Overview of EFX and Effect Network
EFX refers to the former token of Effect Network (formerly Effect.AI). The platform is dedicated to building a decentralized AI services marketplace designed to connect global businesses with an on-demand workforce to perform microtasks and foster the development of AI services.It is worth noting that the EFX token was officially migrated to the new “EFFECT” token on January 1, 2025.
Effect Network’s core vision is to address the challenges of data sharing and monetization in the field of artificial intelligence through decentralized technology, empowering users and enhancing the utility of data in a secure manner. Its flagship product, Effect Force, is a blockchain-based “future of work” framework that allows a global workforce to complete microtasks on-chain and earn tokens.
EFX to EFFECT Token Migration
The token migration for Effect Network marks a significant milestone.A snapshot of the old EFX tokens was taken on January 1, 2025, at 12:00 PM UTC, and they were converted to the new EFFECT tokens at a 1:1 ratio. The new EFFECT tokens are deployed on the Solana blockchain, marking an evolution in the project’s technology stack.
Token Use Cases and Economic Model
Whether the old EFX or the new EFFECT tokens, they are the native cryptocurrencies of the Effect Network platform and play multiple roles within the ecosystem:
- Fee Payment: The tokens are used to pay fees for executing tasks within the network, as well as transaction fees.
- Incentives: The tokens incentivize users to contribute data and participate in network activities.
- Governance: Token holders can help secure the network and earn rewards by staking their tokens, while also participating in EffectDAO’s governance activities and voting on proposals that shape the network’s future direction.
As of August 27, 2026,the price of the new EFFECT token was approximately $0.002683, with a 24-hour trading volume of $10,932.08, a market capitalization of $922,532, a circulating supply of approximately 340 million tokens, and a total supply of 520 million tokens.As of July 15, 2026, the price of the old EFX token was approximately $0.004983,with a 24-hour trading volume of $139,972.22, a market capitalization of $1,256,528.37, a circulating supply of approximately 252 million, and a total supply of 650 million.
Project Team and Governance
Effect Network was co-founded by Chris Dawe, Jesse Eisses, and Laurens Verspeek. The team possesses professional backgrounds in blockchain technology, software development, and AI/machine learning. The project is governed by EffectDAO, ensuring the platform’s community-driven development.
Trading Channels
The legacy EFX token is still tradable on some cryptocurrency exchanges, such as KuCoin. The new EFFECT token can be traded on both centralized and decentralized exchanges, including MEXC, Raydium, and Orca. Please note that trading cryptocurrencies involves risks; verify liquidity and platform security on your own before trading.
Risk Warning: Distinguishing Between Entities with the Same Name
Please be aware that there is an unregulated forex and CFD broker on the market named EFX CPI LLC, whose name is identical to Effect Network’s cryptocurrency ticker “EFX.”This broker has no affiliation with Effect Network’s cryptocurrency project. There have been user reports of withdrawal delays and trading issues, and it lacks a valid financial license, posing a high risk. Investors must carefully verify the entity before conducting any transactions to avoid confusion.
