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March 31, 2021

Efinity

A next-generation blockchain for non-fungible tokens (NFTs), built on Polkadot.

Written by
Tassio Rafael
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Efinity is a next-generation, cross-chain network for non-fungible tokens (NFTs).

Purpose Built for NFTs

Built as a parachain on Polkadot, Efinity is a fully decentralized network that aims to solve the largest issues faced by blockchains today:

  • Fees: Transaction fees on Efinity are designed to stay in the background, and allow users to experience their favorite NFTs without worrying about how the network operates.
  • Interoperability: Efinity will be a hub for all fungible and non-fungible tokens. The Paratoken standard accepts tokens from any other chain, including the popular ERC-721, ERC-1155, and ERC-20 standards, which can be ported to Efinity using a bridge.
  • Scalability: Efinity will process up to 700-1,000 transactions per second (TPS) based on current benchmarks; in comparison, the Ethereum network currently runs at around 15 TPS. Optimizations to the Efinity and Polkadot runtime code may lead to future increases in TPS. Transactions are confirmed in 6 seconds, which permits fast response times needed for mainstream applications.

Efinity's native token, EFI, will be the first ever paratoken, used to pay transaction fees, reward network participants, vote in governance events, and maintain liquidity of fungible and non-fungible tokens on the network.

Features

Efinity is packed with a variety of new token features and functionalities, including:

  • Discrete Accounts
  • Fuel Tanks
  • Crafting
  • Efinity Swap automated market maker (AMM)

Efinity will also become the world’s first trustless token marketplace that rewards anyone providing liquidity for NFTs.

Whitepaper

More information about Efinity can be found in the whitepaper.

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