Key Takeaways
- Hybrid DeFi and TradFi Platform: CrossFi bridges traditional finance and decentralized finance, offering services that integrate fiat and crypto.
- Cosmos and EVM Compatibility: The platform uses Tendermint Core and Ethermint to support both Cosmos and Ethereum ecosystems.
- Native Tokens: MPX and XFI are the ecosystem's governance and utility tokens, facilitating staking, governance, and DeFi applications.
- CrossFi App: Provides a non-custodial wallet for crypto management and real-world payments via VISA cards.
- xApp: Supports advanced DeFi features like staking, bridging, and token swaps.
Introduction
The global financial landscape is evolving rapidly, with billions of individuals embracing online banking while hundreds of millions explore the world of cryptocurrencies. Imagine a unified platform that seamlessly merges the stability of traditional finance (TradFi) with the innovative potential of decentralized finance (DeFi). This is the vision behind CrossFi, an ambitious project poised to revolutionize the way we interact with money.
In this article, we delve into the intricacies of CrossFi, exploring its innovative features, technical underpinnings, and the transformative impact it could have on the global financial ecosystem.
Overview
CrossFi is not merely a project, it's a bridge between two worlds, designed to cater to a diverse range of users. From conservative banking customers seeking an intuitive entry point into cryptocurrencies to seasoned crypto enthusiasts desiring a unified financial experience, CrossFi aims to provide a comprehensive solution.
Moreover, the project holds the potential to empower the unbanked, granting them access to both traditional finance (TradFi) and decentralized finance (DeFi) services, potentially impacting millions of lives.
CrossFi Chain
At the heart of CrossFi ecosystem lies CrossFi Chain, a Layer 1 Proof-of-Stake  blockchain with a modular architecture that consists of two integral parts, Cosmos (Tendermint Core, Cosmos SDK) and EVM (Ethermint, Evmos).
Tendermint Core is a leading BFT engine for building blockchains renowned for its speed, finality, and security. It enables rapid transaction processing and ensures data integrity by automatically blocking malicious nodes. Leveraging this robust foundation, CrossFi utilizes the Cosmos SDK, a framework that empowers developers to create customized blockchains tailored to specific needs while benefiting from Tendermint's consensus mechanism.
To ensure compatibility with the Ethereum ecosystem, CrossFi incorporates Ethermint, a Cosmos SDK library designed for running scalable and interoperable EVM chains. This integration is facilitated by Evmos, the flagship implementation of Ethermint, which enables seamless interaction with Ethereum smart contracts and the broader DeFi landscape. This enables cross-chain bridges and asset transfers, further expanding the possibilities within the CrossFi ecosystem.
By combining these cutting-edge technologies, CrossFi has created a high-performance blockchain with up to 10,000 transactions per second, prioritizing security, scalability, and cross-chain interoperability.
Powering this ecosystem are two distinct native tokens, comprising Mint Power (MPX) and CrossFi (XFI).
MPX serves as both a governance token, empowering users to participate in decision-making, and a utility token, that facilitates staking for network security and XFI earnings, as well as covering transaction fees for Cosmos-based services.
XFI, on the other hand, is the primary utility token for the entire EVM-part of the CrossFi ecosystem, granting access to diverse DeFi applications and services, including those within the CrossFi xApp. Additionally, XFI functions as a means of payment within the CrossFi App, seamlessly integrating with fiat currencies for real-world transactions.
To enhance the utility of MPX within the EVM ecosystem, CrossFi introduces eMPX, an EVM-compatible token. This innovation allows users to leverage MPX functionalities, such as staking and governance participation, within the broader DeFi landscape. eMPX is liquid and readily tradable on various EVM platforms, providing greater accessibility and flexibility for users. With its limited supply mirroring that of MPX, eMPX offers a compelling value proposition while expanding the possibilities for MPX holders within the vibrant EVM-based DeFi ecosystem
CrossFi Foundation
Recognizing the importance of community engagement and innovation, the CrossFi Foundation, a non-profit organization, plays a pivotal role in nurturing the growth and development of the ecosystem. Through initiatives such as developer grants and user-focused programs with total rewards of $50 millions, the Foundation actively fosters a vibrant community that contributes to the network's evolution. This includes allocating a significant portion of MPX tokens to early adopters who participate in the testnet and contribute to the network's improvement.
