NEW YORK, May 04, 2021 (GLOBE NEWSWIRE) — In the rapidly expanding blockchain-powered DeFi space, open and transparent platforms are allowing innovative teams to grow and develop quickly. These teams can leverage existing technology to create more value for the industry as a whole. CrossFi is a cross-chain liquidity providing protocol, helping grant liquidity to DeFi users with locked digital assets. This solves the distributed storage network problem of Filecoin, which requires “miners” to stake the native tokens to provide storage. Recently, CrossFi has teamed up with two leading Filecoin mining machine manufacturers, DianCun (DCTech) and Data-Line to allow these miners to stake their tokens without losing their liquid properties.
Together, Chinese DianCun (DCTech) and South Korean DataLine have a combined total effective mining storage power of more than 160PiB (pebibytes) with an average daily increase of 8PiB. As a Filecoin lending, financing, and liquidity mining platform, CrossFi will enhance the value of both DianCun (DCTech) and DataLine’s services by providing their miners with the ability to mint an equivalent value amount of ERC20 compliant liquid cFIL with their locked FIL tokens. This cFIL can be moved, staked, and sold without affecting their FIL stake. Through the two-way reversal process, users wanting to later unlock their staked FIL can send the equivalent amount cFIL to a redemption contract, executing a burn of the synthetic cFIL for a small settlement fee.
Regarding the strategic partnership, DataLine CEO, LaWoo Kim said, “It is an exciting time to be involved in the Filecoin ecosystem and we at DataLine are looking forward to helping provide liquidity for our miners by using the CrossFi Protocol.”
DianCun (DCTech) CEO, David Lee, remarked, “Filecoin is increasing in popularity for Chinese investors and blockchain enthusiasts. The strategic partnership between DianCun and CrossFi will enable both of our teams to grow together and provide better liquidity solutions to our customers and partners.”
Having recently completed a successful Initial Liquidity Offering (ILO) on SakeSwap on April 26th, and Initial Dex Offering (IDO) on DODOex on April 27th, CrossFi is in the process of expanding the availability of native token, $CRFI. It then proceeded to list on decentralized exchange PankcakeSwap, on Binance Smart Chain May 3rd. Moving forward CrossFi will be looking to list the $CRFI token on a variety of decentralized and centralized exchanges.
Built as a one-stop cross-chain liquidity sharing protocol, CrossFi is committed to enabling interoperability between digital assets on non-compatible public chains. This solution addresses a key pain point in the fast-expanding DeFi space, that of multiple competing ecosystems only supporting native digital assets. So far, CrossFi has identified the Filecoin ecosystem as being a primary use case for the technology and has made steps towards integration at the protocol level.
More about CrossFi: http://crossfidao.com/
