How CrossFi brings cross-chain liquidity to FIL

Since the official launch of the mainnet on October 15, 2020, more and more service providers have begun to join the game. Due to the particularity of Filecoin's economic model, the enthusiasm of miners is far from the previous situation when they participated in the space race in full swing. Because Filecoin has a pre-mortgage, miners need to provide tokens for mortgage before packaging sectors, and the cost of miners participating in mining is too high. At this time, Filecoin lending platforms came into being, and various service platforms were overwhelmed.

However, the Filecoin lending platform still has many shortcomings at the current stage of development, such as digital asset liquidity and cross-chain digital asset issues. Therefore, a new platform is needed to improve the market. The emergence of CrossFi, from the two different dimensions of stock and lending, allows assets in the liquidity pool to form a long-term operation model. Use interoperability technology to connect different assets across public chains and promote further development in the DeFi field.

Recently, CrossFi, a one-stop lending platform based on Filecoin, is about to be launched this month, so we invited CrossFi COO Andy to come to the Interstellar Vision Web3 Carnival Lab online AMA event to unveil the carnival charm of CrossFi for us.

1

Interstellar Vision IPFSNEWS: Hello Andy, please briefly introduce yourself.

Andy: I ​​am from Florida, USA. I am the COO of CrossFi, responsible for the brand strategy development and execution of the project in the global market. I manage the marketing plan execution cooperation in the US market and the strategic layout of media brands. With many years of experience in brand promotion and marketing, I have a wealth of knowledge in strategic planning and implementation. I have management experience in many companies, from Fortune 500 to start-ups. I have entered the cryptocurrency field since 2017 and have unique insights in precision investment and corporate management.

2

Interstellar Vision IPFSNEWS: Could you please introduce the CrossFi project in detail and share the important process (or short story) of CrossFi from conception to product implementation (from 0 to 1)?

Andy: We think the CrossFi product is very important because the crypto industry is moving towards a proof-of-stake (PoS) model that locks up more assets. This is good for asset value, as it keeps assets locked up so they don't get sold off in large quantities. But it also prevents the utilization of these assets, as in the case of Filecoin, where the staking period is over 500 days. CrossFi aims to unlock the value of all PoS tokens, just as we will do for our first project, Filecoin (FIL). CrossFi will help bring liquidity to these locked assets.

I personally think that as Americans, we are often too individualistic. The sense of community is often missing. One of the most satisfying things as a leader is seeing everyone come together as a team to accomplish a mission together. CrossFi fits perfectly into the spirit of community. I am very excited to have the opportunity to work with a multinational team and see how we can come together and accomplish a mission together despite cultural differences. I think as Americans, we have a lot to learn from our Asian counterparts.

3

Interstellar Vision IPFSNEWS: How is the development roadmap of the CrossFi project planned? Can you briefly describe the vision of the CrossFi project?

Andy: I ​​think the best products are the ones that solve real-world problems. That’s where the CrossFi roadmap really began. How can we help solve the liquidity problem that comes with the Proof of Stake (PoS) model. From that problem, we began to build a plan step by step to achieve a solution.

CrossFi's vision is to use the existing mature WEB 3.0 technology framework to build a stable and reliable cross-chain liquidity sharing protocol for independent assets.

4

Interstellar Vision IPFSNEWS: Seeing that the roadmap has been very carefully planned, it can be seen that CrossFi will focus on the field of encrypted assets; in fact, at this stage, the Defi market has many solutions and exchange protocols for encrypted assets. What are the differences and characteristics of the CrossFi platform?

Andy:

1. CrossFi’s core solution is to solve the problem that heterogeneous networks cannot obtain liquid assets. These assets need to obtain cross-network liquidity through cross-chain and DAO mechanisms.

2. CrossFi has a strong ecological background (such as Filecoin ecological cluster support) to provide the existing Filecoin ecological liquidity needs

3. CrossFi has a good community foundation globally, especially in East Asia, which can easily match the liquidity needs of the ecosystem with market funds.

4. CrossFi is based on real financial needs. It does not build the majority of zero-sum game DeFi projects in the current market. It does not pursue short-term high returns, but emphasizes the improvement of risk control mechanisms and the rationality of liquidity pricing.

5

Interstellar Vision IPFSNEWS: What is CrossFi's consideration for focusing all its efforts on Filecoin (FIL) assets in Q1 and Q2 of 2021? What is the progress of this product?

