What is Efinity (EFI)?

What is the altcoin Efinity (EFI) that analysts expect to gain 100x? Why are analysts so excited about this project?

Efinity managed to sell $20 million worth of tokens in less than 3 hours. In a sideways trading market, this feat was remarkable and made Efinity a force to be reckoned with. On the other hand, it's not surprising given that Efinity was developed in 2017 by Enjin, the pioneers of the NFT industry and the authors of ERC-1155 (the groundbreaking NFT token standard). Therefore, before we start talking about Efinity, it is important to understand Enjin, one of the first NFT creation platforms. In the summer of 2018, Enjin officially launched the Enjin platform on the Ethereum mainnet. As a free-to-service platform, Enjin allows other game developers to issue exchangeable and immutable assets as in-game Ethereum tokens. Since then, Enjin has evolved as a complete ecosystem for NFT tools designed to facilitate the creation, distribution, storage and integration of both tradable and fiat Blockchain assets. Enjin's integrated Blockchain ecosystem consists of:

• Enjin Platform
• Enjin Wallet
• Enjin Marketplace
• Enjin Explorer
• Enjin Beam

Enjin - in collaboration with the web3 foundation - is building Efinity on Polkadot. Efinity is a next-generation blockchain under development on Polkadot. Capable of processing 700-1,000 transactions per second (TPS), Efinity is a huge improvement on NFTs traded on the Ethereum network, which is currently bottlenecked at around 15 TPS. Each Efinity transaction is confirmed in 6 seconds, making NFT transactions suitable for mainstream applications. The Efinity Token (EFI) is used for all transaction fee payments on the Efinity network.

Why Is This Week Important for Efinity?

The very successful token registration event on Coinlist in June 2021 paved the way for Enjin to raise $21 million. Over 100 million EFI tokens were sold at a unit price of $0.20, but they were not distributed. On August 4, 2021, 10% of these 100 million EFI tokens were released. This means that there will be 10 million EFI tokens available for trading on the market, although it is not yet known on which exchanges they will be available. However, based on Coinlist's listing history, we can try to make some educated guesses about its post-release price. Solana's registered sale event was held on Coinlist on March 24, 2020 at $0.22 per SOL. On April 10, 2020, SOL was listed on Binance. In the first few hours of trading, SOL climbed more than 500% to $1.33 after the open. When a potential project makes a sale on Coinlist right after the token distribution, the price seems to skyrocket. Therefore, Altcoin Buzz analysts are expecting a boom in altcoin.