Enjin announces two upcoming expansion plans, driving ENJ token to surge over 130% this week.

Enjin has announced its Ethereum-based Layer 2 solution, JumpNet, and a sidechain Efinity that enables multi-chain interoperability. The news has driven the ENJ token price up over 130% this week.

Enjin Announces Two Expansion Solutions for the Future

With the rise in Ether prices and a high volume of on-chain transactions, developers in the Ethereum ecosystem working on decentralized finance (DeFi) and non-fungible tokens (NFTs) face a common challenge: high transaction fees.

To address the dilemma facing the Ethereum NFT ecosystem, Enjin, a platform for Ethereum games and digital collectibles trading, will develop two solutions. These include JumpNet, a second-layer solution based on Ethereum, and Efinity, a sidechain enabling multi-chain interoperability.

Enjin's CTO, Witek Radomski, stated:

“These technologies will allow developers to reach mainstream users and provide a modern experience without worrying about unpredictable business expenses due to gas fees.”

JumpNet – Ethereum Second-Layer Solution

JumpNet is a second-layer solution based on Ethereum network and utilizing the Proof of Authority (PoA) consensus algorithm, enabling gas-free transactions for Enjin Coin (ENJ) and ERC-1155 tokens. The initial version of JumpNet will feature the following core mechanisms:

• Transfer ENJ from Ethereum to JumpNet.
• Send and receive ENJ and ERC-1155 tokens for free.
• Gas-free minting of ERC-1155 tokens.
• Free transactions of ERC-1155 tokens.
• Distribute ENJ and ERC-1155 tokens without gas through QR codes.

According to the official announcement, the Minimum Viable Product (MVP) will be launched on April 6th.

Efinity – Multi-Chain Expressway for NFTs

Efinity, developed by the Enjin team, is a blockchain network not based on Ethereum that can achieve interoperability with blockchains other than Ethereum and support tokens from all blockchain networks. The network is planned to launch in the fourth quarter of 2021, aiming to address the market fragmentation issues in the current NFT space. In a way, the launch of Efinity seems to suggest a showdown with the Flow blockchain.

Token Value Surge

The recent surge in ENJ token value has been quite remarkable, with the token price rising over 100% this week, and the upward trend seems to show no signs of stopping.

With the introduction of these two solutions, ENJ is poised to evolve from a mere utility token to the underlying token of the Layer2 protocol JumpNet and Efinity blockchain network. This not only enhances the demand for the token itself but also elevates the token to a higher level.