• Tue. May 28th, 2024

Efinity is Nominated as the Winner of Polkadot’s Sixth Parachain Auction

Hassan Mehmood

ByHassan Mehmood

Feb 23, 2022

Efinity is a scalable, decentralized, and cross-transactions minting platform that promotes NFT harnessing. Polkadot recently conducted its 6th round of Parachain slot auctions at the weekend and nominated the winner recently. The emergence of the newly appointed candidate has created speculation in the market.

For Batch 2, Polkadot developers nominated Efinity as the final choice. During the 5th parachain slot auctions, Efinity was outnumbered by Clover. However, the token promised to make a comeback and has finally made it. For reaching the top position, Efinity managed to get 7.6K million DOT tokens to raise. It seems that all the community members do not share the same optimism about this choice.

A recent report published by Chainalysis pointed out that there is currently $26.9 billion worth of cryptocurrencies locked into ERC-1155 and ERC-721 contracts. Both these types of tokens are usually associated with the NFT minting process. Efinity is a project developed by Enjin; meanwhile, it is often described as the NFT superhighway.

At the moment, the Polkadot community is comprised of 20K active members. Most DOT enthusiasts are bullish on the NFT marketplace. Meanwhile, some stakeholders are eager to get started with the Metaverse integration, but they will have to wait for a few months first. Therefore, Polkadot took the opportunity to work with Efinity.

On the whole, the investment sentiment is connected to the weekly inflows and outflows for Polkadot during the last few months.

Another leading parachain project leading the market is Composable Finance which raised 4.24 DOT tokens. There are also more projects like Astar, Clover, Moonbeam, Acala, among others, that are closely following DOT on the parachain auction.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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