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Using Enjin Coin

Enjin Coin

is used to pay Transaction Fees  (also known as Gas), Storage Deposit, and to add ENJ Infusion to MultiTokens on the Enjin Blockchain.

Enjin Coin

can come in three different forms:

  • ENJ: This is the native version of Enjin Coin. You can buy it on cryptocurrency exchanges and use it for each Blockchain Transaction or use it to create new MultiTokens on the Enjin Blockchain Mainnet.
  • cENJ: This is the Testnet version of Enjin Coin. It's available for free from the cENJ faucet and can be used just like ENJ for transactions and minting MultiTokens, but on the Enjin Canary Testnet.
  • sENJ: sENJ represents staked ENJ. It's issued to you when you stake your ENJ and is destroyed when you unstake. You can Stake your ENJ into a Validator or Collator. Once you've received your sENJ from staking, it can be traded for ENJ.

ENJ Infusion​

Infusing ENJ to a MultiToken

is the process of locking Enjin Coin (ENJ) inside each MultiToken unit as its backing value.

Here's why it's important:

  • The MultiToken holder can melt it at anytime to retrieve the embedded ENJ. This provides intrinsic value for MultiTokens, bringing value besides it's market value.
  • Once aMultiToken is infused, the infused amount is required to be deposited for each new unit minted, making the asset more scarce.

It’s important to note that once a MultiToken

is infused with ENJ, it's infused ENJ amount can increase but it can never be decreased.

Minimum Account Balance (Existential Deposit)​

To keep an Enjin Coin Account active on the network, the wallet must hold at least 0.1 ENJ. If the balance drops below this threshold, the account may be automatically deleted - unless the transfer uses the keepAlive flag set to true.

note

This requirement only applies to Enjin Coin accounts. NFT (MultiToken

) holdings are unaffected and remain safe even if the wallet has 0 ENJ.

When keepAlive is set to true, the transfer will fail if it would reduce the balance below 0.1 ENJ—ensuring the account stays active. If set to false, the transfer will go through, but the account may be deleted if the balance falls below the threshold.

Use keepAlive: true to prevent accidental deletion, especially when transferring most or all of a wallet’s balance.

Token Account Deposit​

A Storage Deposit

of 0.01 ENJ is required for each MultiToken holder. This deposit is also known as Token Account Deposit. Once MultiTokens are destroyed, or 'burned', this deposit is returned to the issuer's account proportionally.

What's next?

Learn how to Use the Enjin Platform.