Andy: CrossFi is a DeFi platform that solves the liquidity needs of heterogeneous network assets. The team has two core tasks. One part focuses on the research and development of the underlying cross-chain DeFi protocol, and the other part is mainly committed to connecting with third-party heterogeneous network assets. We are looking for scenarios with the strongest liquidity demand in the market. As of now, Filecoin is already one of the top ten ecosystems in the world by market value, but what is inconsistent with it is the extreme lack of liquidity in its ecosystem, and the Filecoin mining pool ecosystem is widely distributed. CrossFi can use its interoperable DeFi network and DAO governance mechanism to integrate these ecosystems and obtain standardized financial support. During the docking process of this scenario, CrossFi needs to complete a closed loop in risk control as much as possible. For example, it needs to adopt a multi-signature mechanism to ensure the security and sufficient guarantee capacity of the pledged assets on the Filecoin chain. It also needs to consider risks such as the deduction of pledged tokens when miners are punished. Therefore, it needs to continuously optimize its own risk control mechanism while expanding the scenario. The investment of these efforts can continuously build the depth of connection between CrossFi and these ecosystems, and can also provide liquidity providers with better financial security. This is also the differentiated operating mode of CrossFi and other platforms. The half-year investment is completely worthwhile.

6

Interstellar Vision IPFSNEWS: What is the progress of the cross-chain FIL lending platform? What kind of users are suitable for the Filecoin ecosystem?

Andy: Currently, our Dapp is undergoing beta testing and will be launched on April 18. Liquidity mining is a benefit to the market and anyone can participate. We plan to launch a derivatives exchange later. CRFI will be the fuel of the derivatives exchange, and a large amount of CRFI will be needed at that time.

Here, FilecoinDeFi aims to solve the liquidity pressure for 30% of the miners in the Filecoin ecosystem. In the future, we will also cooperate with more leading miners to formulate Filecoin industry standards. With standards, there will be a reference for risk control, which can greatly improve the efficiency of financial services in the Filecoin ecosystem.

【Community Q&A】

1. Can retail investors participate? Is there any minimum standard restriction?

A: Anyone can participate in liquidity mining. Currently, it supports Filecoin, Usdt, and CRFI. You can mine CRFI and get interest on Filecoin at the same time. There is no minimum standard limit.

2. I would like to know which countries and regions are included in the CrossFi overseas community?

Answer: This is the user distribution data of our overseas community.

3. What does CrossFi think about NFT?

A: Before NFTs, art was often exclusive and limited to wealthy people who could attend galleries and exhibitions. Now, anyone can participate in an NFT auction and own a piece of digital history. There are many issues with why NFTs exist, such as insufficient metadata and lack of display technology, and we believe these issues will be quickly resolved in the near future. NFTs also have the advantage of being able to track the ownership and authenticity of the associated artwork/memorabilia, allowing for transparency in sales and history.

Leveraging CrossFi’s multi-asset MAP technology, we can collateralize NFTs and allow NFT owners to take out loans on their NFT assets or sell shares of their NFT assets to provide fractional ownership of those NFTs. Because our MAP technology was originally developed to provide liquidity to collateral assets, it is a perfect fit for NFTs. Each collateral asset contract must be an NFT because the maturity date of the collateral asset begins on the date it was originally pledged. Therefore, CrossFi is in an excellent position to take advantage of the NFT craze.

4. How does CrossFi generate profits/revenue to sustain the project? What is its revenue model? How can it achieve a win-win situation for investors and CrossFi?

First of all, in the Filecoin DeFi part, we already have initial lending customers, currently holding a total storage capacity of 150PB and an average daily storage capacity increase of 8PB. At the same time, they also have accurate conversion resources of 150,000+ Filecoin users. After subsequent review, we will gradually reach cooperation with more Filecoin mining machine companies. The latest algorithm completes the accurate accounting of inventory and lending, so that the assets in the liquidity pool can form a long-term operation model. Then CRFI, first of all, in Filecoin lending, will be used to pay lending interest, and part of the interest paid will be destroyed. This is just one of them. We are also preparing for a decentralized derivatives exchange. CRFI is the platform currency of the exchange. The demand for CRFI has increased on the derivatives exchange. According to the trading volume of the derivatives exchange, the demand for CRFI will gradually increase to improve the ecological cycle.

【Interstellar Observation】

CrossFi is a decentralized asset lending and liquidity sharing protocol based on the world's leading interoperability technology. In order to connect all isolated assets and liquidity of all existing public chains, and committed to overcoming the technical barriers of these 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 ecosystem based on multi-asset interconnection.