The Role of XFI
Last updated
Last updated
Overview
XFI, the decentralized gas and utility token of the CrossFi ecosystem, plays a pivotal role in the app. Its role in CrossFi's app functions similarly to how users top up fintech bank cards in Web2 banking services like Revolut with their bank accounts, in CrossFi, it's a much simpler process - acquire XFI in your decentralized wallet and approve your desired spend balance! In CrossFi's app, users holding XFI in their decentralized wallets can "Top up" their spendable balance in the app by approving a desired amount of XFI for spend.
Usage of XFI
Payment Settlement: XFI is used to settle payments within the CrossFi ecosystem.
Top-Up Functionality: Users can top up their card's spendable balance using XFI, ensuring a seamless transaction experience.
Maintaining Custody: Unlike traditional systems, users retain custody of their funds in CrossFi, offering greater security and control.
Acquiring XFI
Centralized Exchanges: Purchase XFI from centralized exchanges like HTX (https://www.htx.com/en-us/trade/xfi_usdt).
CrossFi's xAPP: Acquire XFI directly using other cryptocurrencies from various chains via the xAPP, allowing for easy conversion and management.
Top-Up Process
Initiating Top-Up: After you have acquired XFI and sent it to your wallet, in the CrossFi App, you'll connect your wallet and select 'Top Up XFI' to start the process of locking a portion of your XFI in a contract to be added to your spendable balance.
Amount Selection: Choose the amount of XFI to lock, which becomes your spendable balance. For instance, if you have 1000 XFI in your wallet and "Top up" by 500, your spendable balance becomes 500 XFI, valued at the current market price.
Flexibility: The remaining balance stays in your wallet, available for other uses or future top-ups.
