Everything You Need to Know About Cross Finance Ecosystem

This post provides a quick overview of the Cross-Finance Ecosystem for financial solutions. You can find detailed documentation on everything covered below at this link.

CrossFi is a next-generation digital ecosystem of cutting-edge financial solutions, bridging the worlds of banking and blockchain. The ecosystem consists of: 

• CrossFi Chain
• CrossFi APP
• CrossFi xAPP
• CrossFi Foundation

CrossFi seamlessly integrates the two pivotal segments of the global economy into a unified ecosystem, offering unparalleled scalability and processing speed of up to 1 million transactions per second through the core of the CrossFi Chain.

“The main strength of CrossFi is Freedom. We break all boundaries and stereotypes imposed on the blockchain.”

Alexander Mamasidikov

CEO, Chief ideologist & coordinator of the team

CrossFi Chain

CrossFi Chain is a Layer 1 blockchain with a modular architecture consisting of Cosmos Tendermint and Ethereum Virtual Machine working together to power interoperability, scalability, and functionality.

The Cosmos-based part of CrossFi is responsible for consensus, production, block verification, transaction creation, and new coin emission. It is comprised of a Tendermint core and Cosmos SDK. The Tendermint core is an open-source blockchain developer software that allows you to create applications in any programming language. Its key quality is the speed in confirming transactions. Tendermint enables unlimited scaling, high throughput, and instant block time.

Cosmos SDK is a framework that allows developers to create customized blockchains based on the Tendermint consensus algorithm. It allows developers to build blockchain systems without the distraction of consensus and network layers, and focus directly on building the application logic. 

Using Tendermint and Cosmos SDK, the CrossFi chain has the following capabilities:

EVM is responsible for interaction with smart contracts and deployment of decentralized apps, products, and services. Ethermint, a Cosmos SDK library for running scalable and interoperable EVM chains, and Evmos, the first decentralized EVM chain on the Cosmos network, focused on native, cross-chain applications, make CrossFi chain fully compatible with EVM and provide the following features:

• A fully Ethereum-compatible smart contract environment
• Creating DeFi services
• Anonymous payments
• Account abstraction (biometrics and 2FA). This will improve and simplify the work with the blockchain for ordinary users, create more opportunities
• Cross-chain bridges. It will allow free movement of digital assets between blockchains
• Payment channels for instant payments
• Adding CrossFi Chain to MetaMask and Other Wallets
• Creating your crypto assets and releasing them in any EVM-compatible network

Native Coins

The tandem operation of two native coins, MPX and XFI, fortifies CrossFi’s tokenomics foundation, providing users with a seamless and robust financial experience. MPX is a non-volatile coin with unlimited emission, while XFI is a volatile coin with limited emission.

Mint Power (MPX) is a governance coin, a unit of computing power required to min XFI coins through staking and a payment method for Cosmos-based services. The strength of your vote when voting on updating the network directly depends on how many MPX coins you have in your stake.

CrossFi (XFI) is a utility coin that provides access to all dApps, products, and services launched on the CrossFi Chain. It is the payment method in the CrossFi mobile app and the Cosmos/EVM services.

CrossFi APP

Designed to be a comprehensive, all-in-one modern banking solution, the CrossFi APP targets unbanked and banked populations, offering unparalleled access, convenience, transparency, and benefits that greatly exceed traditional banking solutions. The APP facilitates seamless transactions in both fiat and cryptocurrencies, heralding a new era of financial freedom and inclusivity.

CrossFi APP offers all existing financial services and beyond, like non-custodial payments.

• Integrated Banking: Users can manage crypto and fiat currencies in a unified platform.
• Card Issuance: The app enables the issuance of virtual and physical cards, including Visa.
• Non-Custodial Payments: It offers a non-custodial payment solution, allowing users to link their Visa cards to decentralized wallets like Metamask.
• Global Accessibility: CrossFi APP supports cross-border transfers using SWIFT and IBAN and also facilitates peer-to-peer (P2P) transfers by card number or phone number.
• Competitive Currency Exchange: Users benefit from profitable currency exchange rates directly within the app and can choose to bank and store wealth in the currencies of their choice.
• Multi-Currency Cards: The APP allows for creating and managing multi-currency cards, with the option to link to selected currencies.

“The main difference is that third-party solutions do not allow transactions from your non-custodial wallet. They require using a third-party wallet or holding your cryptocurrency.”

Alexander Mamasidikov

CEO, Chief ideologist & coordinator of the team

CrossFi xAPP

The CrossFi xAPP is a decentralized application at the forefront of bridging the traditional and decentralized finance world. The xAPP is a pivotal component of the CrossFi ecosystem, designed to harness the full potential of cross-chain blockchain technology and create a seamless, integrated financial experience. At its core, the xApp offers an array of DeFi functionalities. Users can use token swaps, bridge assets across various chains, acquire CrossFi’s native tokens like XFI and XUSD, and participate in liquidity provision. Beyond these, the xAPP facilitates a robust staking program on the CrossFi Chain, enabling users to earn rewards while contributing to the ecosystem’s efficiency.

Here are all the features of the xAPP: 

• Swap: designed to provide users immediate access to CrossFi’s native tokens, for use as gas on the CrossFi chain and payments in the CrossFi APP
• Bridge: seamlessly connects different blockchain networks, allowing for the transfer of assets across various EVM-compatible chains with ease. The Bridge function primarily exists to bridge XFI, XUSD, and USDT to and from the CrossFi Chain
• Get XFI: purchase XFI from any EVM-compatible chain and transfer it to the CrossFi Chain.
• Get lpXFI: This initiative aims to empower users to become liquidity providers by contributing to the liquidity of XFI and USDT on the CrossFi Chain and earning rewards.
• Vault: a central hub for users to track and manage their liquid and staked assets, providing a comprehensive overview of their holdings within the xApp.
• Rewards: aimed at fostering engagement and participation within the CrossFi Ecosystem. Participants can earn ETH, XFI, and esXFI by LayerZero Commissions, Trading fees, or Foundation Stake. 
• Claiming Rewards: The rewards claiming feature allows users to extract the rewards and value accumulated earned through LayerZero commissions, Foundation rewards, and trading fees.
• Stake: Stake lpXFI tokens to earn esXFI rewards and additional ETH rewards.
• Escrow: Begin the vesting process of your esXFI rewards to convert them into XFI, which can then be claimed.

CrossFi Foundation

The CrossFi Foundation is a non-profit organization that fosters growth and innovation within the Cross Finance ecosystem. Our foundation is committed to supporting users, ambassadors, developers, and validators through various initiatives and grant programs.

The CrossFi Foundation was founded to collaborate with dynamic teams and individuals passionate about contributing to the growth and innovation of the Cross-Finance ecosystem.

“The key mission of the Cross Finance team is the mass adoption of the crypto industry: easy cross-boarding between cryptocurrency and fiat”.

Alexander Mamasidikov

CEO, Chief ideologist & coordinator of the team