CrossFi

CrossFi

CRFI
$0.006768605

Key Metrics

Price$0.006768605
Real Volume (24H)$0
MarketcapN/A
Fully Diluted ValuationN/A
ATH$19.43
ATH Date5/3/2021, 5:46:09 PM
ATLN/A
ATL Date2/22/2022, 5:39:56 PM
Circulating SupplyN/A
Total Supply100M
WebsiteN/A
WhitepaperN/A
Popularity Rank8130
Chart
What is CrossFi?

Decentralized finance, or DeFi, has been gaining a lot of traction in recent times as more and more people look to enter the world of cryptocurrency and make the most of their investments. One of the key issues faced by DeFi is interoperability – how can digital assets be moved between different blockchains, and how can users access liquidity pools across various platforms? This is where CrossFi comes in.

CrossFi is a cross-chain liquidity solution that helps to address these issues by introducing a trust layer between layer 1 and layer 2 systems. This helps to improve transaction speeds, lower gas fees, and ultimately provide users with a better experience by giving them access to liquidity pools on various blockchains such as Ethereum, Binance Smart Chain, Polkadot, Flow, and more.

At the heart of CrossFi is the Multi-Asset Adaptor Protocol (MAP), which serves as both a bridge between compatible public chains and as an adaptor network for non-compatible chains. This innovative technology allows for the connection of different assets across public chains, bringing together the DeFi space in a new way. The MAP is maintained by independent network nodes and built upon Substrate, the open-source blockchain development framework built by Parity.

One of the key players in the DeFi space is the filecoin ecosystem, and CrossFi has been designed to bring stakeholders in this ecosystem together and help them take advantage of decentralized finance. Two leading filecoin mining manufacturers, Dataline and DCTech, have been early supporters of CrossFi and have worked closely with the CrossFi team to develop an initial solution utilizing the MAP technology.

With CrossFi, filecoin users can stake their FIL on the filecoin network and mint an equivalent value of ERC20-compliant liquid cFIL, effectively giving liquidity to locked digital assets in a similar way to a bond. This is a two-way process, meaning that users can later unlock their staked filecoin by sending the equivalent amount of cFIL to the redemption contract, with a small settlement fee applied.

CRFI is the native currency of the CrossFi ecosystem and is used as gas for executing on-chain operations and paying service and transaction fees. It is also the collateral asset and trading pair for the creation of synthetic assets, and is utilized by the CrossFi protocol to collateralize native assets and project them onto a synthetic asset on another blockchain.

CRFI token holders can earn rewards by staking their tokens and providing security, computation, and storage as required by the network. Staking rewards and service fees are provided to CRFI stakers in exchange for their support. CRFI has an annual inflation rate of 5-10% with an 80% pro-rata redistribution to CRFI stakers and the remaining 20% allocated to a stabilization fund.

The stabilization fund is designed to control inflation, provide community incentives, and hedge against risk. It will also provide the liquidity pool for the platform stablecoin, cUSD. By staking their CRFI tokens, users can not only help to secure the network but also earn rewards while doing so.

In conclusion, CrossFi is a game-changer in the DeFi space, providing a solution to one of the key issues faced by decentralized finance. By introducing a trust layer between layer 1 and layer 2 systems, improving transaction speeds, and lowering gas fees, CrossFi provides a better user experience for those looking to enter the world of cryptocurrency and make the most of their investments. With the support of leading players in the filecoin ecosystem and the use.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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