Crypto.com is set to facilitate a seamless transition for users looking to convert Efinity Tokens (EFI) into Enjin Coin (ENJ) on the Enjin blockchain. This move promises added benefits for Crypto.com clients, simplifying the shift away from the current ERC-20 platform to the Substrate-based Enjin blockchain for Enjin Coin.
To expedite this transition, Crypto.com will temporarily suspend EFI and ENJ deposits, withdrawals, and transactions starting on September 11. During this migration period, certain functionalities will be briefly disabled.
Here’s what Crypto.com users need to know:
- EFI to ENJ Conversion: EFI token holders on Crypto.com will see their EFI tokens automatically transformed into ENJ tokens during this transition. The conversion rate will be set at four EFI tokens for one ENJ token, maintaining a 4:1 ratio. The process hinges on the status of users’ Crypto Wallets and Spot Wallets on the Crypto.com Exchange at the time of delisting.
- Temporary Suspension: The Crypto.com App will suspend EFI and ENJ deposits, withdrawals, and trades at 02:00 UTC on September 11. Following this suspension, EFI and ENJ Target Price Orders, as well as Recurring Buys, will be automatically canceled.
- Crypto.com Exchange: The Crypto.com Exchange will temporarily halt EFI and ENJ deposits, withdrawals, and trading at 3:00 UTC on September 11. All EFI and ENJ Spot trading orders will be nullified post this date. Users are advised to stay tuned for updates on ENJ deposit and withdrawal services. Moreover, Cronos deposits and withdrawals will also cease on September 11 as EFI is phased out. Users are encouraged to plan EFI deposits and withdrawals accordingly before the delisting date.
Crypto.com is also exploring solutions for EFI holders on the Cronos network post-September 11, recognizing that certain circumstances related to EFI or ENJ token deposits are beyond their control. Their commitment is to ensure a smooth transition for users into the Enjin blockchain ecosystem.
Stay informed about ENJ deposit and withdrawal services to manage your transition effectively and avoid potential inconvenience or additional expenses.