CrossFi, a Layer 1 platform termed as the “next generation digital ecosystem offering cutting edge Web 3 payments solutions”, announced the launch of its EVM-compatible mainnet. The mainnet marks a step forward for the blockchain-based payment solution platform, to power CrossFi’s decentralized ecosystem and revolutionize Web 3 payments.
CrossFi’s proprietary technology combines the security and transparency of blockchain technology with the stability and scalability of traditional finance. The launch of the mainnet will enable users and businesses to access core products on the platform and start processing Web 3 payments for everyday transactions.
Additionally, the network will provide a scalable, global payments network for crypto payments, enabling businesses such as e-commerce stores and online merchants to expand their payment systems which could be beneficial in increasing their customer base and revenue. CrossFi is designed and built using the Cosmos SDK and EVM, synchronized to create a decentralized, non-custodial, and highly scalable layer for universal Web 3 payments.
The mainnet launch follows an intense building and testing period that saw hundreds of developers contribute to its current success. Partnerships with seasoned Web 3 companies such as Alchemy and CoinList have benefited the company’s growth, seeing over one million active wallets created during testing. Other validators also joined the projects to maximise decentralization while optimizing network performance.
‘Leading in Speed, Security And Scalability’
Built using the Cosmos SDK and Tendermint, CrossFi’s modular construction incorporates EVM compatibility. This enables Ethereum-native assets to be bridged to CrossFi and used within its growing payments ecosystem. The network’s scalable architecture supports up to 10,000 transactions per second, making it ideal for hosting high-volume payment DApps.
Additionally, CrossFi’s highly scalable infrastructure allows it to support global payments, with millions of merchants and e-commerce stores expected to join as the platform expands its roots. Notwithstanding, the platform employs the highest security levels as attested to by its PCI DSS certification. This data security standard is utilized by major payment cards to ensure that best practices are maintained in terms of data transmission and storage.
However, its decentralized governance model is the most fascinating feature of the payment network. Governance for CrossFi’s decentralized network is facilitated by the Mint Power (MPX) token, a unit of computing power required to generate new XFI coins. Other uses of the MPX token include paying network fees, which are expected to be as low as $0.02 per transaction.
Other Features in CrossFi’s Ecosystem
Following the mainnet launch, CrossFi also announced the launch of several key components of its ecosystem including the CrossFi Chain and CrossFi App. The CrossFi Chain is the base layer for development, designed for unlimited scalability. It provides infrastructure for interoperable financial products and supports over-collateralized stablecoins and synthetic asset minting.
CrossFi App is built to democratize access to finance and enable easier payments. Other features on the App include staking, lending, P2P payments, crypto-fiat exchange, and virtual debit cards, which provide a seamless experience for managing crypto and fiat assets.
The CrossFi ecosystem also includes the CrossFi xAPP, a DeFi platform that enables users to engage in token swaps, bridge assets across various chains, mine CrossFi native tokens such as XFI and XUSD on top of collateralized stablecoins, and participate in liquidity provision. Other key components of the network are the CrossFi Foundation, a non-profit that aims to enhance Web 3 payments ecosystem growth, XAssets – a decentralized platform designed for minting, trading, and swapping RWAs – and XStake which maximizes capital efficiency for users’ staked assets.
The growth of the CrossFi ecosystem will bridge the widening gap between traditional payment methods and crypto payments, a team member stated. It aims to provide Visa-level transaction throughput coupled with security that exceeds banking standards. Finally, businesses and e-commerce platforms that enable CrossFi can utilize the blockchain to create their payment applications and explore CrossFi’s features and benefits.
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