This technological foundation has enabled the creation of services like CrossFi App and CrossFi xApp, which cater to a wide range of user needs and preferences. The combination of a powerful blockchain infrastructure and a dedicated Foundation focused on fostering innovation positions CrossFi as a leading force in the decentralized finance revolution.
CrossFi APP
CrossFi App is a fully decentralized bank that streamlines financial management by enabling users to manage both fiat and cryptocurrency holdings within a unified interface. This eliminates the need for multiple applications and simplifies the process of tracking and managing diverse assets. Furthermore, the app facilitates cross-border transactions via SWIFT, IBAN, and peer-to-peer (P2P) transfers, making it a versatile tool for global users.
One of its hallmark features is the decentralized, noncustodial approach to payments. Users can securely hold their crypto assets and effortlessly make payments for goods and services using either virtual or physical CrossFi VISA cards. This empowers users with full control and ownership over their assets, aligning with the core principles of decentralization.
To enhance the user experience, the CrossFi App incorporates a variety of features, including competitive exchange rates for in-app currency conversions and the ability to create and manage multi-currency cards. Additionally, the app provides integrated acquiring solutions for payment cards, POS terminals, and self-service terminals, along with a comprehensive processing network for ATMs, trading terminals, and e-commerce.
The platform prioritizes security and efficiency through state-of-the-art data encryption, real-time exchange rate updates, and seamless integration with decentralized wallets.
CrossFi xApp
CrossFi xApp is a powerful decentralized solution meticulously tailored for seasoned cryptocurrency enthusiasts and investors seeking advanced DeFi solutions. It serves as a comprehensive hub for diverse financial activities, providing a secure and efficient platform for navigating the intricacies of decentralized finance.
At its core, the xApp provides a suite of DeFi functionalities that empower users to actively manage and grow their digital assets. These functionalities include seamless token swaps, allowing for quick and efficient exchange of assets within the CrossFi Chain ecosystem. The xApp also facilitates the smooth bridging of assets across different EVM-compatible chains, enhancing interoperability and liquidity.
For users aiming to maximize their returns, the xApp provides a robust staking program that enhances network security while incentivizing long-term participation. The Escrow XFI staking feature offers additional reward boosts for committed users, making it an attractive option for those seeking to optimize their earnings.
Additionally, the xApp provides users with the ability to mint and borrow XUSD, an algorithmic stablecoin pegged to the USD for engaging in various DeFi activities.
The xApp also incorporates a comprehensive reward distribution system that incentivizes active participation through Foundation stake rewards, rewards from trading fees, and additional rewards for liquidity providers, fostering a thriving and rewarding ecosystem.
xApp Key Features:
- Get XFI: Streamlines the process of acquiring XFI by leveraging Sushi’s liquidity pools across EVM-compatible chains and transferring it to the CrossFi Chain.
- Swap: Enables instant exchange of USDT, XUSD, XFI, wXFI, and eMPX exclusively on the CrossFi Chain.
- Bridge: Facilitates seamless transfer of XFI, XUSD and USDT between EVM-compatible chains using deBridge technology.
- Stake: Offers staking opportunities for lpXFI, lpUSD, or lpMPX tokens, with varying reward structures.
- Rewards: The reward distribution system is designed to incentivize engagement and participation in the CrossFi ecosystem. Participants can receive rewards in the form of WETH, XFI and esXFI.
- Escrow: Incentivizes long-term commitment and higher yields by offering increased rewards for users.
- XUSD: Allows users to mint and borrow XUSD by establishing an overcollateralized position using XFI tokens as collateral.
CrossFi's xApp Incentive Program
CrossFi recently announced the launch of its xApp Incentive Program, designed to reward users for their active participation in testing and improving the platform's core features. Participants can earn up to 1,000,000 XFT tokens by completing various tasks and exploring the xApp's functionalities.
How it Works:
- Test the xApp: Engage with the platform's key features, including token swaps, asset bridging, liquidity provision, staking, and reward claiming.
