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CrossFi: Exploring Cross Finance’s EVM Testnet

April 18, 2024

What is Cross Finance?

CrossFi is a Layer1 blockchain that aims to bridge the gap between traditional banking and crypto payments. Cross Finance is built on a modular architecture. The Cosmos and EVM stacks that underlie Cross Finance enable a fast and scalable chain.

CrossFi was created to create an ecosystem that enables DeFi and TradFi banking to operate together (payments, trading, etc). There are a large number of users who wish to pay for their everyday needs with the crypto they hold and an even larger number of users who do not have access to traditional banking services and wish to participate in the global economy.

According to the network, there have been many other companies that have failed to deliver on creating a payment card that can be used on conventional POS systems.

The end-to-end solution offered by CrossFi makes this possible. Their solutions provide users with every service needed to engage with the financial system including virtual payments, bank transfers, forex, and more.

To sum up, the issues that CrossFi aim to solve:

  • Bridge financial gaps
  • Empowering users with the Technology
  • Break barriers for onboarding compared to Traditional Finance

CrossFi has two native coins, Mint Power (MPX) and CrossFi (XFI), essential tools for interaction between the CrossFi Chain network and its users.

Mint Power (MPX):

  • Governance coin
  • Fee Payment for Cosmos TXs
  • Earn staking rewards for locking tokens

CrossFi (XFI):

  • A utility coin that provides access to all dApps, products and services launched on the CrossFi Chain
  • Payment method in the Cross Finance mobile app
  • Fee Payment for Cosmos and EVM TXs

CrossFi EVM Testnet

The EVM Testnet officially launched on the 20th of February 2024. The initial launch was only for Validators with Developers and Users being able to interact shortly. The Testnet is a 3-month campaign anticipating the mainnet launch later in the year. The campaign features over $8.4M worth of rewards in MPX tokens.

The reward breakdown is as follows:

Credit: Cross Finance Blog

The Testnet opens for the public on March 15th, 2024. Users will be rewarded for their activity and feedback. This will ensure the stability, security, and scalability of the CrossFi Chain before the launch of the mainnet.

Credit: Cross Finance Blog

We will publish a Testnet guide shortly before so users can interact with the Testnet for our community to get up to speed and make the most use of the platform and its potential rewards.