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Due to the embryonic nature of emerging protocols and newly formed sub-components such as incentivized pooled lending and borrowing, yield farming, and “wrapping,” decentralised finance platforms have scaled to more than $10 billion in value and achieved a global return of over 1,000 percent — never before seen in traditional financial markets.Despite these platforms' exponential growth, one can objectively state that the collective ecosystem is still in its infancy.
Poor user experience, smart contract vulnerabilities, insufficient cross-chain interoperability, a lack of consistent, regulated liquidity, and assets that are locked and cannot be staked are just a few of the issues that need to be addressed.
As demonstrated by Ethereum 2.0, more than 3.6 million Ether (ETH), or almost $7 billion, has already been staked, with no opportunity to unstake.Furthermore, in order to collect mining rewards, miners must stake Filecoin (FIL) tokens for a least of 180 days and are motivated to continue locking for up to 540 days. By decreasing the quantity of liquid money, locking and staking will impede the expansion of DeFi.
However, such flaws are where possibilities are born and rectified by the creation of more robust, scalable, and sustainable protocols like CrossFi, which focus on enhanced interoperability and increased cross-chain liquidity for isolated assets.
CrossFi, in a nutshell, is a decentralised asset lending and liquidity sharing technology.CrossFi seeks to act as a bridge, similar to the usefulness that protocols like Chainlink provide to traditional organisations wishing to connect to blockchain infrastructures. The goal is to improve interoperability between all separated assets. It also enables a robust infrastructure that links the liquidity of current DeFi public chains like as Ethereum, BINANCE Smart Chain, Polkadot, and Flow, among others.
CrossFi seeks to democratise DeFi by enabling anybody to establish a synthetic asset on the Ethereum blockchain that is a derivative of their assets on any other infrastructure when those assets are staked and collateralized using the CrossFi platform.
Furthermore, the CrossFi platform's Filecoin-centric solution is a critical and essential component. According to the CrossFi website, “Filecoin necessitates the use of pricey specialist mining machines. Filecoin holders are paid for the amount of storage they offer, but the amount of storage they can supply is limited by the number of FIL tokens they own. By allowing staked assets to engage in the DeFi ecosystem, CrossFi will unleash the value of these staked FIL tokens. More staked asset holders will desire to employ these assets in DeFi as more projects progress toward proof-of-stake.”
CrossFi has collaborated with two top Filecoin mining equipment manufacturers, DianCun (DCTech) and DataLine, to enable these miners to stake their tokens without losing their liquid properties.
DianCun (DCTech) in China and DataLine in South Korea have a combined total effective mining storage power of more than 200 PiB (pebibytes), with a daily capacity growth of 8 PiB. CrossFi will increase the value of its services as a Filecoin loan, finance, and liquidity mining platform by allowing its miners to manufacture an equivalent value number of ERC- 20 tokens. CrossFi, as a Filecoin loan, finance, and liquidity mining platform, will increase the value of its services by allowing its miners to mint an equivalent value amount of ERC-20-compliant liquid cFIL with their locked FIL tokens.
CrossFi's token, CRFI, is in the process of extending the availability and liquidity of its native token on a variety of exchanges after completing a successful first liquidity offering on SakeSwap on April 26 and an initial DEX sale on Dododex on April 27.
CrossFi will be able to further empower its decentralised application and digital assets on one blockchain by leveraging Binance's strong global reputation and awareness, combined with the BSC's dual-chain architecture, and take advantage of the BSC's fast trading (with a block time of approximately three seconds) and cross-chain transfers.
Several noteworthy statistics of the CrossFi cFIL DApp (as published on the CrossFi website) provide more credence to its active utility and growth:
Total staked cFIL (Filecoin) deposit: 109688.62 ($5.74 million)
Total cFIL (Filecoin) lending: 68000.00 ($3.56 million)
Total CRFI deposit: 1877693.69 ($1.63 million)
Total CRFI output: 389558.70 ($340,000)
Website: https://www.crossfimain.com
Official Telegram group: https://t.me/crossfimain_en
Twitter: https://twitter.com/globalcrossfi
