What is Efinity Token (EFI)?

Efinity or EFI (EFI/USDT – trade it here) is a future oriented blockchain built on Polkadot for digital assets. It aims to provide a modern, developer-friendly NFT experience. Although there have been attempts to build infrastructure and tokenization after the launch of Ethereum, there’s still a need for better solutions. In this article, I will cover everything you need to know about Efinity, plus a guide on how to buy EFI tokens.

efinity efi
Efinity (EFI) Logo

The existing blockchain network is split up by various rivals who fight to become the industry’s dominating player. The competition makes it difficult for the Metaverse to expand further. Virtual reality is used to construct the Metaverse, a digital ecology.

Efinity’s top priorities are NFTs and various kinds of token production and transfers. More than that, platform activities keep transaction fees in the background. Users are given a better experience without having to comprehend the workings of the network by shifting the emphasis away from transaction fees. Efinity wants to increase the number of completed transactions by providing a better user experience.

Highlights of Efinity

There are some essential features make Efinity special to investors. See below for more detail:

  • Fuel Tanks. For transaction fees only. Developers can deposit EFI tokens in a Fuel Tank to subsidize costs for their clients.
  • Delegation of transaction fees. A transaction may include a fee payer signature, enabling a third party to accept responsibility for fees prior to broadcast. For businesses and producers that want to cover transaction expenses for their users, this is quite advantageous.
  • Efinity Swap. It is an automated conversion mechanism that makes it easier to exchange paratokens by enabling frictionless automatic conversion of paratokens into other paratokens to fulfill active ask and bid orders involving other paratokens. These swaps became possible through the use of active bid and ask orders.

What is Efinity Token (EFI)?

EFI is the main utility Paratoken deployed on the network. The cost and distribution of transaction fees depend on the type of transaction. Prices for transfers, bridges, bid orders, ask orders, smart contracts, and other transactions will vary based on the amount of processing required and the network benefits they provide.

For every other NFT or other digital token that has been bridged onto the network, every asset on Efinity is exchangeable. For instance, since both Paratokens are interoperable, you can swap a coin like ETH for a non-fungible token. This feature makes it easier to create third-party applications that use Efinity to move NFTs to other blockchains, such as NFT marketplaces and exchange platforms and blockchain-based games on other networks.

Using decentralized on-chain trading systems, users can exchange all tokens on Efinity for other tokens. Every EFI holder will be able to participate in the governance proposal submission and voting process directly from their wallet, helping to shape the direction of the Efinity network.

Tokenomics of EFI

The maximum supply of EFI is 2 billion coins. 15% of the overall supply of EFI are for automatically reward collators and pools for their valuable labor on the network, including network upkeep, transaction processing, and the creation of new modules and network expansion projects. This fraction will gradually become available over a period of years, until the whole supply of tokens is attained.

How to buy Efinity tokens (EFI)?

You can buy EFI on MEXC by the following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “EFI” using the search bar to see the available trading pairs. Take EFI/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of tokens you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy EFI] to confirm your order. You will find the bought tokens in your Spot Wallet.

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