Efinity (EFI) is a cryptocurrency token deployed on the Polkadot blockchain, designed to provide a modern, developer-friendly NFT experience. It aims to improve the user experience by shifting the focus away from transaction fees, enabling frictionless transactions and cross-chain interoperability. EFI is the main utility token on the network, used for transaction charges, prizes, and liquidity purposes, with a total supply of 2 billion coins.
Efinity (EFI) is a utility Paratoken deployed on the Efinity network, which is a Polkadot-based blockchain designed for digital assets. The EFI token serves several purposes:
- Transaction Fees: EFI is used to pay for transaction fees on the network. The cost of these fees varies depending on the type of transaction, such as transfers, bridges, bid orders, ask orders, and smart contracts.
- Governance: EFI holders can participate in the governance proposal submission and voting process directly from their wallets, influencing the direction of the Efinity network.
- Staking: EFI tokens can be staked to secure rewards for users.
- Purchasing Assets: EFI can be used to purchase assets, including NFTs, on the Efinity Marketplace.
- Fuel Tanks: Developers can deposit EFI tokens in Fuel Tanks to subsidize transaction costs for their clients.
- Delegation of Transaction Fees: EFI enables a third party to accept responsibility for fees prior to broadcast, making it advantageous for businesses and producers who want to cover transaction expenses for their users.
- Efinity Swap: EFI facilitates frictionless automatic conversion of paratokens into other paratokens to fulfill active ask and bid orders involving other paratokens.
Overall, the EFI token plays a central role in the Efinity ecosystem, supporting various activities and transactions within the network.
To store Efinity (EFI) tokens, you have several options:
- Ledger Wallet: You can store EFI tokens on Ledger under the ETH ERC-20 token wallet.
- Coin98 Wallet: Once supported, you can store EFI tokens on the Coin98 Wallet.
- Atomic Wallet: Download the Atomic Wallet app for desktop or mobile to manage your EFI tokens securely. This wallet supports over 1000 other coins and tokens, offering features like private keys encryption, 24/7 support, and no registration or KYC requirements.
These wallets provide secure and convenient ways to store your EFI tokens.
To buy Efinity (EFI) tokens, follow these steps:
Choose a Reliable Exchange: Select a trusted and reputable cryptocurrency exchange that supports Efinity (EFI) trading. Some popular options include KuCoin, Poloniex, and MEXC.
Create and Verify Your Account: Sign up for the chosen exchange and verify your email address, phone number, and identity. This process typically takes a few minutes.
Add Funds: Deposit money into your exchange account using methods such as bank transfers, credit cards, or other cryptocurrencies. Ensure you have sufficient funds to cover the purchase.
- Buy Efinity Token: Navigate to the exchange's trading platform, select Efinity Token (EFI) from the list of available cryptocurrencies, enter the desired amount, and confirm the purchase.
Alternatively, you can also use decentralized exchanges (DEXs) that support the Polkadot network. For this, you will need a compatible crypto wallet like Trust Wallet and follow the steps to connect it to the DEX and trade your Ethereum for Efinity Token.
Remember to always research the exchange and its fees before making a purchase, and ensure you understand the associated risks with investing in cryptocurrencies.