- Earn Points: Each completed task will earn you a designated number of points.
- Boost Your Earnings: Increase your point accumulation by repeating actions and engaging in multiple tasks.
- Claim Your Rewards: XFT tokens will be distributed based on points earned at the conclusion of the testnet initiative.
Benefits of Participation:
- Contribute to Development: Your feedback and engagement will play a crucial role in refining the xApp and shaping the future of the CrossFi ecosystem.
- Earn Valuable Rewards: Accumulate XFT tokens and increase your chances of receiving MPX coins on the mainnet launch.
- Gain Early Access: Be among the first to experience and utilize CrossFi's innovative DeFi platform.
For a detailed guide on how to earn points and maximize your rewards, please refer to the official documentation.
Token Economy
CrossFi's token economy is built upon a strategic token model designed to foster sustainable growth, incentivize community participation, and ensure effective governance.
Mint Power (MPX)
- Governance coin
- A unit of computing power required to mine XFI
coins through staking
- A tool for fee payment for using Cosmos-based services
- The initial issue of MPX was 4,000,000,000.
All funds coming from the MPX implementation have the following distribution:
CrossFi (XFI)
- Primary utility token for the EVM-part of the rossFi ecosystem
- Access to products and services within Cross Finance
- Unique opportunities within the CrossFi xApp
- Means of payment alongside fiat funds in the CrossFi App
- Total Emission: 378,400,000 XFI
The emission of XFI coins is designed for 20 years and has 5 stages.
eMPX Token
eMPX is a liquid EVM-compatible token designed to enhance the utility and accessibility of Mint Power (MPX) within the CrossFi ecosystem.
- Leverages MPX functionalities on the EVM ecosystem
- Enables participation in a wider range of EVM-based DeFi activities
- Total Supply: 400,000,000 tokens (10% of initial MPX supply)
- Vesting Schedule: 5 years
How to Buy MPX & XFI
At the moment XFI is traded on exchanges like MEXC, HTX (Huobi) paired with USDT, as well as Uniswap and PancakeSwap.
MPX tokens can be easily purchased through the official CrossFi bot using XFI or USDT (TRC20 and BEP-20). The MPX price is stable, maintaining a consistent value of 0.02 USDT.
For those seeking opportunities to earn cryptocurrency, the CrossFi offers a variety of chances to earn it through active participation and contributions.
The comprehensive guide, "How To Earn Crypto With CrossFi," details the various ways users can earn rewards within the platform.
How to Hold MPX & XFI
- CrossFi Console: The CrossFi Console serves as the primary wallet for both MPX and XFI. You can log in or create an account on the official console website to access your wallet and manage your assets.
- Compatible Wallets: Both MPX and XFI are compatible with various wallets that support the respective token standards. MPX is a Cosmos-based token, so you can store it in wallets that support the Cosmos ecosystem (e.g., Keplr Wallet). XFI is ERC-20 token, meaning they can be stored in most Ethereum-compatible wallets (e.g., MetaMask, Trust Wallet).
- Exchanges: If you acquired your MPX or XFI through a cryptocurrency exchange, you can choose to hold them in your exchange wallet. However, this is generally considered less secure than storing them in a dedicated wallet, as exchanges are vulnerable to hacking and other security risks.
Here are some additional points to keep in mind:
- Security: Always prioritize security when storing your cryptocurrencies. Choose reputable wallets, enable two-factor authentication, and keep your private keys safe.
- Research: Do your own research before choosing a wallet or exchange to store your tokens. Consider factors such as security, reputation, fees, and ease of use.
- Backup: Always back up your wallet seed phrase and store it in a safe and secure location. This will ensure that you can recover your assets in case you lose access to your wallet.
How to Stake MPX
Staking Mint Power (MPX) on CrossFi Chain is a simple and effective way to participate in the network's security while earning rewards. The XFI Console serves as your gateway to this process, acting as both a wallet for storing and managing your MPX and XFI tokens and a tool to reap the benefits of staking.
Here's a step-by-step guide on how to stake MPX
- Access the XFI Console: Log in or create an account on the official XFI console at https://xficonsole.com/.
