Xend Finance
Xend Finance is a NIgerian-based decentralized finance platform.
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Xend Finance
Xend Finance is a decentralized finance platform which enable users to save is stable currencies (a.k.a US dollars) and earn high interest up to 15% annually, thereby protecting your money from devaluation
Xend Finance is a NIgerian-based decentralized finance platform.
Xend Finance, a Nigerian-based startup backed by Binance Labs and Google Launchpad and also the first African company to build on the Binance Smart Chain, and the first out of Africa.
Xend aims for financial inclusion in the developing world by converting deposits into crypto and harvesting yield on DeFi platforms like Compound and Aave.
The native token of the Xend Finance ecosystem is the Xend Token ($XEND), which is used to reward users for saving, investing and performing different operations on the network.
$XEND tokens also generate interest for the users - the Xend Finance smart contract periodically invests user savings on DeFi lending protocols, which produces a second level of interest for the users.
Xend Finance Token ($XEND) powers a decentralized savings and multi-level interest generation protocol built on Ethereum. The $XEND Tokens also generate interest for the users as they hold on to the tokens. Xend Finance allows Credit Unions and Individual savings operations on the smart contract.
Xend Finance is a blockchain-based DeFi platform inspired by traditional credit unions. The company introduced the first cross-chain high yield aggregator for yield farmers on Binance Smart Chain and Polygon – with plans for more – and has an open Layer-2 DeFi infrastructure for developers.
Traditional credit unions tend to lack liquidity due to the smaller number of users, further exacerbated by geographical restrictions. Xend Finance's Decentralized Finance (DeFi) protocols eliminate these geographical barriers and brings a new dimension to borrowing, saving and loaning.
Xend was originally built on the Ethereum (ETH) blockchain. Later, the Xend Finance team opted to move the system to the Binance Smart Chain (BSC), the first to do so in Africa, and preparing the platform for scalability, high speed and a high level of security. Xend Finance is backed by Google and Binance.
Aronu Ugochukwu is the CEO and co-founder of Xend Finance. He has also founded Wicrypt and Ugarsoft and co-founded Ogwugo.
Abafor Chima is the chief technology officer and co-founder of Xend. Previously, he worked in Ogwugo, Ugarsoft, ByteWorks Technology Solutions and Chevron.
Xend Finance allows users to establish credit unions by pooling funds to facilitate saving, investing and loaning.
Group creators can define the requirements and governance rules of their credit union from scratch. Examples of required parameters include deposit value, contribution intervals for each user, charges for not meeting the contribution schedule and withdrawal amounts.
Through the use of smart contracts, the protocol can assign each group a unique identification tag.
Xend charges users for the creation of credit unions to prevent spam attacks. After launching a group, the creator receives a sharable link. Early contributors get a certain percentage back from the total amount deposited. The rewards are reduced by half once the credit union’s cumulative deposits get to $100 million.
The platform’s native cryptocurrency token XEND powers vital operations, including governance, rewards and fees. XEND is used to reward the protocol’s users for participation, including saving and lending. The token can also be used to pay for a cycle’s subscription fees.
Xend Finance is community-focused and community-governed. Xend uses a decentralized autonomous organization (DAO) mechanism for governance.
A Global DeFi Platform for Credit Unions, Cooperatives
and Individuals. Credit Unions, Cooperatives and Individuals anywhere in the world can now earn higher interests in stable currencies on their savings.Personal Savings
Our proprietary DeFi savings model allows you to save at your own pace, while maximizing interest rates and return.ESUSU Savings
Your savings and your friends’ savings double as investments and compounds interest.Cooperative Savings
Create secure cooperatives and choose from multiple savings plans and higher Annual Percentage Yields (APYs).
Traditional credit unions tend to lack liquidity due to the smaller number of users, further exacerbated by geographical restrictions. Xend Finance's Decentralized Finance (DeFi) protocols eliminate these geographical barriers and brings a new dimension to borrowing, saving and loaning.
Xend was originally built on the Ethereum (ETH) blockchain. Later, the Xend Finance team opted to move the system to the Binance Smart Chain (BSC), the first to do so in Africa, and preparing the platform for scalability, high speed and a high level of security. Xend Finance is backed by Google and Binance.
Aronu Ugochukwu is the CEO and co-founder of Xend Finance. He has also founded Wicrypt and Ugarsoft and co-founded Ogwugo.
Abafor Chima is the chief technology officer and co-founder of Xend. Previously, he worked in Ogwugo, Ugarsoft, ByteWorks Technology Solutions and Chevron.
Xend Finance allows users to establish credit unions by pooling funds to facilitate saving, investing and loaning.
Group creators can define the requirements and governance rules of their credit union from scratch. Examples of required parameters include deposit value, contribution intervals for each user, charges for not meeting the contribution schedule and withdrawal amounts.
Through the use of smart contracts, the protocol can assign each group a unique identification tag.
Xend charges users for the creation of credit unions to prevent spam attacks. After launching a group, the creator receives a sharable link. Early contributors get a certain percentage back from the total amount deposited. The rewards are reduced by half once the credit union’s cumulative deposits get to $100 million.
The platform’s native cryptocurrency token XEND powers vital operations, including governance, rewards and fees. XEND is used to reward the protocol’s users for participation, including saving and lending. The token can also be used to pay for a cycle’s subscription fees.
Xend Finance is community-focused and community-governed. Xend uses a decentralized autonomous organization (DAO) mechanism for governance.
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Xend Finance (XEND) has a maximum supply of 200,000,000 tokens, and no circulating supply data is available as of March 2021.
Xend Finance is based on the Binance Smart Chain. It is secured by a Proof of Staked Authority (PoSA) consensus mechanism, where 21 validators can stake the BSC’s native token BNB.
You can trade Xend Finance (XEND) on the following exchanges:
Uniswap (V2)
MXC.COM
Balancer
DODO
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What Is Xend Finance (XEND)?
Who Are the Founders of Xend Finance?
What Makes Xend Finance Unique?
What Is Xend Finance (XEND)?
Who Are the Founders of Xend Finance?
What Makes Xend Finance Unique?
Related Pages:
How Many Xend Finance (XEND) Coins Are There in Circulation?
How Is the Xend Finance Network Secured?
Where Can You Buy Xend Finance (XEND)?
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