CrossFi Launches Mainnet Aiming To Revolutionize Web3 Payments

CrossFi also announced several new key features and components to expand and improve Web 3 payments including its mainnet chain, a payments app, and a DeFi platform. 

Cross Finance (or CrossFi), a Layer 1 payments platform that combines the stability of traditional finance with the transparency and security of blockchain technology, announced the launch of its mainnet this Monday. The EVM-compatible blockchain is designed to power CrossFi’s decentralized ecosystem for web3 payments and grow global crypto payments. 

Following the mainnet launch, CrossFi’s potential customers such as e-commerce stores and online merchants will be able to access its core products and start processing payments for everyday transactions. The Layer 1 network will provide a scalable foundation for crypto payments, enabling users and businesses to attract web3 users and increase revenue by harnessing a decentralized, non-custodial, and highly scalable framework.

The mainnet launch follows a successful testnet program that saw the team collaborate with CoinList, with over one million active wallets created during the period. Notwithstanding, the Cross Finance team also included several launch partners and validators during the mainnet such as Alchemy, who maximize decentralization while optimizing network performance. 

The main goal of Cross Finance is to eliminate global financial isolation and expand the influence and presence of blockchain in the global financial system.

Bridging The Traditional Payments Gap Using Crypto

CrossFi is designed to bridge the traditional and crypto payments worlds. The platform solves the bottlenecks affecting TradFi payments such as high fees, slow payments and lack of access by incorporating blockchain technology. By providing Visa-level transaction throughput coupled with security that exceeds banking standards, it provides a layer that’s capable of hosting tens of thousands of payments per second. 

The mainnet launch enables businesses and online merchants to create payment applications on Layer 1 that utilizes the latest blockchain technology and for users to begin exploring CrossFi’s features and benefits.

The platform is built using the Cosmos SDK and Tendermint, to enhance scalability and minimize fees. CrossFi’s modular construction also incorporates EVM compatibility, which enables Ethereum-native assets to be bridged to CrossFi and used within its growing payments ecosystem. The network’s scalable architecture supports up to 10,000 transactions per second, making it ideal for hosting high-volume payment DApps. 

Additionally, the platform maintains decentralization via a community governance voting structure, facilitated by the int Power (MPX) token, a unit of computing power required to generate new XFI coins. The MPX token is also used to pay network fees, which are expected to average around $0.02 per transaction.

The platform ensures a high level of data and fund security as attested to by the PCI DSS certification. This data security standard is utilized by major payment cards to ensure that best practices are maintained in terms of data transmission and storage.

A Plethora of New Features on Cross Finance 

The mainnet launch will be cemented by the launch of six core components in CrossFi’s ecosystem including CrossFi Chain, CrossFi App, CrossFi xAPP,  CrossFi Foundation,  XAssets, and XStake. 

The CrossFi Chain will serve as the base layer for users to build their payment solutions. The layer 1 blockchain is designed for unlimited scalability and high throughput, providing infrastructure for interoperable financial products and supporting over-collateralized stablecoins and synthetic asset minting. 

The CrossFi App complements the base chain with a goal to democratize finance and bring global Web 3 payments to customers globally. The application offers a plethora of features including taking, lending, P2P payments, crypto-fiat exchange, and virtual debit cards, providing a seamless experience for managing crypto and fiat assets.

Other features include the CrossFi xApp, a DeFi-focused platform that enables users to engage in token swaps, bridge assets across various chains, mine CrossFi native tokens such as XFI and XUSD on top of collateralized stablecoins, and participate in liquidity provision. 

Finally, the ecosystem also boasts of CrossFi Foundation – the nonprofit dedicated to ecosystem growth, XAssets – a decentralized platform designed for minting, trading, and swapping RWAs – and XStake which maximizes capital efficiency for users' staked assets.