In a transformative move, the Enjin Blockchain has witnessed a rapid and successful migration of 51% of its native Enjin Coin (ENJ) allocated for swaps of ERC-20 tokens. The migration, initiated 60 days ago on September 13, marks a significant milestone for the blockchain platform. This accomplishment not only secures the Enjin Blockchain but also establishes the groundwork for initial governance and staking, setting the stage for the release of 250 million ENJ in early governance rewards starting January 15, 2024.
Migration Progress and Distribution:
The migration of ERC-20 ENJ to native ENJ has seen substantial progress, with 51% of tokens successfully claimed. This achievement is noteworthy considering the wide distribution of ERC-20 ENJ since its launch in 2017, with over 80% distributed immediately. The migration process, inclusive of over 170,000 unique addresses (excluding centralized platforms), underscores the efficiency of the Enjin Blockchain’s token migration strategy.
Enjin Blockchain and its Unique Features:
Enjin Blockchain, purpose-built for non-fungible token (NFT) transactions, boasts a protocol-level infrastructure supported by an app layer for seamless no-code NFT integration into various platforms. Since the launch of ENJ in 2017, it has become the foundation for the world’s first NFT gaming ecosystem and one of the largest token ecosystems globally.
Migration Statistics and Encouragement:
The migration claims, encompassing both ENJ and EFI tokens, reveal that 45% of claims were for less than 1,000 native ENJ, and 77% were for less than 10,000 native ENJ. Remaining ERC-20 token holders are encouraged to participate in the migration to fortify the Enjin Blockchain’s security and actively engage in initial governance and staking opportunities.
Efinity Migration and Parachain Evolution:
Efinity, the native token of the Efinity parachain, underwent migration to Enjin Blockchain, forming the Enjin Matrixchain. Notably, 85% of EFI has been successfully migrated to date. This migration, approved by the Efinity community in a governance referendum, demonstrates the Enjin Blockchain’s commitment to evolving its ecosystem.
Triple-Chain Migration Challenges:
The Enjin Blockchain migration is a rare triple-chain migration involving the migration of ERC-20 tokens, EFI tokens, and the entire Efinity parachain. This organizational and technological feat, among the largest Ethereum to Substrate token migrations since Polkadot, highlights the complexity of the process. Challenges include secure destruction of existing Ethereum tokens and the conversion of the native token from EFI to ENJ.
Upcoming NFT Migration and Design Challenges:
Following the token migration, Enjin Blockchain plans a snapshot of Enjin NFTs on Ethereum, mirroring them on its platform. The challenge lies in minimizing gas fees for users with ERC-20 ENJ and Ethereum NFTs, necessitating the burning of ERC-20 ENJ while mirroring Ethereum NFTs without burning them. This architectural choice underscores the careful balance between efficiency and user experience in the Enjin Blockchain vision.
Governance and Staking Incentives:
Enjin Blockchain’s initial design allocates 1 billion ENJ for migrating ERC-20 ENJ, 500 million for migrating EFI, and 250 million for early governance rewards. With a token inflation rate of 4.8927482% per annum, the platform encourages active participation in governance and staking. Early governance rewards, released in 10 equal intervals from January 15, 2024, provide a compelling incentive for users to contribute to the security and governance of the Enjin Blockchain.
Live Features and Future Developments:
Enjin Blockchain, beyond migration, features live components such as fuel tanks for transaction fee subsidies, Enjin Platform for no-code NFT integration, Enjin Wallet Daemon for automated transaction signing, and the secure Enjin Wallet. These features aim to enhance user experience and support developers in their blockchain endeavors.
Conclusion:
The success of the Enjin Blockchain’s token migration signifies a pivotal moment in the evolution of blockchain technology. As the platform continues to innovate and address challenges in its triple-chain migration, the industry anticipates further advancements in NFT integration, governance, and staking. Users are encouraged to participate in the migration to contribute to the security and growth of the Enjin Blockchain ecosystem.
Source : CoinTrust / November 16, 2023