Built on Polkadot, Efinity is a parachain for trading both Fungible and non-fungible tokens. As an NFT marketplace, it facilitated users to ask and bid. And tokens created on other chains (for example, ERC-20, ERC-721, and ERC-1155 on Ethereum) can be imported to Efinity using a bridge. Efinity’s purpose is to be an NFT highway, not a general computing blockchain. Token creation, transfers, and purchases are the network’s priority.
Efinity Token ($EFI) is used for all transaction fee payments on the Efinity network. Ethereum and Bitcoin reward miners with coins for securing the chain, but there aren’t similar incentives in the NFT industry to fuel growth and development. Efinity compensates network participants with the $EFI token in the following scenarios:
- Collator Nodes who run the network.
- Users who govern the direction of the network.
- Buyers and sellers who facilitate price discovery.
- Developers who propose projects built on Efinity are eligible for grants from the Community Pool.
- Early adopters and creators increase their token value with bonding curves and liquidity.