The post Layer 1 payments network CrossFi launches EVM-compatible mainnet appeared on BitcoinEthereumNews.com.

CrossFi launched an EVM-compatible mainnet for scalable web3 payments. The network supports 10,000 TPS and bridges Ethereum assets seamlessly. Governance uses MPX tokens, with fees averaging $0.02 per transaction. Cross Finance, commonly known as CrossFi, has announced the launch of its EVM-compatible mainnet, marking a significant step in the evolution of decentralized finance (DeFi) and web3 payment solutions. The CrossFi blockchain aims to provide a scalable, decentralized ecosystem designed to support high-volume payments and everyday transactions, bridging traditional finance with the world of crypto. The CrossFi mainnet’s launch comes on the heels of a successful testnet, conducted in collaboration with CoinList, which attracted over one million active wallets. The CrossFi blockchain The network’s infrastructure is built using the Cosmos SDK and Tendermint, enabling a modular design that supports up to 10,000 transactions per second (TPS). This scalability makes CrossFi suitable for hosting payment applications that require high throughput, similar to Visa-level processing capabilities. As an EVM-compatible network, CrossFi allows seamless integration with Ethereum-native assets, which can be bridged to its platform and utilized within its payment ecosystem. Its security is reinforced by PCI DSS certification, a data protection standard recognized by major payment card companies, ensuring that the platform maintains industry-leading data transmission and storage practices. The governance of the decentralized network is powered by the Mint Power (MPX) token, which is also used to facilitate transaction fees that average $0.02 per transaction. In addition, the Cross Finance ecosystem features a variety of financial tools, including CrossFi App, which enables services like staking, lending, crypto-fiat exchange, and P2P payments. Users can also leverage CrossFi xAPP for token swaps, cross-chain asset bridging, and liquidity mining. Further enhancing its ecosystem, CrossFi supports synthetic asset minting, over-collateralized stablecoins, and offers decentralized platforms for trading real-world assets. By integrating multiple functionalities across its components,…

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Filed under: News - @ October 14, 2024 3:22 pm