CrossFi Activates EVM-Compatible Mainnet, Unlocking Core Products And Payment Processing For Businesses
In Brief
CrossFi launched its EVM-compatible mainnet, enabling businesses to access its core products and process payments for everyday transactions.
The Layer 1 payments network CrossFi announced the launch of its EVM-compatible mainnet.
“CrossFi is launching its EVM mainnet tomorrow, on October 15th, and will provide an innovative connection between crypto and fiat. CrossFi’s L1 blockchain allows secure and fast on-chain transfers of funds in a few milliseconds. The CrossFi ecosystem includes a unique payment gateway, web3 banking tools, and a huge number of DeFi services: lending protocols, NFT marketplaces, staking platforms, and a platform for issuing the XUSD stablecoin,” said Alexandr Mamasidikov, Founder and CEO of CrossFi, to MPost. “We know that the CrossFi blockchain ecosystem, with its different scalability solutions, will greatly contribute to the mass adoption of cryptocurrency in everyday life,” he added.
This launch allows businesses to begin accessing CrossFi’s core products and process payments for everyday transactions. It provides a scalable infrastructure for cryptocurrency payments, enabling various businesses, such as e-commerce stores, to engage Web3 users and boost revenue through a decentralized, non-custodial, and highly scalable framework.
The activation of the CrossFi mainnet comes after a testnet program conducted in collaboration with CoinList, which resulted in over one million active wallets being created. Several launch partners, including Alchemy and other validators, are backing the CrossFi mainnet to enhance decentralization and optimize network performance.
Furthermore, CrossFi’s capability to support global payments is reinforced by its PCI DSS certification, a data security standard employed by major payment card companies to ensure that best practices are maintained in terms of data transmission and storage.
Built on the Cosmos SDK and Tendermint, CrossFi features a modular design that incorporates compatibility with Ethereum Virtual Machine (EVM). This allows Ethereum-native assets to be bridged to CrossFi and utilized within its expanding payments ecosystem. The network’s scalable architecture can handle up to 10,000 transactions per second, making it well-suited for high-volume payment decentralized applications (dApps).
CrossFi Overview: MPX Token, Ecosystem And xAPP
Governance within CrossFi’s decentralized network is managed by the Mint Power (MPX) token, which serves as a unit of computing power required to generate new XFI coins. The MPX token is also used for network fees, which are projected to average around $0.02 per transaction.
The CrossFi ecosystem consists of six core components, with the CrossFi Chain acting as the foundational layer. This Layer 1 blockchain is designed for unlimited scalability and provides infrastructure for interoperable financial products, supporting over-collateralized stablecoins and synthetic asset minting. It is complemented by the CrossFi application, which aims to democratize access to finance. This application includes features such as staking, lending, peer-to-peer payments, cryptocurrency-to-fiat exchanges, and virtual debit cards, all designed to offer a seamless experience for managing both cryptocurrency and fiat assets.
Additionally, the ecosystem includes CrossFi xAPP, a decentralized finance (DeFi) platform that allows users to engage in token swaps, bridge assets across different blockchains, mine native CrossFi tokens like XFI and XUSD using collateralized stablecoins, and participate in liquidity provision. The ecosystem is further supported by the CrossFi Foundation, a nonprofit organization dedicated to ecosystem growth, XAssets, a decentralized platform for minting, trading, and swapping real-world assets (RWAs), and XStake, which enhances capital efficiency for users’ staked assets.
CrossFi‘s Layer 1 aims to bridge the gap between traditional finance and cryptocurrency. By offering transaction throughput comparable to Visa, along with security that surpasses banking standards, it is designed to support tens of thousands of transactions per second. The launch of the CrossFi mainnet will enable businesses to develop payment applications using the latest blockchain technology and allow users to start exploring the features and benefits of CrossFi.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
