Can Enjin Coin be Staked?

The Enjin Coin has a lot to offer. As a result of its widespread adoption, this cryptocurrency has experienced rapid growth in the near term. Enjin has unique and valuable qualities that set them apart from the competition.

Enjin also has a strong and diverse advisory board as well as developers who can put the concept into action. Enjin has a sizable group of early adopters who are ready to put its technologies to use.

Read on to learn how to stake Enjin Coin.

What is Enjin Platform?

Enjin is a blockchain platform founded in Singapore that aims to serve as the backbone for the current decentralized gaming boom. Users can build digital assets, stack them onto the Ethereum platform, and embed them into games and applications using the Enjin platform. 

What is Enjin Coin?

Enjin Coin

Enjin Coin is a virtual currency that was established and built by Enjin, a software business. Enjin’s platform allows users to build virtual commodities on the Ethereum public blockchain, such as non-fungible tokens (NFTs).


 

While some knowledge of Ethereum’s public blockchain and NFTs is required, you should be aware that Enjin’s software is created to generate and manage in-game commodities and assets. Enjin, in fact, makes it simpler and more convenient for players in particular virtual worlds to develop and trade in-game assets. The Enjin Coin, or ENJ, is the Enjin platform’s native coin.

History of ENJ

History of ENJ

Enjin Coin was launched in July 2017 and went live on the Ethereum public blockchain in June 2018. 

The founding members of Enjin, Maxim Blagov, and Witek Radomski were among the first to identify the enormous demand for and promise of blockchain gaming. Since 2009, the initiative has been in development. In 2017, the company held an initial coin offering (ICO) that raised $18.9 million. This money was used to produce the Polkadot network’s first specialized non-fungible token (NFT) blockchain.

Enjin Coin Historical Data 

Check out the table below to find the historical data since 2020.

Date Price Open  High Low Volume Change %
Jan 22 2.351 2.575 2.948 2.084 266.79M -8.69%
Dec 21 2.575 3.495 3.685 2.088 611.01M -26.33%
Nov 21 3.495 2.566 4.839 2.379 1.55B 36.20%
Oct 21 2.566 1.308 3.493 1.292 863.00M 96.03%
Sep 21 1.309 2.017 2.260 1.190 429.62M -35.21%
Aug 21 2.020 1.438 2.315 1.324 893.46M 40.55%
Jul 21 1.438 1.163 1.508 0.928 1.10B 23.62%
Jun 21 1.163 1.629 1.714 0.766 775.30M -28.61%
May 21 1.629 2.765 2.824 0.741 1.40B -41.10%
Apr 21 2.765 2.553 3.983 1.728 1.69B 8.32%
Mar 21 2.553 0.572 3.067 0.563 4.21B 346.42%
Feb 21 0.572 0.343 0.671 0.315 1.67B 66.66%
Jan 21 0.343 0.130 0.494 0.127 2.78B 164.40%
Dec 20 0.130 0.149 0.167 0.116 452.83M -12.84%
Nov 20 0.149 0.127 0.178 0.111 323.47M 16.91%
Oct 20 0.127 0.161 0.172 0.125 207.03M -20.68%
Sep 20 0.161 0.214 0.215 0.138 279.66M -24.98%
Aug 20 0.214 0.175 0.258 0.163 454.46M 22.57%
Jul 20 0.175 0.176 0.183 0.172 327.30M 4.11%
Jun 20 0.168 0.207 0.219 0.146 289.11M -18.93%
May 20 0.207 0.137 0.234 0.124 496.89M 51.34%
Apr 20 0.137 0.093 0.158 0.083 322.85M 46.91%
Mar 20 0.093 0.096 0.114 0.032 418.26M -3.01%
Feb 20 0.096 0.095 0.165 0.095 413.22M 0.65%

 

Can Enjin Coin be Staked?

Enjin Coin staking process

How to stake ENJ? Follow the steps given below to stake ENJ on the Bancor network

Step 1: Visit the bancor.network and look for the ENJ pool

Note: The blue shield to the side of each pool signifies whether it has been “whitelisted,” meaning it is safe from temporary loss and accessible for single-sided staking.

Step 2: View “Liquidity” “Volume” and “APR”.

Enjin Coin staking process

After that, tap on the “+” icon to add liquidity.

Step 3: Below Single-Sided Protection, select “Stake and Protect”:

Enjin Coin staking proces3

Note: The amount of BNT or ENJ that can be put in the pool at any given time is indicated by “Space Available.” If there isn’t enough space to stake ENJ, more BNT will have to be added, and likewise. However, an LP can offer equal amounts of BNT and ENJ at the same time (“Dual-Sided Liquidity”), protecting both stakes from the temporary loss.

Step 4: Choose whether to give liquidity in ENJ or BNT. Switch between ENJ and BNT by using the dropdown menu.

Enjin Coin staking proces4s

Enter the number of tokens you want to keep safe. The complete balance will be selected if you click “Balance.”

Step 5: Select “Stake and Protect”, and the transactions should be confirmed in both the app and Metamask (x2).

Enjin Coin staking proces543

Enjin Coin staking process5

The Protection page should now show your shielded liquidity stake. (If it doesn’t, refresh the page.) You can control your stake and monitor returns over time from the Protection page.

You can check how much value you’ve accrued in exchange fees by comparing “Protected Value” to “Initial Stake.”

Intial stake

Note: The impermanent loss protection accumulated over time is referred to as “current coverage.” “Protected Value” denotes the value of your liquidity position that is completely safe.

Conclusion

Enjin Coin has a bright future ahead of it, as a pioneer project in the area of NFT, a market that is now booming, and with a big number of consumers that can join the digital world through this network.

Increasing the quantity of NFT operations in its Marketplace is undoubtedly one of its most pressing problems, as it seeks to expand EJN use. This is not a long-term feasible mining strategy, but it is an excellent alternative for people who want to participate while the whole supply is not achieved.