Enjin’s Efinity Won Polkadot’s Sixth Parachain With $214M Raised

Enjin’s Efinity Won Polkadot’s Sixth Parachain With $214M Raised

Enjin is wrapping up 2021 in grand style as its scalable, decentralized, and cross-chain NFT infrastructure, Efinity, emerged as the winner of Polkadot’s last parachain auction for the year.

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! pic.twitter.com/n2ffJEr53C— Enjin | We’re Hiring! (@enjin) December 30, 2021

Over $214 Million Raised

Efinity won the sixth parachain slot after raising almost 7.7 million DOTs worth over $214 million from more than 8,600 stakeholders who locked their funds in favor.

Congratulating the project for the win, Polkadot noted that Efinity will go live on March 11, 2022, at the beginning of lease seven, alongside the winners of the following five auctions that will be held before the onboarding.

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! pic.twitter.com/vTKqR3XyhX— Polkadot (@Polkadot) December 30, 2021

Building the Next-Generation NFT Marketplace

Efinity is a project developed by blockchain gaming company Enjin as a cross-chain NFT infrastructure that creates ecosystem interoperability and incentives for users that engage with NFTs.

With nearly all the previous winners of Polkadot’s parachain slots DeFi-related, Efinity believes that “the interconnected blockchains – and indeed the world – needs an updated network for sharing digital assets.”

The cross-chain network describes itself as “the next-generation NFT marketplace.” It aims to leverage Polkadot’s ecosystem to build a decentralized metaverse that will allow users to exchange and transfer non-fungible tokens across blockchains.

Polkadot’s Parachain Slot Winners

Polkadot started its parachain slot auction on November 11, 2021, after years of planning. Parachains are an integral component of the Polkadot structure, and they represent custom and project-specific blockchains integrated within the network.

Since the auction commenced, Polkadot has conducted six auctions, with the winners being Acala, Moonbeam, Astar, Parallel Finance, Clover Finance, and most recently, Efinity.

With an estimated 100 parachain slots available on Polkadot, winners will be able to connect to the network by leasing a slot on the Relay Chain for up to 96 weeks with an option to review.

Meanwhile, Polkadot’s seventh parachain auction is scheduled for January 7, 2022.

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