Here is a look at the most lucrative incentives that have earned our users much coin! (Pun intended.)

CrossFi has implemented multiple incentivized programs to increase user engagement and collect feedback during our testnet run to create the best DeFi platform in the world. Here is a look at the most lucrative incentives that have earned our users much coin! 

Testnet

The CrossFi Testnet comprises three main categories of users: Validators, Developers, and Users. Each category has specific tasks they need to carry out to obtain the CrossFi Foundation’s designated grant, which is over $2.5 million. In return for feedback and participation, users can earn valuable rewards in MPX tokens that can be used in the Mainnet in the future as well. 

Find the details: https://t.me/crossfichain/546

CrossFi xAPP

The CrossFi xAPP is an innovative decentralized application that bridges traditional finance with decentralized finance (DeFi). As a key part of the CrossFi ecosystem, it leverages cross-chain blockchain technology to provide a seamless financial experience. The xAPP is a user-empowering DeFi hub. It enables users to swap tokens, bridge assets across different chains, acquire native tokens like XFI and XUSD, and participate in liquidity provision. More importantly, it hosts a robust staking program on the CrossFi Chain, allowing users to earn rewards while contributing to the ecosystem’s efficiency. Here’s how the xAPP puts the power in your hands and accumulates rewards for you. 

Staking: The staking section is a comprehensive control center for users to monitor and manage their liquid and staked assets, providing a detailed overview of their holdings within the xApp. You can stake lpXFI tokens to earn esXFI rewards and additional WETH rewards or stake lpUSD or lpMPX tokens to receive additional XFI rewards. 

Rewards: Rewards are accrued from multiple streams within the ecosystem. Users can earn rewards from the trading fees collected from CrossFi asset pools on the CrossFi Chain. These fees are redistributed to incentivize and reward active traders and liquidity providers—the CrossFi foundation stakes MPX, which releases XFI as a reward as well.  

Escrow: Users can lock esXFI (escrowed XFI), which can be redeemed for XFI by users who are willing to lock their lpXFI for a predetermined period. This mechanism encourages long-term engagement and contributes to the stability of the platform.

Grab my chance: https://docs.crossfi.org/crossfi-xapp-1/incentivize/incentivize-xapp

xSwap

xSwap is the next evolution in decentralized finance (DeFi) on the innovative CrossFi Chain. As an advancement of existing AMM protocols, xSwap enhances liquidity rewards and maintains low trading fees. Powered by a constant product formula and smart contracts, xSwap offers a decentralized, secure, and censorship-resistant trading environment. It is open-source, inviting community contributions and scrutiny.

Liquidity Provider Fees: xSwap offers a modern fee structure that optimizes rewards for liquidity providers while keeping trading fees competitive. A portion of each transaction fee is distributed proportionally to liquidity providers based on their contribution. These fees are instantly added to the liquidity reserves, increasing the value of liquidity tokens and ensuring the pool’s reserves consistently grow, benefiting all participants.

xSwapPoints Innovation: xSwap introduces xSwapPoints, a dynamic incentive mechanism to reward active users. These points encourage extensive use of the platform, accumulating as participants trade and can be redeemed for rewards. The more a user interacts with xSwap, the more points they earn, enhancing engagement and enriching the overall trading experience, benefiting both the platform and its users.

Get started: https://xswap.ms/

PhoLend

PhoLend is the first lending platform on the CrossFi Chain, merging the benefits of DeFi with CrossFi Chain’s efficiency. At PhoLend, financial services are efficient and accessible. Users can deposit XUSD to earn interest and use them as collateral for loans, maximizing returns and liquidity. The platform’s design ensures all actions, from depositing to borrowing, are streamlined and user-friendly, making financial management intuitive and effective.

PhoLend offers users multiple earning mechanisms: depositors earn a portion of interest payments from borrowers, with rates dependent on asset utilization, and they also benefit from a 0.09% fee on Flash Loans. Earnings for each asset type vary and can be tracked on the platform, which displays the average rate over the past thirty days to monitor changes.

Join: https://pholend.com/

Summary

CrossFi’s testnet phase features incentivized programs to boost engagement and collect feedback, offering over $2.5 million in grants and MPX tokens for Validators, Developers, and Users. The CrossFi xAPP bridges traditional and decentralized finance, enabling token swaps, asset bridging, liquidity provision, and staking. It rewards users through trading fees and MPX stakes. xSwap enhances liquidity rewards, maintains low fees, and introduces xSwapPoints for active user incentives. PhoLend, a lending platform, offers interest on XUSD deposits and collateralized loans, further driving engagement and ecosystem stability.