According to the Efinity (EFI) team, Efinity (EFI) tokens will be swapped for Enjin Coin (ENJ) at a ratio of 4:1. Gate will support this token merger and provide token swap services to its users. If your Efinity (EFI) tokens are currently on Gate, you don’t need to do anything in particular.
Swap ratio: 4 EFI : 1 ENJ
Details:
- Before September 14, 2023, 03:00 A.M. UTC, Gate will disable new margin borrowing and crypto loan services for Efinity (EFI).
- On September 15, 2023, 03:00 A.M. UTC, Gate will suspend the deposit, withdrawal, and trading services for Efinity (EFI), including liquidity mining, quant trading, Lend & Earn, and margin trading.
- Users who have in-progress Efinity (EFI) quant trading should adjust their trading strategies beforehand. Otherwise, the strategies will be terminated automatically before September 15, 2023, 03:00 A.M. UTC.
- Users who still hold assets in Lend & Earn may manually redeem them in advance. Otherwise the assets will be liquidated before September 15, 2023, 03:00 A.M. UTC.
- Users who have outstanding Efinity (EFI) loans in the margin trading market should repay the loans in advance. Otherwise, the loan will be settled automatically before September 15, 2023, 03:00 A.M. UTC.
- Users who have provided liquidity for Efinity (EFI) in the liquidity mining pool should withdraw the liquidity in advance. Otherwise the liquidity will be automatically redeemed before September 15, 2023, 03:00 A.M. UTC.
Tokenomics:
Total Supply of EFI tokens: 2 billion
Initial Total Supply of ENJ tokens: 1.75 billion
Allocation of EFI Tokens:
Ecosystem - 35%
3% unlocked at TGE
Remaining 32% linearly vesting over 36 months.
Company - 20% linearly vesting over 60 months
Staking & Pools - 15% irregularly vesting over 8-10 years
Year 1: 2.85%
Year 2: 2.55%
Year 3: 2.25%
Year 4: 1.95%
Year 5: 1.65%
Year 6: 1.35%
Year 7: 1.05%
Year 8: 0.75%
Year 9: 0.45%
Year 10: 0.15%
Team - 10%, 12 months cliff, linearly vesting over 36 months
Early round - 7% (Unlocked in full)
Seed round - 3% (Unlocked in full)
Strategic round - 5% (Unlocked in full)
Public sale- 5% (Unlocked in full)
Allocation of New Native ENJ Tokens:
57.1%: for ENJ migration (1:1 ratio)
28.6%: for Efinity Token (EFI) swaps (4:1 ratio)
14.3%: for “early bird” migration and other incentives.
There will be a 5% yearly inflation on the total supply from which rewards for validators and nominator pools will be drawn, to promote governance and network security.
Please note that after the swap is completed, EFI tokens will be merged with the new Enjin Coin (ENJ) tokens, and the EFI market will no longer exist. Users can trade on the Enjin Coin (ENJ) market. Deposits, withdrawals, and trading of ENJ tokens will be enabled after the completion of the ENJ token ID migration. Gate will no longer support the old EFI tokens.
Project team’s announcement: https://enjin.io/news/enjin-blockchain
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Gate Team
September 13，2023
