SINGAPORE, May 09, 2022 (GLOBE NEWSWIRE) — Today, AscendEX is excited to announce the forthcoming listing of two tokens, the Enjin token (ENJ) under the trading pair (ENJ/USDT) and the Efinity token (EFI) under the trading pair (EFI/USDT) on May 10th at 1 P.M UTC.
Launched in 2018, AscendEX is a global cryptocurrency exchange, servicing over 1 million retail and institutional clients globally, through its comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. With both Enjin and Efinity built on Polkadot, AscendEX signals an entry point for investors looking to get involved in the Polkadot ecosystem.
Enjin’s Platform Powering Digital Assets
Enjin is a product ecosystem that is helping create advanced virtual economies through the power of blockchain technology. The Enjin Platform, Wallet, Marketplace, Explorer, and Beam make up an integrated blockchain ecosystem, and provide the tools and solutions developers and businesses need to tokenize NFTs and integrate them into software. Enjin’s blockchain ecosystem supports projects across gaming, metaverse, virtual reality, collectibles, digital fashion and more. Pioneering creators, developers, and companies like Microsoft (Azure Heroes), Samsung (Samsung Blockchain Keystore), and BMW (Vantage), have integrated Enjin’s products and services already.
With Enjin, users can create as many wallets as they need, from a daily expense or savings wallet to a dedicated wallet for blockchain gaming and trading NFTs. Users can import old wallets and easily track hardware wallets, like Trezor or Ledger.
As of July 2021, ENJ had a market cap of $1.5 billion, with over $800 million held by more than 125,000 ENJ token holders worldwide. ENJ recently made headlines as the first gaming token to be approved for use in Japan under the JVCEA, after receiving approval from Japan’s financial regulators to be listed on CoinCheck in January 2021.
Efinity’s Purpose-built NFT Experience
In collaboration with the Web3 Foundation, the Enjin platform is being used to power Efinity, a next-generation blockchain for NFT, built on Polkadot. Efinity is not a general computing blockchain, but a NFT highway that prioritizes Token creation, transfers, and purchases on the network. A benefit to using Efinity’s platform is their focus on allowing users to experience their favorite collectibles, without worrying about transaction fees and how the network operates.
The Challenge with the NFT Landscape
The current landscape requires Creators to work with crippling fees, inflexible smart contracts and disjointed interoperability and adoption of NFTs is still limited to crypto enthusiasts. The blockchains that non-fungible tokens live on give actual users no incentives, because miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls, and it becomes difficult to make real progress in this industry. Efinity was built to solve these problems, by compensating network participants with the EFI token.
Businesses and developers require a platform that can deliver a modern, mainstream and developer-friendly NFT experience. Since the release of Ethereum, there have been attempts to build infrastructure and tokenization around this general-purpose computing blockchain, but there continues to be an ever-growing desire for a better solution.
Efinity’s Solution to Enhance the NFT Experience
Efinity will be a hub for all fungible and non-fungible tokens. The Efinity blockchain is a parachain that uses Polkadot Relay Chain validators for its consensus, which allows Efinity to have an independent economic framework, data, and state. The Paratoken standard accepts tokens from any other chain, including the popular ERC-721, ERC-1155, and ERC-20 standards. The network that solves the challenge of facilitating the pricing and exchange of NFTs will naturally gain traction because it will create network effects by attracting increasing volumes of transactions. Tokens don’t need to be listed for sale or even exist on the network to receive a bid. In fact, users can be compensated for initiating Bid Orders or Ask Orders and stimulating network usage by initiating transactions which may be completed by other users.
This mechanism will naturally attract buyers and sellers to join the platform and create network effects by incentivizing users to initiate transactions. This functionality is intended to be further developed by third party apps that facilitate transfers within other platforms including games that function as NFT Marketplaces.
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