Cross Finance Explained

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So, we’re diving into Cross Finance are we? Let’s have a word about history first, In 2023, CrossFi made significant strides in the cryptocurrency world. It launched the CrossFi Chain in March and introduced its XFI coin, which was listed on several exchanges, including MEXC and CoinMarketCap, by May. 

Throughout the year, CrossFi hosted major events in Vietnam, gained recognition as the best crypto project in a Huobi contest, and actively participated in prominent crypto conferences like TOKEN2049 in Singapore. They also sponsored Beatland, an international beatboxing competition. By the end of the year, CrossFi had opened offices in Vietnam and Dubai, launched a comprehensive website, and established the CrossFi Foundation with a $50 million grant program to support innovative projects bridging traditional finance and crypto. In addition, the Launch of the CrossFi Incentivized Program supported by Coinlist in February.

What is Cross Finance?

Mission: Cross Finance (CrossFi) aims to combine traditional finance’s reliability with blockchain technology’s transparency and security. Its goal is to eliminate financial isolation and integrate blockchain more deeply into the global financial system.

CrossFi Chain

  • Core of Ecosystem: The main component that powers Cross Finance.
  • Scalability: Can handle up to 1 million operations per second.
  • Interoperability: Works well with other systems.
  • User-Friendly: Easy tools for everyone, especially developers.

Online Web 3 Banking

  • Combines Fiat and Crypto: Non-custodial on-chan cryptocurrency to fiat transactions without the participation of third parties and without anyone blocking them.
  • Features:
    • Virtual and physical Non-custodial crypto Visa cards.
    • Secure, connected Web3 wallets.
    • Cross-border transfers
    • Peer-to-peer (P2P) transfers using card numbers.
    • 2% fee on all types of transactions without hidden condition

DeFi Application

  • Multi-Purpose Tool: A versatile app for the CrossFi ecosystem.
  • Functions: Explore decentralized finance (DeFi) strategies.
  • Mint XUSD, CrossFi own stablecoin, and earn commision in xAPP
  • Swap tokens and provide liquidity using CrossFi’s automated market maker (AMM).
  • Engage in yield farming for earning rewards.

CrossFi Technology

  • Integration: All products and mechanisms of Cross Finance work together seamlessly.
  • Global Impact: Expands blockchain’s reach and provides easy-to-use financial tools for everyday use worldwide.

In summary, Cross Finance aims to make financial tools more accessible and efficient by blending traditional finance’s stability with the innovation of blockchain technology, offering a variety of services and products that can be used globally.

Introduction to the CrossFi Foundation

The CrossFi Foundation is a non-profit organization focused on promoting growth and innovation within the Cross Finance ecosystem. It supports users, ambassadors, developers, and validators through various initiatives and grant programs to ensure the success and expansion of Cross Finance.

Foundation Initiatives and Grants

The CrossFi Foundation provides substantial financial assistance, with a total reward pool of $50,000,000, divided among four main initiatives:

  • Users: Encourages active participation and engagement within the CrossFi community.
  • Ambassadors: Supports individuals who promote the CrossFi ecosystem.
  • Developers: Offers resources and funding for developers to create innovative projects and applications.
  • Validators: Assists validators who help secure the CrossFi network.

Bug Bounty Program

The Bug Bounty Program invites individuals to help enhance the security and reliability of the CrossFi platform by identifying coding errors and vulnerabilities. Participants are rewarded based on the significance of the issues they report.

Unique Value of CrossFi Grants

CrossFi’s grant programs offer several unique benefits:

  • Grants in MPX: Grants are awarded in MPX, a token used in the Cosmos consensus layer, essential for acquiring XFI, the main governance, utility, and payment token in the ecosystem.
  • Long-Term Incentivization: Recipients receive ongoing support, aligning their incentives with the ecosystem’s long-term success.
  • Staking Benefits: Staking MPX can yield significant rewards, with an APR above 20% and a 20-year emission period for XFI.
  • Immediate Capital: Grants can be tailored to provide capital in XFI for projects that need immediate funding.
  • ARP is dynamic and is directly related to total amount of MPX in the stake and the current market value of XFI

Collaboration Opportunities

The CrossFi Foundation seeks to collaborate with teams and individuals passionate about contributing to the growth and innovation of decentralized finance. Joining the foundation allows one to play a significant role in shaping the future of the CrossFi ecosystem.

Additional MPX

To receive additional MPX test coins, users can convert XFI to MPX on the mainnet in the XFI Console, offering a deeper engagement with the CrossFi ecosystem.

Events and Support

The CrossFi Foundation also hosts hackathons and live workshops to foster collaboration and learning. A comprehensive FAQ section is available to address any questions.

Understanding CrossFi Chain

The core of the Cross Finance ecosystem has 2 parts that work as a single organism: Cosmos and EVM. These technologies offer specific functionalities integral to the utility and services provided by CrossFi.

