CrossFi launched its EVM-compatible mainnet, enabling scalable Web3 payments at 10,000 transactions per second (TPS).
CrossFi, a crypto payments network, has successfully launched its EVM-compatible mainnet, a significant milestone in decentralized finance. The CrossFi blockchain is intended to transform everyday transactions by providing businesses with a scalable and non-custodial framework, thereby enabling a decentralized ecosystem for Web3 payments.
The launch allows businesses, including e-commerce platforms, to process payments and access CrossFi’s core products seamlessly. Companies can increase revenue and attract Web3 users by utilizing this Layer 1 network, which supports up to 10,000 transactions per second.
The mainnet launch is supported by numerous vital partners, following a successful testnet phase in collaboration with CoinList, which created over one million active wallets. These include Alchemy and other leading validators to optimize network performance and maximize decentralization.
Bridges Ethereum for Web3 Payments by CrossFi
CrossFi’s PCI DSS certification, a data security standard implemented by major payment cards to guarantee secure data transmission and storage, reinforces its suitability for global payments. CrossFi’s modular architecture is designed to be compatible with the Ethereum Virtual Machine (EVM), which enables the integration of Ethereum-native assets into CrossFi to improve interoperability within its expanding payments ecosystem.
The network’s scalable design optimizes hosting high-volume payment decentralized applications (dApps). The Mint Power (MPX) token, which functions as a unit of computing power necessary to produce new XFI coins, facilitates governance. The MPX token is also employed to cover network fees, which are anticipated to average approximately $0.02 per transaction.
The CrossFi ecosystem comprises six fundamental components, with the CrossFi Chain as the foundational layer. The infrastructure for interoperable financial products is provided by this Layer 1 blockchain, designed for unlimited scalability. It provides a robust platform for financial innovation by supporting over-collateralized stablecoins and synthetic asset minting.
CrossFi Introduces New DeFi Tools
To democratize access to finance, CrossFi Chain provides the CrossFi App. The application offers a user-friendly experience managing crypto and fiat assets, including staking, lending, peer-to-peer payments, crypto-fiat exchange, and virtual debit cards.
Alexander Mamasidikov, the founder of CrossFi, stated, “We think that financial inclusion is not solely about providing financial services; it is also about developing user-friendly, secure, and accessible tools that are accessible to all, irrespective of their location.”
Furthermore, the CrossFi ecosystem encompasses CrossFi xAPP. This DeFi platform allows users to participate in liquidity provision, mine native tokens such as XFI and XUSD, bridge assets across various chains, and engage in token swaps.