- Navigate to "Bond" Menu: Locate and click on the "bond" menu option on the left side of the console interface.
- Select a Validator: Review the available validators' offers and choose the one that aligns with your preferences and risk tolerance.
- Specify Staking Amount: Input the desired amount of MPX you wish to stake.
- Review Bond Conditions: Carefully read and understand the terms and conditions associated with staking your MPX.
- Confirm Staking: Click the "Confirm" button to initiate the staking process.
By staking MPX, you contribute to the security and decentralization of the CrossFi Chain while earning rewards in the form of XFI tokens. These rewards are generated through the platform's consensus mechanism and are distributed to stakers based on their staked amount and the duration of their stake.
Team
CrossFi is spearheaded by a team of accomplished professionals with diverse backgrounds in finance, technology, and marketing, creating a powerful synergy that drives the platform's success.
Alexander Mamasidikov - CEO, Chief ideologist and coordinator of the Cross Finance team. With a deep expertise in crypto and digital marketing, Alexander is also the founder of the IEO Agency. His impressive portfolio includes over 72 projects in international fintech, blockchain, and CrossFi, positioning him as one of the top 20 blockchain entrepreneurs according to Publish0x.
Fyodor Bogorodsky - Chief Financial Advisor with 27 years of experience in banking and finance. He has been instrumental in several pioneering projects, such as the world’s first state cryptocurrency "El Petro," Russia’s first Mastercard payment card, and the first network of ATMs and POS terminals in Russia. Fyodor also contributed to the creation of StreamPay S.A. in Latvia and developed a processing platform for major card issuers. His extensive expertise helps Cross Finance develop top-tier financial and banking solutions for its users.
Phillip Alexeev - Chief Growth Officer, bringing over a decade of experience as a seasoned growth marketer and investor in the startup world. He has achieved several successful exits in emerging industries such as 3D printing and virtual reality and has played a pivotal role in the growth strategies of notable Web3 projects including Coinlist and Decentraland. Before joining Cross Finance, Phillip served as Head of Growth at Binance, where he focused on special DeFi projects. His expertise and experience are expected to drive significant growth for the expanding Cross Finance ecosystem.
Ryan Horn - Global Development Strategy Advisor for the Cross Finance ecosystem, bringing a wealth of experience in crypto and Web3. With six years in crypto, blockchain, and Web3, Ryan has held C-suite positions in Crypto Top 100 companies and served as the Global Director of Binance NFT. Previously, he was the CEO of a London advertising agency, and over the past decade, he has led, developed, and commercialized over $950 million in brand, tech, and crypto businesses across EMEA and US markets. As Cross Finance continues to evolve, Ryan's vision and leadership will significantly drive innovation and growth.
Andrew Gundartsev - Chief Business Development Officer, has over six years of experience in Web3, crypto, and DeFi. He has led two startups to successful exits, held a C-level position in a project within the top 10 of the BNB Smart Chain ecosystem, and attracted over $100 million in investments for startups. A strong advocate for mass adoption between Web2 and Web3, Andrew focuses on bridging these two worlds to foster harmonious and innovative development.
Viktor Nemchenko - Chief Content Officer, brings over 20 years of experience in marketing and advertising to the table, including 8 years as Creative Director at Saatchi&Saatchi CA agency. His impressive portfolio boasts over 200 campaigns for international brands, as well as political and social initiatives, implemented across the CIS, USA, Canada, Spain, and the Baltic countries. Viktor has collaborated with global giants such as Procter & Gamble, Gallaher London, Mars, Efes, Coca-Cola, and more. He has also curated programs for prestigious industry events like the international festival GOVIRAL 2019 and the ASTANA MEDIA WEEK 2020 conference. Additionally, Viktor has shared his expertise as a speaker at notable conferences, including TEDx and Partnership for Innovations, among others.
Haley Cromer specializes in Blockchain Evangelism and Developer Relations, with extensive experience in startup consulting, business development, growth strategy, and advisory roles for over 15 Web3 companies. Her expertise spans artificial intelligence, data services, Bitcoin and Filecoin mining, and Openmesh. Haley is a strong advocate for open-source infrastructure, decentralization, and transparency.
