Enjin CoinPrice

(ENJ)

Yes, your ERC-20 ENJ is still valid, but it is considered a "legacy" token. To fully utilize it within the new Enjin ecosystem for activities like minting, gaming, or staking, you must migrate it at a 1:1 ratio to the native Enjin Blockchain. While not strictly mandatory at this moment, the ERC-20 version will eventually lose its utility as various platforms and decentralized applications transition to exclusively supporting the native ENJ asset. It's recommended to migrate for full ecosystem participation.

Tokens migrate to the native Enjin Blockchain at specific ratios. If you hold the ERC-20 version of ENJ, it will migrate to the native Enjin Blockchain at a straightforward 1:1 ratio. For holders of EFI (Efinity Token), the migration ratio is 4:1, meaning you will receive one native ENJ for every four EFI tokens you migrate. This conversion was designed to consolidate the ecosystem under a single primary asset.

To stake native ENJ, the primary method involves using the Enjin Wallet application. Within the wallet, you can "bond" your tokens by joining an existing Nomination Pool, often referred to as a Degen pool. When you stake your native ENJ, you receive sENJ (staked ENJ) in return. sENJ is a liquid staking token that represents your proportionate share within the staking pool, allowing you to maintain some liquidity while your original ENJ is bonded.

The initial supply for the new Enjin Blockchain was set at 1.75 billion ENJ. This adjustment was made to accommodate the migration of both the legacy ERC-20 ENJ and EFI tokens, alongside providing incentives for early participants. Following this initial supply, the Enjin Blockchain now incorporates a 5% annual inflation rate. This inflation primarily serves to fund the staking rewards distributed to participants who contribute to the network's security and operations through staking.

The Enjin Blockchain employs a dual-layer architecture. The "Relaychain" forms the foundational security layer, primarily handling staking and overall network integrity. Above this, "Matrixchains" are specialized parachains designed for specific functionalities. For instance, the Enjin Matrixchain is where the core activities like NFT minting and gaming transactions take place. This modular design allows for scalability and specialized performance, with the Efinity Matrixchain being another example where the former Efinity community and functionality now reside.

If you encounter an issue where a specific trading platform or digital asset service does not accept your native ENJ, it's crucial to first verify which version of ENJ the platform supports. Some platforms may still only support the legacy ERC-20 ENJ. Always check if the platform explicitly states support for "Native Enjin" or "Relaychain ENJ" before attempting to send tokens. Sending native ENJ to an address intended for ERC-20 ENJ, or vice-versa, can result in the loss of your tokens. Only send native ENJ to platforms confirmed to support it.