The Layer 1 payments network CrossFi announced the launch of its EVM-compatible mainnet.
This launch allows businesses to begin accessing CrossFi’s core products and process payments for everyday transactions. It provides a scalable infrastructure for cryptocurrency payments, enabling various businesses, such as e-commerce stores, to engage Web3 users and boost revenue through a decentralized, non-custodial, and highly scalable framework.
The launch of the CrossFi mainnet comes after a testnet program conducted in collaboration with CoinList, which resulted in over one million active wallets being created. Several launch partners, including Alchemy and other validators, are backing the CrossFi mainnet to enhance decentralization and optimize network performance.
Furthermore, CrossFi’s capability to support global payments is reinforced by its PCI DSS certification, a data security standard employed by major payment card companies to ensure that best practices are maintained in terms of data transmission and storage.
Built on the Cosmos SDK and Tendermint, CrossFi features a modular design that incorporates compatibility with Ethereum Virtual Machine (EVM). This allows Ethereum-native assets to be bridged to CrossFi and utilized within its expanding payments ecosystem. The network’s scalable architecture can handle up to 10,000 transactions per second, making it well-suited for high-volume payment decentralized applications (dApps).
CrossFi Overview: MPX Token, Ecosystem And xAPP
Governance within CrossFi’s decentralized network is managed by the Mint Power (MPX) token, which serves as a unit of computing power required to generate new XFI coins. The MPX token is also used for network fees, which are projected to average around $0.02 per transaction.
The CrossFi ecosystem consists of six core components, with the CrossFi Chain acting as the foundational layer. This Layer 1 blockchain is designed for unlimited scalability and provides infrastructure for interoperable financial products, supporting over-collateralized stablecoins and synthetic asset minting. It is complemented by the CrossFi application, which aims to democratize access to finance. This application includes features such as staking, lending, peer-to-peer payments, cryptocurrency-to-fiat exchanges, and virtual debit cards, all designed to offer a seamless experience for managing both cryptocurrency and fiat assets.
Additionally, the ecosystem includes CrossFi xAPP, a decentralized finance (DeFi) platform that allows users to engage in token swaps, bridge assets across different blockchains, mine native CrossFi tokens like XFI and XUSD using collateralized stablecoins, and participate in liquidity provision. The ecosystem is further supported by the CrossFi Foundation, a nonprofit organization dedicated to ecosystem growth, XAssets, a decentralized platform for minting, trading, and swapping real-world assets (RWAs), and XStake, which enhances capital efficiency for users’ staked assets.
CrossFi‘s Layer 1 aims to bridge the gap between traditional finance and cryptocurrency. By offering transaction throughput comparable to Visa, along with security that surpasses banking standards, it is designed to support tens of thousands of transactions per second. The launch of the CrossFi mainnet will enable businesses to develop payment applications using the latest blockchain technology and allow users to start exploring the features and benefits of CrossFi.
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