Proposal to Whitelist Efinity (EFI)

TL;DR

• Proposal to whitelist Efinity (EFI)
• Proposed co-investment is 200,000 BNT
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the Efinity project. It's developed by Enjin, an established project whose Co-founder & CTO, Witek Radomski, authored the ERC-1155 token standard.
• The benefit to Bancor is clear. An EFI pool will bring volume and awareness to Bancor, as evidenced by the popular ENJ pool.
• Enjin has been a long-term strategic partner of Bancor, and remains a contributor to the ecosystem over the entirety of Bancor’s product development history.

Token Address: 0x656C00e1BcD96f256F224AD9112FF426Ef053733

Project Websites:

• Enjin: enjin.io
• Efinity whitepaper: efinity.io

Token Security

The EFI token supply is fixed at 2,000,000,000.

The token was independently audited; results from the audit report are forthcoming and will be shared before whitelisting.

About Enjin

Enjin is the team behind Enjin Coin (ENJ). The team is expanding their existing blockchain product ecosystem with Efinity, a cross-chain NFT network powered by the Efinity Token (EFI) and built on Polkadot.

Enjin was founded in 2009 by Maxim Blagov and Witek Radomski. Over the next decade, they organically grew their first product, the Enjin Network, to over 20 million gamers worldwide.

In 2017, the company hosted a successful ICO of ENJ, and began pioneering a vision for non-fungible tokens (NFTs). The team authored the advanced ERC-1155 token standard, and launched the first NFT creation platform, which features a unique token infusion mechanism that now powers billions of digital assets.

Enjin's ecosystem features a full suite of products for utilizing NFTs:

• Enjin Platform: NFT minting platform that features a powerful API, Wallet Daemon, SDKs (Unity, Godot, Java, with C# and C++ in development), and plugins (EjinCraft plugin for Minecraft)
• EnjinX: blockchain explorer
• Enjin Marketplace: NFT marketplace
• Enjin Wallet: crypto and NFT wallet
• Enjin Beam: QR code-based service for distributing NFTs
• JumpNet: Fee-free, carbon-negative blockchain
• NFT.io: next-generation marketplace for NFTs (in development)
• Efinity: NFT blockchain built on Polkadot (in development)

Leading global brands such as Microsoft and Binance are using Enjin’s NFT ecosystem to engage and grow their audiences. Over 50 game and app developers are using Enjin to create and integrate NFTs, from open-world RPGs to augmented reality and sci-fi fantasy adventures.

ENJ Liquidity Pool

The ENJ pool is a Bancor veteran. ENJ liquidity providers have been loyal members of the Bancor community long enough to witness both the v2.0 and v2.1 protocol upgrades. The pool is among the most performant on the Bancor ecosystem, and has consistently maintained its status as the deepest pools on the Bancor Network.

At the time of writing, the ENJ pool has over $25.7M in liquidity, with 24H volume of $298k.

ENJ LPs have demonstrated a long-term commitment to the Bancor protocol, and this same community would make the EFI pool a success in the Bancor ecosystem.

The Efinity Project

Efinity is a next-generation blockchain for non-fungible tokens (NFTs) developed by Enjin. Enjin pioneered the NFT industry in 2017, authoring the advanced ERC-1155 NFT standard and launching the first NFT creation platform.

Built on Polkadot in partnership with Parity Technologies, Efinity is purpose-built for NFTs. As a cross-chain network, it will support tokens from any blockchain.

Efinity is environmentally friendly, scalable, and designed to enable a future where NFTs are as widespread and easy-to-use as smartphones today. It’s built for games, apps, enterprises, and individual creators to deliver their own NFTs to mainstream audiences.

EFI is the native token of Efinity, designed for transaction fees, liquidity, community rewards, and governance.

