin team. Additionally, EFI boasts a framework that utilizes Efinity Swap Technology for efficient paratoken exchanges. The EFI token squares with the architecture of the Efinity's parachain, being reliant on Polkadot Relay Chain validators for consensus.