Overview of the Cosmos Role in CrossFi Chain

CrossFi Chain uses Cosmos technology to handle essential blockchain functions:

Main Responsibilities

Consensus: Ensuring all nodes agree on the blockchain’s state.

Production: Creating new blocks.

Verification of Blocks: Checking blocks for accuracy.

Transaction Creation: Making new transactions.

New Coin Emissions: Issuing new coins.

Key Technologies Used

Tendermint Core: This is open-source software that lets developers create blockchain applications quickly and securely in any programming language. It ensures transactions are processed within seconds without long confirmation times.

Cosmos SDK: A framework for building custom blockchains. It handles the complex parts of the blockchain, so developers can focus on the application logic.

Benefits of Using Tendermint and Cosmos SDK

Consensus Protocol: Uses Delegated Proof of Stake (DPoS).

Byzantine Fault Tolerance: Ensures security by requiring two-thirds of validators to agree.

Validators: Supports up to 64 validators.

Block Time: Blocks are created every 5 seconds, possibly reduced to 1 second.

Transaction Speed: Can handle up to 10,000 transactions per second.

Operations per Transaction: Up to 100 operations.

Confirmation Time: Transactions are confirmed in 1 block.

Fees: Basic transaction fee is $0.02.

Overview of the EVM Role in CrossFi Chain

CrossFi Chain also integrates with Ethereum technology to manage interactions with smart contracts and decentralized applications:

Main Responsibilities

Smart Contracts: Managing and executing smart contracts.

Decentralized Applications: Deploying applications that run on the blockchain.

EVM Compatibility: Ensuring full compatibility with the Ethereum Virtual Machine (EVM).

Key Technologies Used

Ethermint: A library for running scalable EVM chains within the Cosmos ecosystem.

Evmos: The first decentralized EVM chain on the Cosmos Network, focusing on cross-chain applications.

Benefits of Using Ethermint and Evmos

Ethereum Compatibility: Full support for Ethereum smart contracts.

DeFi Services: Creating decentralized finance services.

Anonymous Payments: Supporting private transactions.

Account Abstraction: Enhanced user security with biometrics and two-factor authentication.

Cross-Chain Bridges: Allowing digital assets to move freely between different blockchains.

Payment Channels: Enabling instant payments.

Wallet Integration: Easily add CrossFi Chain to wallets like MetaMask.

Creating Crypto Assets: Users can create and release their own crypto assets on any EVM-compatible network.

Understanding the CrossFi App 

The CrossFi App is a Web3 solution that combines traditional finance with cryptocurrency, aiming to serve both unbanked and banked populations. Here’s a straightforward overview of its key features and benefits:

On-chain crypto to fiat transaction:

  • Manage both crypto and fiat currencies in one place.
  • Issue virtual and non-custodial crypto Visa cards.
  • Spend your crypto like a fiat with 80 million merchants worldwide directly from your web3 wallet

Non-Custodial Payments:

  • Securely top up balances without transferring custody of funds.
  • Link decentralized wallets like MetaMask to your Visa cards.
  • Dsconnect the web3 wallet at any time, your funds belong to you

Global Accessibility:

  • Support for cross-border transfers via SWIFT and IBAN.
  • Peer-to-peer (P2P) transfers using card or phone numbers.

Competitive Currency Exchange:

  • Access favorable currency exchange rates within the app.
  • Create and manage multi-currency cards.

User-Friendly for All:

  • Ideal for those new to cryptocurrency, making it easy to start.
  • Perfect for tech-savvy users who want transparency and efficiency.
  • Supports early adopters and blockchain enthusiasts with advanced features.

Empowering Financial Freedom:

  • Provides greater control and flexibility over financial transactions.
  • Aligns with the decentralization ethos of the crypto movement.

Global Reach:

  • Connects users worldwide, supporting diverse financial needs.

Secure and Innovative:

  • Uses cutting-edge security and technology.
  • Real-time updates and seamless integration with decentralized wallets.

User-Centric Design:

  • Easy to navigate with an intuitive interface.
  • 24/7 customer support.

Understanding the CrossFi xAPP 

The CrossFi xAPP is a powerful decentralized application (dApp) that combines traditional finance with decentralized finance (DeFi). It aims to make financial interactions seamless and efficient by using cross-chain blockchain technology.

Key Features of the CrossFi xAPP

DeFi Functionalities:

  • Token Swaps: Easily exchange different types of cryptocurrencies.
  • Asset Bridging: Move assets across various blockchain networks.
  • Acquiring Native Tokens: Get CrossFi’s native tokens like XFI and XUSD.
  • Liquidity Provision: Provide liquidity and earn rewards.

Staking:

Users can stake their tokens to earn rewards and help maintain the ecosystem’s efficiency.

User-Friendly Interface:

  • The xAPP is designed to be easy to use, making it accessible for both beginners and experienced users.
  • Users start by connecting their wallet (e.g., MetaMask, Trust Wallet) to access all features.

Wallet Compatibility:

  • Currently supports popular wallets like MetaMask, Trust Wallet, and WalletConnect.
  • Plans to expand support to more wallets for greater accessibility.

