Metaverse project Enjin, which announced that it would switch to its own Blockchain network, brought a sharp rise in altcoin prices. In addition to the double-digit rally, the new Blockchain also attracts attention.
Metaverse market reacts to Enjin news
Enjin, one of the largest metaverse projects, has officially announced that it will launch its own Blockchain network. The project team plans to launch its own network called “Enjin Blockchain” on September 13. The announcement came from Enjin’s official X account in the past hours, and was followed by Crypto.com’s support announcement. Accordingly, Crypto.com will be one of the first exchanges to support the new network. The official announcements that boost the altcoin market are as follows:
https://twitter.com/cryptocom/status/1699376913892929603
Enjin-related altcoin prices skyrocketed!
Enjin, which has a large investor base in the altcoin sector, took action after the announcement. ENJ price increased by approximately 16% in a short time. It is currently trading near the $0.2626 region where it has retained most of its gains.
Another altcoin, Efinity (EFI), rose more than 50% after the announcement, reaching $0.0685. EFI is currently trading at $0.06349.
What’s next?
Meanwhile, in the official announcement, it was emphasized that the Efinity Matrixchain network will be integrated into Enjin Matrixchain. In this context, we should point out that investors can move ENJ tokens to Enjin Blockchain at a 1:1 ratio. Additionally, you can convert EFI tokens to ENJ at a ratio of 4:1 and transfer them to the new network.
Meanwhile, users will have the opportunity to participate in management and staking through the Enjin Wallet app. They will provide early participation rewards of up to 250,000,000 ENJ to community members who join the new Blockchain network and validator oversight early. Altcoin investors are enthusiastically celebrating new options on X.
https://twitter.com/enjin/status/1699240716894113991
Shortly after Enjin’s announcement, cryptocurrency exchange Crypto.com announced that it would support the migration of Enjin Blockchain. The Enjin team emphasized that the new Blockchain will provide easier accessibility to the Enjin ecosystem’s NFTs, develop a more independent structure, and has the potential to create a large community. As Kriptokoin.com, we will be providing the details on this page.
Efinity to Enjin
Meanwhile, Efinity Matrixchain will officially become Enjin Matrixchain. All data from Efinity will be inherited and all Substrate EFI will be automatically converted to native ENJ, ensuring a seamless transition. Once the integration is complete and all data has been transferred, Efinity will stop generating blocks. There will be a single unified Blockchain that the entire Enjin ecosystem can enjoy.
Staking and rewards
Finally, the project team promised up to 250,000,000 ENJ in rewards to new participants of the altcoin network. These incentives will only be available to those who contribute their ENJ before January 15, 2024. So you’d better join the candidate pool quickly.
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