What is Enjinstarter?

Enjinstarter is a launchpad for developing blockchain games and projects related to virtual worlds and the Metaverse. The project’s main purpose is to help creators raise funds and build communities of users for their projects.

The Enjinstarter project leverages the Eijen technology. It allows projects to access Enjin’s advanced systems to drive growth for their launched projects.

Enjinstarter takes multiple approaches to promote growth. It partners with investment firms focused on this area and actively searches for promising new projects to support. It also provides incentives for user participation in the projects it helps launch.

History of Enjinstarter

Enjinstarter was founded on October 4, 2021, by Prakash Somosundram and Alvin Tang. Prakash Somosundram is an experienced advisor to blockchain/fintech projects, and CTO Alvin Tang is a seasoned software engineer.

The project has completed over 50 IDOs and is backed by blockchain gaming heavyweights like YGG’s co-founder, Enjin’s executives, and notable VCs. Enjinstarter has secured $19 million in funding across multiple rounds.

The initial seed round on October 31, 2021, raised $500,000. This was followed by three private funding rounds in 2021, raising $2.50 million, $1.00 million, and $1.03 million, respectively. Additionally, a public funding round in 2021 garnered $5.23 million for the company.

In September 2022, Hacken reviewed the Ejinstarter smart contract. The audit analyzed the staking contracts built with Solidity, giving it an audit score of ten.

Core Components of Enjinstarter: JumpNet Blockchain, Efinity, and Smart contract

JumpNet Blockchain

Source: Enjin Website

JumpNet is a Proof of Authority (PoA) consensus blockchain that allows instant and gasless transactions on-chain. It is a private version of the Ethereum blockchain, relying on the token JENJ.

JumpNet operates on a private consensus mechanism, ensuring secure and efficient transactions without gas fees. Enjinstarter is built on the JumpNet blockchain, leveraging its gasless and instant on-chain transactions for a cost-effective user experience.

By utilizing JumpNet, Enjinstarter offers its IDO launchpad, incubation program, and other features without the need for gas fees. Users can also bridge ENJ tokens for JumpNet’s JENJ.

This allows seamless integration with existing Enjin products, enabling users to create, mint, and distribute NFTs backed by JENJ without gas fees.

Efinity

The Efinity project is an NFT-focused infrastructure built for interoperability. The protocol is designed to connect multiple networks to create immersive metaverses for creating, trading, and utilizing NFTs.

Enjinstarter focus on integrating the Efinity project is aimed at enhancing its capacity to scale functional metaverse projects. This would allow it to support the growing number of blockchain games, NFTs, and metaverse projects.

As a parachain for Polkadot, the Efinity project would connect Ejinstarter to the Polkadot ecosystem, increasing its capacity. Efinity also offers gasless transactions, carbon-negative NFTs, and smart contract support.

Smart Contract

A smart contract is a self-executing computer program that automatically fulfills the terms of a contract without the need for third parties. It is a digital agreement programmed to execute specific actions when certain conditions are met.

Ejinstarter utilizes smart contracts built with Solidity to maintain the platform’s integrity. It ensures a secure and transparent execution of capital-raising campaigns and other transactions.

By leveraging smart contracts, Enjinstarter provides a seamless experience for users, creating a truly decentralized platform.

Features of Enjinstarter Ecosystem: Launchpad, Incubation Program, Fundraising, Multichain Support and Staking

Launchpad

Source: Ejinstarter Website

Enjinstarter is a launchpad that provides the infrastructure for innovative projects to access the Gaming, AI, and metaverse niche. The launchpad is designed to advise and accelerate the development and scaling process of startups and businesses looking to enter Web3.

Enjinstarter’s IDO launchpad is a key feature of the platform. It utilizes JumpNet to assist builders in developing applications capable of fast and affordable transactions.

Incubation Program

Source: Ejinstarter Website

The Enjinstarter Incubation Program is a carefully curated initiative that provides end-to-end support for new blockchain projects. It focuses on helping them develop sustainable strategies and execute successful campaigns.

It is designed for early-stage businesses that have built or are in the process of creating a minimum viable product (MVP). the incubator provides the advice and traction required for the project to scale globally.

The Enjinstarter Incubation Program delivers a 12-week intensive program that combines mentorship, advisory, and coaching functions.

Fundraising

Source: Enjinstarter Website

The fundraising feature serves all the members of the GameFi space. It provides a cost-effective way for investors to participate in early Web3 launches. It also allows projects to raise funds and build a loyal community.

