CrossFi (CRFI) brings together stakeholders in the filecoin ecosystem looking to utilize decentralized finance. Two leading filecoin mining manufacturers, Dataline and DCTech, are early supporters and have worked directly with the CrossFi tech team to develop the initial solution utilizing CrossFi’s MAP technology. The key value CrossFi brings to the DeFi space is to give liquidity to locked digital assets similar to a bond. For example, filecoin users can stake their FIL on the filecoin network using the CrossFi protocol and mint an equivalent value amount of ERC20 compliant liquid cFIL. This is a two-way reversal process, meaning users wanting to later unlock their staked filecoin must send the equivalent amount cFIL to the redemption contract, executing a burn of the synthetic cFIL for a small settlement fee. As the protocol-supported liquidity pool is chain-agnostic and utilizes synthetic assets, there is virtually zero slippage as a result of asset swapping. What is CrossFi (CRFI) | What is CrossFi token | What is CRFI token
In this article, we'll discuss information about the CrossFi project and CRFI token
What is CrossFi?
CrossFi is a decentralized asset lending and liquidity sharing protocol based on world-leading interoperability technology. Aiming to connect all the isolated assets and liquidity of all existing public chains, and committed to breaking the technical obstacles for those isolated assets, CrossFi will provide sufficient asset value and liquidity support for the further development of cross-chain DeFi, and truly create a WEB3-driven value Internet ecology based on multi-assets interconnection.
How does CrossFi work?
CrossFi is a financial public chain protocol serving WEB3. It will connect all isolated assets and liquidity of existing public chains based on the decentralized asset lending and liquidity sharing protocol based on cross-chain interoperability technology, and is committed to breaking the current liquidity barriers between all mainstream public chain assets and providing abundant asset value and liquidity support for the further development of cross-chain DeFi.
Multi-Asset Adaptor Protocol(MAP)
CrossFi is committed to building a universal lending and liquidity sharing protocol based on cross-chain interoperability technology, which will become a circulation bridge for major isolated public chain assets, thereby providing the necessary infrastructure for the WEB3 ecology.
CrossFi will provide the necessary tools for the cross-chain liquidity sharing of major public chain assets. For example, it will lock the native asset on the primitive chain, then map and release the projection token on the target chain through cross-chain mapping technology.
In the CrossFi system, users can stake the system’s native asset CROSS, mint cUSD stablecoins at a certain mortgage rate, and then trade virtual synthetic assets through cUSD. The way of synthetic assets will allow users to access the following services
· Trading Off-chain Assets in CrossFi
· Synthetic ETF
· Cross-chain Zero-slippage Swap
In the CrossFi ecosystem, all synthetic assets use the native token CROSS as the only collateral asset. Users can stake CROSS tokens with a collateral ratio of 200%, and at the same time mint the basic synthetic asset value unit cUSD (1:1 pegged to US dollar). After the user mints the basic synthetic asset unit cUSD, it can be exchanged for any advanced synthetic asset based on it, such as synthetic bitcoin, synthetic ether, synthetic stock or synthetic asset ETF
In addition to serving as the only collateral asset, CROSS will also serve as a native asset providing incentives for the nodes of the entire network.
in order to further incentive users to mortgage assets, a certain percentage of the fees in the entire CrossFi system will be drawn to a common fee pool, and then distributed to all CROSS token stakers. In addition, only users who have staked CROSS tokens can activate the right to participate in the community governance of CrossFi.
CROSS tokens will have an annual inflation rate of 5%-10%, of which 80% of the inflated tokens will be allocated to all CROSS token stakers, and the remaining 20% of the new tokens will be allocated to the Stabilization Fund to hedge the market risk.
CROSS is the only native utility token. The total supply of CROSS
tokens is 100 million, and the distribution is as follows
· Early Investors 20%
· Foundation 10%
· Advisors & Early Supporters 5%
· Team 15%
· Marketing 10%
· Ecosystem Incentives 40%
1. According to the total amount, 100 million CRFIs will be minted on the Binance Smart Chain.
The Erc20 CRFI is locked at the 0x8b5a1697c4Ba35C2f000E2510d0E5C447B61b6D2
And the BSC chain unlocks the corresponding locked allocation of this address on the ETH chain to ensure that the total amount is always 100 million. The cross-chain swap contract will be launched later, and all swaps will be automatically executed by the smart contract.
2. This time, a total of 260,000 CRFI on BSC (total number of IDO platforms) will be used for IDO and provide corresponding liquidity：
1）SAKE platform： IDO 30,000 CRFI (from the fund-raising allocation) + 30,000 CRFI liquidity provision (from the ecosystem incentive allocation)
2) DODO platform： IDO 100,000 CRFI (from fundraising allocation) + 100,000 CRFI liquidity provision (from ecosystem incentive allocation)
7500USDT equivalent of CRFI per week as liquidity yield (from ecosystem incentive allocation)
3. UNISWAP liquidity provides 60,000 CRFI on CRFI on Ethereum (from ecosystem incentive allocation)
CRFI token is now live on the Binance mainnet. The token address for CRFI is 0x2c7cc3b6acdd71211e951f65c02ba2575be25399. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Decentralized Exchange, we use Metamask wallet
If you don't have a Metamask wallet, read this article and follow the steps
Transfer $WBNB to your new Metamask wallet from your existing wallet
Connect Metamask Wallet to DODO BSC Decentralized Exchange and Buy, Swap CRFI token
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once CRFI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
Find more information CRFI
🔺DISCLAIMER: The Information in the post isn't financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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