In this post:
- CrossFi announces its new EVM-compatible mainnet
- CrossFi’s mainnet will power a decentralized payment ecosystem for web3
- The mainnet’s launch comes after a successful testnet phase and proving the platform’s security standards.
CrossFi announced the launch of its new EVM-compatible mainnet. The mainnet will be able to process payments for businesses on a scalable, decentralized system for Web3 applications. The new mainnet was launched after completing a successful testnet run and showcased its high-security standards.
CrossFi significantly impacted the crypto world by announcing its new EVM-compatible mainnet. The platform’s new mainnet was launched to help bridge the gap between blockchain technology and traditional financial systems.
CrossFi launches scalable payment network
CrossFi announced the launch of its much-anticipated Ethereum Virtual Machine (EVM)-compatible mainnet. The network’s compatibility allows applications native to Ethereum’s blockchain to integrate into CrossFi’s Layer 1 payments network. The mainnet is set to power CrossFi’s decentralized ecosystem for web3 payments. The newly launched mainnet will provide businesses with a crypto payment system that is secure, scalable, and non-custodial. The system enables businesses to integrate crypto payments into everyday operations, shifting how such transactions are processed.
The mainnet’s launch came after a successful testnet run in collaboration with CoinList. During the testnet, CrossFi’s new payment ecosystem handled over one million active wallets created. The mainnet was also supported by several launch partners, including Alchemy and other leading validators. These partnerships were done to help maximize optimal network performance while simultaneously enabling decentralization. The mainnet also attained PCI DSS certification, which attests to its global reach and suitability. The certification also attests to the mainnet’s high-security standards that are used to ensure the best data transmission and practices by other major payment cards.
CrossFi’s robust ecosystem is expected to handle approximately 10,000 transactions per second. The figure makes it a great alternative for high-volume payment Dapps. The mainnet’s governance is set to utilize the Mint Power (MPX) token. In this case, the Mint Power (MPX) token is the computing power unit required to generate new coins (XFI cons). The MPX token will also serve as the payment used for transaction fees. The average transaction fee on the system is approximated at $0.02 per transaction.
CrossFi capitalizes on proven technology to develop its mainnet
CrossFi ecosystem has six core components. The CrossFi Chain, a Layer 1 blockchain, is the base layer. The blockchain is complemented by the CrossFi App. The CrossFi App enables staking, P2P payments, lending, virtual debit cards, and crypto-fiat exchange. The mainnet’s ecosystem also includes CrossFi xAPP, a DeFi platform. Through the DeFi platform, users can bridge crypto assets across different blockchains, mine tokens, and engage in token swaps. The system also includes CrossFi Foundation, a nonprofit dedicated to the platform’s growth. The components are completed by XAssets and XStake, which respectively enable minting, trading RWAs, and maximizing the capital efficiency for users’ staked assets.
CrossFi’s system is built using Cosmos SDK and Tendermint, enabling it to create and operate the blockchain infrastructure to carry out its payments. Cosmos SDK enables CrossFi to create a customizable blockchain structure that can interoperate with other blockchains. The use of Tendermint, a consensus algorithm, enables the mainnet to process transactions in a fast, secure, and reliable manner. The blend of these two elements allowed CrossFi to develop an ecosystem through which the demands of modern financial applications can be met.
