What is the EFI token used for?

How the EFI token is used. Efinity is a Polkadot parachain that enables cross-chain transfers and seamless integration of NFTs.

What is the EFI token?

EFI is the native token of Efinity blockchain.

What is the EFI token used for?

  • Transaction fees on the network
  • Incentives
  • Governance

What is EFI?

Efinity is a Polkadot parachain meant to enable cross-chain transfers and seamless integration of NFTs for applications.

How does Efinity work?

The blockchain introduces paratokens – NFTs, groups of NFTS, EFI or any bridged token.

Collators

  • 10 active nodes maintain network and state.
  • Earn rewards from Collator pool.
  • Need to stake ENJ
  • Do not earn rewards when offline
  • If offline over a period of time the next in line with highest ENJ stake takes their slot.
  • EFI stakers delegate toward a collator of their choice.

EfinitySwap – Native marketplace

Efinity features automated conversion that completes bids or asks for any paratoken.

  • Anyone can place a bid for an NFT in another NFT, EFI or any bridged token.
  • The NFT or NFT group doesn’t have to be bridged or exist to have a current bid.

Native multisig

Transactions can include a signature for another wallet to pay for transactions. This enables applications to easily subsidize transaction fees for users.

Fees

  • Orders have a 2.5% transaction fee and are distributed to pools on the network.

Pools

  • Collator – Rewards to Collators.
  • Community – Ecosystem funds.
  • Price discovery – Distributes EFI to Top bids for each Paratoken until filled or overtaken by other bid.
  • Fuel tank – May be used for EFI transaction fees.

On-chain price discovery incentive

The highest bid on any token receives a share of fees and earns weight in the Price Discovery Pool for a given token.

Governance

Voters may receieve a small reward in EFI to incetivize participation.

EFI Tokenomics

Total supply: 2 000 000 000

Distribution

  • Ecosystem – 35%
  • Staking – 15%
  • Company – 20%
  • Team – 10%
  • Seed round – 3%
  • Early round – 7%
  • Strategic round – 5%
  • Public sale – 5%

EFI token sale

  • Seed sale price: $0.05
  • Early round price: $0.06
  • Strategic round price: $0.075
  • Public sale price: $0.20

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