CrossFi, a Layer 1 payments network, has successfully launched its EVM-compatible mainnet, marking a significant milestone for the decentralized finance (DeFi) ecosystem. This launch introduces a robust decentralized payment system, enabling companies to make and receive payments while integrating seamlessly with decentralized financial services. The achievement represents a crucial step forward in enhancing confidence and usability in DeFi solutions.
The new mainnet facilitates the adoption of CrossFi’s decentralized payment infrastructure across industries, offering high throughput with millions of transactions per second. This capability makes it particularly suitable for handling crypto payments. With an increasing number of Web3 users seeking convenient payment methods, businesses in the e-commerce space stand to benefit significantly from integrating these solutions, which also offer revenue-generating opportunities through non-custodial services.
The launch follows an extensive testnet phase, conducted in collaboration with CoinList. This testnet resulted in the creation of over one million active wallets. Validators like Alchemy are instrumental in boosting the decentralization and efficiency of the CrossFi network. Additionally, the network is fully compliant with PCI DSS, a set of global requirements that ensure the security of payment data both during transit and at rest, a critical feature for any payment system.
Focused on Stablecoins and Synthetic Assets
The foundation of CrossFi’s architecture lies in the Cosmos SDK and Tendermint, providing a solid framework for its Layer 1 blockchain. Being EVM-compatible, CrossFi offers the added advantage of integrating Ethereum-based assets, thereby expanding its functionality within the Web3 ecosystem. This integration enhances the platform’s capacity to support high-usage decentralized applications (dApps), particularly in payment solutions that demand significant transaction processing power. With a transaction capacity of up to 10,000 per second, CrossFi is well-equipped to serve businesses that manage high-volume international transactions.
At the core of the CrossFi ecosystem is the CrossFi Chain, which focuses primarily on stablecoins and synthetic assets. The Layer 1 blockchain supports the issuance of over-collateralized stablecoins and synthetic financial assets. Its modular architecture extends beyond just payment processing to include a range of financial services such as staking, lending, crypto-fiat exchange, and virtual debit cards via the CrossFi app. These features provide users with a comprehensive set of tools to manage both cryptocurrency and traditional assets efficiently.
A Comprehensive DeFi Ecosystem
The CrossFi network is composed of six key components, all working together to create a cohesive and efficient DeFi ecosystem. One of the standout features is CrossFi xAPP, a DeFi hub that allows users to swap tokens, bridge assets, mine CF tokens, and provide liquidity. This application significantly enhances user experience by offering a variety of financial services within a single interface.
Other integral parts of the CrossFi ecosystem include XAssets, a decentralized platform designed for minting and trading real-world assets, and XStake, which offers improved capital efficiency for staked assets. Together, these components create a versatile ecosystem capable of serving the diverse needs of both individual users and businesses.
Governance and the Role of MPX Token
Another critical element of the CrossFi network is its native Mint Power (MPX) token, which plays a dual role in governance and payments. MPX is used for mining XFI coins, paying transaction fees, and participating in the network’s governance. Transaction fees on the network are expected to be minimal, at around $0.02 per transaction. The decentralized governance model empowers stakeholders to play an active role in shaping the future direction of the network, further enhancing its decentralized nature.
The launch of the CrossFi mainnet marks a significant advancement in the decentralized payment sector, providing businesses and individuals with an efficient, scalable, and secure platform for conducting transactions. As the ecosystem continues to grow, CrossFi aims to further revolutionize the Web3 space by offering innovative financial solutions that cater to the evolving needs of the global market.