CrossFi, a Layer 1 payments network has announced the launch of its mainnet that is compatible with EVM. CrossFi’s decentralized web3 payment ecosystem is powered by the CrossFi blockchain.
Businesses may now utilize CrossFi’s core products and execute payments for routine transactions thanks to the mainnet’s launch. CrossFi’s Layer 1 network offers a scalable framework for cryptocurrency payments. By using a decentralized, non-custodial, and highly scalable infrastructure, it helps companies—including e-commerce sites—to draw in web3 users and boost sales.
Over a million active wallets were generated as part of a successful testnet program run in partnership with CoinList, which is followed by the CrossFi mainnet. The CrossFi mainnet is being supported by many launch partners, such as Alchemy and other top validators, in order to optimize network speed and maximize decentralization.
CrossFi’s PCI DSS accreditation attests to its capability for handling global payments. Major payment cards use this data security standard to make sure that best practices are followed when it comes to data storage and transfer.
CrossFi was developed using Tendermint and the Cosmos SDK, and its modular design includes EVM compatibility. This makes it possible to tie Ethereum-native assets to CrossFi and use them in its expanding payments ecosystem. The network is perfect for hosting large volume payment dapps because of its scalable architecture, which can handle up to 10,000 transactions per second.
The Mint Power (MPX) token, which is a unit of computing power needed to create new XFI coins, facilitates governance for CrossFi’s decentralized network. Network fees, which are anticipated to average around $0.02 per transaction, are also paid using the MPX token.
CrossFi Chain is the foundation layer of the six vital components that make up the CrossFi ecosystem. CrossFi Chain is a Layer 1 blockchain with infinite scalability that facilitates over-collateralized stablecoins and the minting of synthetic assets. It also offers infrastructure for interoperable financial products. The CrossFi App, which aims to democratize financial access, is a complement to it. The app offers a smooth way to manage both cryptocurrency and fiat assets with features like staking, lending, P2P payments, crypto-fiat conversion, and virtual debit cards.
CrossFi xAPP, a DeFi platform that allows users to mine CrossFi native tokens like XFI and XUSD on top of collateralized stablecoins, bridge assets across several chains, and take part in liquidity provision, is another component of the CrossFi ecosystem. The ecosystem is completed by XAssets, a decentralized platform for minting, trading, and swapping RWAs; XStake, which optimizes capital efficiency for users’ staked assets; and CrossFi Foundation, a nonprofit organization devoted to ecosystem expansion.
The goal of CrossFi’s Layer 1 is to connect the conventional and cryptocurrency financial domains. It offers a layer that can handle tens of thousands of payments per second by combining security that surpasses banking requirements with transaction throughput comparable to that of Visa. With the launch of the CrossFi mainnet, companies will be able to develop Layer 1 payment apps that use the newest blockchain technology, and customers will be able to start using CrossFi’s features and advantages.
Source: https://thenewscrypto.com/crossfi-launches-evm-compatible-mainnet-offering-scalable-crypto-payment-solutions/