CrossFi Initiates EVM-Compatible Mainnet Launch, Providing Businesses with Key Products and Payment Solutions
In Brief
With the launch of its EVM-compatible mainnet, CrossFi is paving the way for businesses to utilize its essential products and facilitate payments seamlessly in day-to-day operations.
The Layer 1 payments network CrossFi CrossFi announced the debut of its EVM-compatible mainnet.
"Starting tomorrow, October 15th, CrossFi is set to launch its EVM mainnet, creating an innovative bridge between cryptocurrency and fiat currencies. Our Layer 1 blockchain ensures rapid and secure on-chain fund transfers within mere milliseconds. The CrossFi ecosystem boasts a robust payment gateway, cutting-edge web3 banking solutions, and a rich array of DeFi offerings, including lending protocols, NFT marketplaces, staking opportunities, and a platform for the XUSD stablecoin,\" stated Alexandr Mamasidikov, the Founder and CEO of CrossFi, to Cryptocurrencylistings. \"With its diverse scalability features, we believe that the CrossFi blockchain ecosystem will significantly foster the widespread adoption of cryptocurrency in daily life,\" he added.
This launch empowers businesses to tap into CrossFi’s pivotal offerings and effortlessly manage payments for routine transactions. It establishes a scalable framework for cryptocurrency payments, allowing various enterprises, especially e-commerce platforms, to connect with Web3 users and amplify revenue through a decentralized, non-custodial, and highly adaptable system.
The activation of CrossFi's mainnet follows a successful testnet initiative carried out alongside CoinList, which generated over one million active wallets. Several partner organizations, including Alchemy and various validators, are supporting the CrossFi mainnet to bolster decentralization and optimize overall network performance.
Moreover, CrossFi’s ability to cater to global payment needs is further solidified by its PCI DSS certification, a data security standard upheld by major payment card companies to ensure adherence to best practices in data storage and transmission.
Built on the Cosmos SDK Built upon the Tendermint framework, CrossFi showcases a modular design that integrates Ethereum Virtual Machine (EVM) compatibility. This feature enables the migration of Ethereum-based assets to the CrossFi ecosystem, enriching its payment services. The network is engineered for scalability, managing up to 10,000 transactions every second, making it ideal for high-traffic payment dApps.
CrossFi Overview: MPX Token, Ecosystem, and xAPP
Governance in CrossFi’s decentralized landscape is orchestrated by the Mint Power (MPX) token, which represents the computing power essential for minting new XFI coins. The MPX token is also utilized for network transaction fees, expected to average around $0.02 each.
The CrossFi ecosystem comprises six fundamental elements, with the CrossFi Chain as its backbone. This Layer 1 blockchain is crafted for limitless scalability, supporting a suite of interoperable financial products, including over-collateralized stablecoins and synthetic asset creation. It is enhanced by the CrossFi application, aimed at democratizing financial access. The application features a variety of functionalities including staking, lending, person-to-person payments, cryptocurrency-to-fiat transactions, and virtual debit cards, all designed to create an effortless experience for managing both crypto and fiat assets.
In addition, the ecosystem features CrossFi xAPP, a decentralized finance (DeFi) platform that allows users to swap tokens, bridge assets across different chains, earn native CrossFi tokens like XFI and XUSD through collateralized stablecoin usage, and engage in liquidity provisioning. The ecosystem is also nurtured by the CrossFi Foundation, a nonprofit entity devoted to ecosystem growth, XAssets, a platform for minting, trading, and exchanging real-world assets (RWAs), and XStake, which enhances capital efficiency for users' staked assets.
CrossFi CrossFi’s Layer 1 seeks to close the gap between traditional financial systems and the cryptocurrency space. By providing transaction throughput on par with Visa, combined with security measures that exceed conventional banking protocols, it is prepared to accommodate tens of thousands of transactions every second. The launch of the CrossFi mainnet will empower businesses to build payment solutions using cutting-edge blockchain technology and allow users to start discovering the unique features and advantages CrossFi offers.
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