CrossFi Officially Launches EVM-Compatible Layer 1 Blockchain for Web3 Payments

CrossFi has officially launched the mainnet of the EVM-compliant blockchain that will pave the way for the creation of the Layer 1 decentralized payments network.

CrossFi, a Layer 1 blockchain designed for decentralized payments, has now launched its mainnet. This network will facilitate the creation of a Layer 1 decentralized payments network, specifically tailored for web3 purchases, enabling businesses to integrate regular payments. With the launch of this mainnet, CrossFi is empowering businesses to leverage a decentralized, non-custodial system for seamless crypto-payment solutions.

This launch follows the successful testnet program of CrossFi, which was conducted in partnership with CoinList and saw the generation of over 1 million active wallets. To ensure optimal network decentralization and performance, CrossFi has collaborated with leading validators, including Alchemy.

CrossFi's Layer 1 technology is designed for high scalability, capable of processing up to 10,000 transactions per second. The network has also attained PCI DSS certification, adhering to stringent data security standards on par with major payment card providers.

Built on the Cosmos SDK and Tendermint, CrossFi's blockchain architecture integrates compatibility with the Ethereum Virtual Machine (EVM). This feature enables the bridging of Ethereum-native assets to the CrossFi network, expanding its ecosystem and facilitating smoother transactions between blockchain networks.

Governance and Ecosystem Expansion of CrossFi

CrossFi's governance is driven by the Mint Power (MPX) token, which is utilized for generating new XFI coins and paying transaction fees. On average, these fees are anticipated to be around $0.02 per transaction. In addition to the mainnet, the CrossFi ecosystem offers a diverse range of services, including staking, lending, P2P payments, and synthetic asset minting, which are accessible through its CrossFi App and other platforms like CrossFi xAPP.

The CrossFi ecosystem extends beyond just a blockchain, encompassing tools like CrossFi xAPP for DeFi services, the XAssets platform for token trading and swapping, and XStake for staking. Together, these components provide users with a comprehensive suite of financial services within the decentralized space.