It gives projects access to the entire Enjinstarter investor network. This includes participating in roadshows and receiving guidance on creating effective fundraising strategies.

This ensures that projects have the necessary support to raise capital and build a strong foundation for future growth and development.

Metaverse

Source: Enjinstarter Website

Enjinstarter partnered with Landvault to create and develop the Matera Protocol, Landvault’s proprietary asset deployer. The Matera Protocol is a registry of assets and properties in the metaverse real estate that allows users to monetize their assets.

This protocol aims to make metaverse infrastructure accessible to all users. It aims to support the climate change effort by reducing brands’ offline marketing through digital initiatives and spaces.

Multi-Chain Support

The project multi-chain feature allows the platform to support projects on multiple blockchain chains. This gives the incubated projects and their users the flexibility to utilize and operate on different networks.

This would allow the projects to leverage the strengths of different blockchains and networks. Allowing them to choose the best chain for their specific needs.

Staking

Source: Enjinstarter Website

The project offers a staking feature that allows users to stake their EJS tokens to earn annual percentage yield (APYs). By staking their tokens, users contribute to the security and growth of the Enjinstarter ecosystem while earning passively.

The project also features the Enjinstarter Turbocharger project, designed to introduce a burn mechanism and staking pools with APYs up to 500%. The feature incentivizes long-term participation and rewards users for their engagement.

What is the EJS Token?

Source: Enjinstarter Website

The EJS token is the native cryptocurrency of the Enjinstarter platform. It is a decentralized token that allows users to participate in the network. To join in IDOs, staking, and governance, users need to acquire wrapped EJS (wEJS).

The EJS token has a maximum supply of 5 billion, with 3.5 billion in circulation. Tokenomics allocates 8% (400 million) to develop the ecosystem and 20% (1 billion) to reward the community.

10% (500 million) is allocated to seed funding, 13% (650 million) to initial private funding, and 3% (150 million) to second private funding. 10% (500 million) is allocated to strategic advisors, and 15% (750 million) to the Enjinstarter team.

The project’s treasury reserves 20% (1 billion), and 1% (50 million) is allocated to public sale.

Is EJS a Good Investment?

The EJS token is the native currency of the Enjinstarter launchpad focused on building the GameFi and Metaverse sectors. The project is focused on long-term product and community development.

This allows investors to position themselves in the developing GameFi space while earning passively. It also exposes them to high-quality projects and infrastructures that are performing efficiently.

The token also allows investors to participate in governance, allowing them to determine the future development of the GameFi space. The Turbocharger feature also allows the token to increase in value through its burn mechanism.

Risk Analysis

Advantages

Enjinstarter addresses two main challenges: the separation between different blockchain networks and the lack of accessibility to investors for new blockchain projects.

The project solves this by creating a platform that connects new blockchain projects with potential investors. Enjinstarter also allows the integration and customization of projects across multiple blockchain networks, solving the interoperability problem.

Disadvantages

A potential downside is focusing on high-growth projects that could concentrate wealth among a selected few. Early investors and projects that benefit from initial investments can attempt to monopolize the developing market.

Challenges

The Enjinstarter launchpad’s success depends on its ability to identify promising, high-quality projects. It’s also not the only launchpad in the crypto space vying for the attention of investors and start-ups.

The Enjinstarter project is a crypto project subject to price volatility and regulatory uncertainty, which can make it unattractive to conservative investors.

Competitive analysis

Enjinstarter and Intraverse are blockchain platforms that integrate non-fungible tokens (NFTs) with online gaming experiences. While focused on developing the GameFi space, both projects fulfill it differently.

Enjinstarted is focused on funding new projects and connecting them with investors. The Intraverse project focuses on building an engaging community for GameFi and Metaverse projects.

While both projects have cross-chain infrastructures, Enjinstarter is focused on building a viable product through its advisory feature. The Intraverse project is focused on developing the engagement layer using its quest-based system.

How Can You Own EJS?

Users can follow a simple process to own EJS tokens and become a part of the Enjinstarter ecosystem.

Setup a Wallet

One way to own EJS tokens is to purchase them through an exchange. For this, the user must create a Gate.io account, complete the KYC process, and add funds to the account to buy the token.

Utilize the EJS Tokens

Once users have acquired EJS tokens, they can explore the Enjinstarter ecosystem by staking EJS tokens, conducting cross-chain transactions, bridging, and participating in governance.

Take Action on EJS

Users can trade the EJS token here.