Comprehensive Dashboard:

  • Provides a clear overview of your assets, transaction history, and market opportunities.
  • Allows for easy management of financial activities such as swaps, liquidity provision, and staking.

Enhanced Financial Operations:

  • Get XFI: Purchase XFI tokens through integrated liquidity pools.
  • lpXFI, lpMPX, lpUSD: Provide liquidity to earn specialized tokens (lpXFI, lpMPX, lpUSD) and stake them for additional rewards.
  • Swap and Bridge: Quickly swap between supported tokens and bridge assets between different chains.
  • Staking and Rewards: Stake tokens to earn rewards from trading fees and foundation stakes.

Secure and Efficient:

  • Utilizes advanced technology to ensure secure transactions and efficient operations.
  • Supports escrow and vesting processes for managing rewards.

Global Accessibility:

Designed to be used by people worldwide, breaking down financial barriers and offering inclusive financial services.

Using the CrossFi xAPP

Connect Your Wallet:
Choose your wallet provider (e.g., MetaMask) and follow prompts to securely connect it to the CrossFi Chain.

Engage in Financial Activities:
Use the intuitive interface to swap tokens, provide liquidity, bridge assets, and stake tokens.

Earn Rewards:
Participate in liquidity provision and staking to earn various rewards such as ETH, XFI, and esXFI.

Manage Assets:
Monitor and manage your digital assets directly from the dashboard, ensuring a smooth and efficient user experience.

Let’s be fair, How would you EARN?

Staking: This involves holding a certain cryptocurrency in a wallet for a specific period to earn rewards. For instance, let’s say you hold MPX coins in your wallet. By staking these tokens, you contribute to the security and functionality of the CrossFi network and, in return, earn additional XFI tokens as rewards. These rewards can typically be withdrawn at any time, providing a source of passive income. For example, if you stake MPX coins in the CrossFi ecosystem, you might earn an annual percentage rate (APR) of around 10-20%, depending on market conditions and network dynamics.

Airdrops: Airdrops are promotional events where projects distribute free tokens to a wider audience. This could be done to raise awareness, incentivize participation, or reward existing users. Imagine CrossFi conducts an airdrop where they distribute XFI tokens to users who meet certain criteria, such as holding a minimum amount of XFI in their wallets or participating in specific community activities. While individual airdrop rewards might not be substantial, participating in multiple airdrops over time can accumulate into a significant bonus. For example, if CrossFi’s November airdrop equates to $100,000, participants who qualify could receive a portion of this amount in XFI tokens.

Crypto Games: Some blockchain-based games operate on a play-to-earn model, where players receive rewards for completing in-game tasks or achieving specific milestones. For instance, consider a game like Axie Infinity, where players can earn a cryptocurrency called AXS by breeding and battling digital creatures called Axies. The more successful and active players are, the more rewards they can potentially earn. While earnings from crypto games vary based on factors like game popularity and player skill, the most popular games can yield monthly earnings of around $200 or more.

For example, BingoRingo from CrossFi is an exciting game based on the sectored spinner principle. The game features a spinning wheel with winning or empty sectors. You pay in XFI to participate in the game. Each player gets a free game play so try your luck today using XFI. 

Contribution: Contributing to the decentralized ecosystem involves various activities that support the growth and adoption of cryptocurrency and blockchain technology. This can include participating in affiliate programs, developing decentralized applications (DApps), providing testing or feedback, creating content, or offering specialized services. For example, the CrossFi Foundation may offer grants or rewards to developers who build innovative projects on their platform, writers who produce educational content about CrossFi, or professionals who provide valuable services to the ecosystem. While contributing requires time and effort, it can result in fair compensation and contribute to the overall success of the ecosystem.

Overall, these methods provide accessible ways for individuals to earn money within the CrossFi ecosystem, but it’s important to approach them with an understanding of the associated risks and rewards. Additionally, staying informed about market trends and developments can help individuals make informed decisions and maximize their earning potential.

Conclusion

Cross Finance aims to break down the barriers that limit access to financial services for more than 60% of the world’s population. We want everyone, no matter their location or economic status, to be able to control and manage their finances with tools that are reliable, secure and accessible. CrossFi has created an innovative gateway based on WEB3 technologies and our own L1 blockchain, which combines the reliability of traditional financial instruments with the flexibility and transparency of decentralized systems.   

It is the first payment technology non-custodial on-chain cryptocurrency to fiat transactions linked to your web3 wallet and paid directly from your blockchain address.

In conclusion, Cross Finance offers innovative solutions that bridge traditional finance with blockchain technology, fostering growth and innovation within its ecosystem through initiatives like the CrossFi Foundation. The CrossFi xAPP empowers users with versatile financial tools, while earning opportunities within the ecosystem include staking, airdrops, crypto games, and contributing to growth. Overall, Cross Finance represents a vision for a more inclusive, efficient, and secure financial future on a global scale.

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Gaurav
Gaurav

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