- CrossFi’s EVM-compatible mainnet enhances decentralized payment options.
- The network itself can handle up to 10,000 transactions per second.
CrossFi, a Layer 1 payments network, has officially launched its mainnet, which is compatible with the Ethereum Virtual Machine (EVM), bringing in a new era for decentralized web3 payment solutions. The CrossFi blockchain is intended to simplify ordinary transactions for businesses, allowing them access to its key products to conduct payments easily.
CrossFi’s decentralized payment network offers a scalable infrastructure designed specifically for cryptocurrency transactions. By implementing a non-custodial and highly efficient infrastructure, businesses, particularly e-commerce platforms, can attract web3 users and increase sales figures.
The successful testnet initiative, run in partnership with CoinList, resulted in over a million active wallets prior to the mainnet launch. CrossFi, featuring significant launch partners such as Alchemy and renowned validators, assurances to enhance network speed while maximizing decentralization.
Expanding the CrossFi Ecosystem
CrossFi offers PCI DSS approval, demonstrating its strong ability to handle global payments. This standard, adopted by major payment card companies, ensures compliance with data storage and transmission best practices. By implementing these guidelines, organizations can enhance the security of sensitive payment information.
CrossFi is built with Tendermint and the Cosmos SDK, and it has a modular design that is EVM-compatible. This enables the smooth integration of Ethereum-based assets into its expanding payment network. The network’s scalable architecture can handle up to 10,000 transactions per second, making it perfect for running high-volume payment dApps.
The Mint Power (MPX) token facilitates governance inside CrossFi’s decentralized network and is also used to pay transaction fees, which are expected to be roughly $0.02 each.
CrossFi Chain acts as the foundational layer of the ecosystem, providing limitless scalability. It enables the creation of synthetic assets and over-collateralized stablecoins. The CrossFi App enhances this ecosystem by democratizing financial access for users. It provides a user-friendly platform to manage both crypto and fiat assets seamlessly. Key features include staking, lending, peer-to-peer payments, and virtual debit cards, making financial management accessible to everyone.
The CrossFi xAPP platform allows users to mine native tokens like XFI and XUSD while bridging assets between chains. Additionally, it offers opportunities for participation in liquidity provision. Other components, such as XAssets and XStake, improve capital efficiency and ease the trade of real-world assets.
CrossFi’s Layer 1 solution connects the traditional and cryptocurrency financial sectors, providing the security required by banking requirements while reaching transaction throughput similar to Visa. With the mainnet launch, businesses can now create unique Layer 1 payment applications. This development allows customers to take advantage of CrossFi’s enhanced features and services.
With this announcement, CrossFi establishes itself as a vital player in the changing landscape of decentralized finance, responding to the growing demand for reliable quick crypto payment solutions.