Leonid Komov - Compliance/AML Advisor brings nearly 20 years of expertise in financial regulations and compliance. His career includes significant roles at major traditional institutions like Citi and Deutsche Bank, as well as fintechs such as Revolut. Recently, Leonid has been advising financial and regulatory technology companies worldwide, helping them build compliant solutions that foster innovation within regulated environments. As an advisor to Cross Finance, he plays a crucial role in shaping and implementing a clear regulatory strategy to achieve the company's long-term mission.
Partnerships
In a bold move to revolutionize the blockchain gaming landscape, CrossFi has embarked on strategic partnerships that promise to redefine Web3 gaming experiences. Collaborating with DChain, CrossFi aims to integrate advanced cross-chain interoperability and liquidity solutions with DChain’s low-cost gaming infrastructure. This partnership not only enhances the efficiency of blockchain gaming but also sets the stage for new innovations in decentralized gaming ecosystems.
Additionally, CrossFi has joined forces with Versus-X, a pioneering multi-token and cross-chain wagering gaming studio. Together, they are poised to introduce groundbreaking solutions that elevate user experiences in Web3 gaming. By leveraging each other's strengths, CrossFi and Versus-X are driving forward the integration of blockchain technology into gaming, offering enhanced security, transparency, and scalability.
In its commitment to fostering a comprehensive ecosystem, CrossFi has partnered with Three Protocol. This collaboration focuses on decentralizing marketplaces to promote inclusivity in eCommerce and Real-World Asset transactions. By merging innovative payment solutions with decentralized marketplaces, CrossFi and Three Protocol aim to create a robust community-driven environment that supports the growth of Web3 finance and commerce.
Moreover, CrossFi has secured key partnerships to bolster its technological foundations. Teaming up with Subsquid as its L1 blockchain data provider ensures efficient and reliable data management across multiple chains. Meanwhile, the collaboration with DIA as a cross-chain oracle provider enhances the reliability and functionality of CrossFi’s blockchain applications by bridging on-chain and off-chain data sources seamlessly.
To support its infrastructure needs, CrossFi has chosen Bware Labs, known for providing high-performance tools and services for blockchain development. This partnership ensures CrossFi has access to scalable infrastructure and developer-friendly solutions to build and deploy innovative products seamlessly.
Additionally, in a bid to advance its transaction capabilities and community benefits, CrossFi has aligned with Covalent. This partnership leverages Covalent’s advanced blockchain data solutions to enhance transaction transparency, user experience, and community incentives within the CrossFi ecosystem.
Establishing strong partnerships in the gaming, financial and infrastructure sectors underscores CrossFi's commitment to innovation and empowering its ecosystem and solutions.
Conclusion
CrossFi emerges as a pioneering force in the evolving financial landscape, strategically addressing the persistent challenges that have hindered the seamless integration of blockchain technology into traditional financial systems. By fostering interoperability between disparate blockchains, bridging the gap between cryptocurrencies and fiat currencies, and empowering developers with streamlined tools, CrossFi is ushering in a new era of financial inclusivity and innovation.
With an unwavering commitment to user autonomy, robust security through self-custody, and global accessibility, CrossFi not only mitigates existing pain points but also lays the foundation for a future where cryptocurrencies are seamlessly integrated into everyday transactions, transcending geographical boundaries. As the first platform to truly enable the ubiquitous use of cryptocurrencies, CrossFi is a testament to the transformative potential of blockchain technology in reshaping the financial paradigm.
As global economies increasingly embrace the digital revolution, CrossFi is poised to play a pivotal role in shaping the future of finance. By making financial services more efficient, accessible, and user-centric, CrossFi is not merely adapting to change; it is catalyzing it. The journey towards "crypto everywhere" has begun, and CrossFi stands at the forefront of this exciting transformation, redefining the boundaries of what is possible in the financial realm.
The information provided by DAIC, including but not limited to research, analysis, data, or other content, is offered solely for informational purposes and does not constitute investment advice, financial advice, trading advice, or any other type of advice. DAIC does not recommend the purchase, sale, or holding of any cryptocurrency or other investment.