Development Progress

In Enjin's latest development update, the team noted the following progress related to Phase 1 of the Efinity roadmap:

"Internally, we have an early alpha of Efinity running, with the base features for creating and interacting with tokens:

• The multi-asset pallet for creating, minting, transferring, and burning tokens is 75% complete.
• The Paratoken standard , which will be interoperable with the entire Polkadot and Kusama ecosystem, is 50% complete
• Optimized batch and storage operations will allow up to 40 million NFTs to be minted or transferred in 1 transaction/block. The fee for minting or transferring millions of tokens is multiple orders of magnitude less than any Ethereum transaction, including ERC-1155 mints/transfers. Note: these numbers may vary slightly when Efinity is released.
• A REST API for interacting with Efinity, which can also be done with the official Polkadot.JS wallet."

Efinity will include various unique features, such as community governance (via voting), self-governed development (via EFI treasury), perpetual liquidity for crypto and NFTs (via Efinity Swap and marketplace price discovery), cross-chain interoperability (via Snowfork bridges), and easy on-boarding of new users (via Discrete Accounts and Fuel Tanks).

Tokenomics

Enjin is developing a new token standard called Paratokens, which will be compatible with the entire Polkadot and Kusama ecosystem.

As the first paratoken on the Efinity network, EFI is designed for transaction fees, liquidity, rewards, and community governance.

EFI also serves a purpose on Enjin’s JumpNet blockchain: by holding EFI on JumpNet (“JEFI”), users will be able to increase their transaction limits and continue enjoying instant, free NFT, and ERC-20 token transfers on-chain.

The total supply of EFI is 2,000,000,000 tokens, distributed as follows:

• Public Sale: 5%
• Seed Round: 3%
• Strategic Round: 5%
• Early Round: 7%
• Staking & Pools: 15%
• Ecosystem: 35%
• Team: 10%
• Company: 20%

Community and Communication

Enjin is active on Twitter, Telegram, Reddit, Facebook, Discord, Instagram, YouTube, WeChat, LinkedIn.

Witek Radomski, the co-founder and CTO of Enjin, is the project’s main spokesperson, along with Caleb Applegate, COO.

The Enjin website includes a mailing address in Singapore, as well as the following contact e-mails:

• Mailing: Enjin Pte Lte, 16 Raffles Quay #33-03, Hong Leong Building, Singapore, 048581
• User support: support@enjin.io
• General and business inquiries: contact@enjin.io

Audits

The EFI token and vesting have been audited by Securing. Results from the report are forthcoming.

Within the Enjin ecosystem, independent audits have also been performed for the Enjin Wallet (ORU Security, 2018), JumpNet (Securing, June 2021), Enjin Coin (Callisto, 2019) and Enjin Coin Token Sale (Matthew Di Ferrante, 2017).

Enjin also maintains an open bug bounty program.

Market and Trading Data

• Max Total Supply: 2,000,000,000
• Private Sale Price: $0.03-$0.075
• Public Sale Price: $0.20
• Token listings: EFI will be listed on exchanges beginning on August 4, including CoinList, with others TBC.

Benefits for Bancor

The EFI token launches on exchanges on August 4.

As one of the first liquidity pools for EFI holders, Bancor has the opportunity to capture a significant portion of its potential volume. The Bancor pool will be highly attractive to EFI token holders during their 9-month vesting period and beyond.

Enjin is a long-term strategic partner of Bancor, having integrated Bancor in the Enjin Wallet in-app exchange, and featuring it on the Enjin Wallet DApp Browser (the app has been downloaded more than 2.3M times). Enjin has a robust community of supports and token holders, with several sub-communities via the 50+ games and apps that have adopted Enjin.

Enjin will work with Bancor to market the existence of the EFI pool to our new EFI token holders (40,000 from the public sale alone), as well as promoting it to the large, existing community of ENJ holders (129,000+).

As one of the first long-term opportunities for EFI holders have to earn rewards on their ENJ, the Bancor pool will be highly attractive to EFI token holders during their 9-month vesting period and beyond.

Voter Incentives

5 randomly drawn voters will receive their choice of Enjin t-shirt, hat, or mug from the Enjin Merch Shop.