2024-10-15 17:59 |
Crypto payments network CrossFi has announced the launch of its EVM-compatible Layer 1 mainnet.
Designed to serve as a decentralized platform for web3 payments, CrossFi’s mainnet is now accessible for businesses and developers looking to process payments for daily transactions on a scalable blockchain infrastructure.
The release follows a successful testnet phase in collaboration with CoinList, during which over one million active wallets were created.
Key partners such as Alchemy and other leading validators are involved in the mainnet’s launch, ensuring maximum decentralization and optimizing network performance for high-throughput applications.
A scalable solution for web3 paymentsCrossFi’s Layer 1 blockchain is built using the Cosmos SDK and Tendermint, with the added benefit of Ethereum Virtual Machine (EVM) compatibility.
This enables Ethereum-native assets to be easily bridged to the CrossFi network, making it a versatile platform for web3 businesses looking to integrate decentralized payment solutions.
The network’s architecture is highly scalable, supporting up to 10,000 transactions per second, which positions it as an ideal platform for e-commerce stores and other high-transaction volume businesses seeking to harness the power of blockchain.
CrossFi has also achieved PCI DSS certification, the data security standard required by major payment card networks, further solidifying its capability to handle global payments.
Mainnet features and governanceCrossFi’s decentralized ecosystem is powered by its native token, Mint Power (MPX). The MPX token is used for both governance and paying network fees, which are expected to average around $0.02 per transaction.
This low fee structure, combined with the network’s scalable throughput, positions CrossFi as a competitive solution in the growing crypto payments market.
The core components of the CrossFi ecosystem include:
CrossFi Chain: The Layer 1 base layer, providing infrastructure for decentralized financial products like over-collateralized stablecoins and synthetic asset minting. CrossFi App: A comprehensive platform offering services such as staking, lending, P2P payments, and crypto-fiat exchanges, aiming to democratize access to decentralized finance. CrossFi xAPP: A DeFi platform for token swaps, asset bridging across multiple chains, liquidity provision, and mining native tokens like XFI and XUSD. XAssets and XStake: Platforms that enable minting, trading, and liquidity optimization for real-world assets (RWAs) and staked tokens, respectively. Bridging traditional and crypto financial systemsCrossFi aims to merge traditional finance with the crypto world by offering Visa-level transaction speeds and security standards that exceed those of traditional banking systems.
Its ability to process tens of thousands of payments per second, coupled with its decentralized, non-custodial nature, makes it an appealing option for businesses and developers looking to create secure and efficient payment applications.
With the mainnet launch, CrossFi is positioned to become a key player in the blockchain payments space, providing businesses with the tools to tap into the growing web3 market.
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