Effect Network (EFX) Price, Charts & Market Data

The EFX token functioned as the native utility token within the Effect Network ecosystem and facilitated several key functions:

• Access to Services: EFX tokens were used to access AI services on the platform, such as data labeling, validation, and model refinement.

• Incentives for Participation: Contributors, such as data labelers, developers, and validators, were rewarded in EFX tokens for their work within the network.

• Governance: EFX holders could participate in decision-making processes through the EffectDAO, influencing platform upgrades and governance parameters.

Effect Network structured its ecosystem into distinct layers:

• Effect Force – This was the first layer of the platform, designed to provide a global, decentralized workforce for data labeling and annotation tasks.

• Effect Smart Market – This layer facilitated the creation and monetization of AI models, enabling developers to offer AI services to the community.

• Effect Power – This was designed to manage and distribute computational power for AI-related tasks within the network.

On January 1, 2025, Effect Network consolidated its EFX and NFX tokens into a new unified token known as EFFECT. This migration aimed to simplify the ecosystem's token structure and improve functionality.

• Eligibility: Holders of more than five tokens (either EFX or NFX) as of January 1, 2025, at 12 PM UTC were eligible to claim EFFECT tokens.

• Blockchain Transition: The new EFFECT token was launched on the Solana blockchain.

• Claim Process: Token holders could claim their EFFECT tokens through an official claim portal, ensuring a smooth transition.