Xend Finance is a blockchain-based platform inspired by traditional credit unions. It aims to provide opportunities for those interested in borrowing, investing, saving or lending digital assets.
Traditional credit unions tend to lack liquidity due to the smaller number of users, further exacerbated by geographical restrictions. Decentralized finance (DeFi) protocols eliminate these geographical barriers, bringing a new dimension to borrowing, saving and loaning.
Xend Finance Defi was originally built on the Ethereum (ETH) blockchain. Later, the Xend Finance team opted to move the system to the Binance Smart Chain (BSC), preparing the platform for scalability, high speed and a high level of security. Xend 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.
What Makes Xend Finance Unique?
Xend Finance Defi 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.
Xend Finance Features
High Interest Rates
Up to 15% APY. Traditional interest rates offer 1 – 2% APY.
A Global Access
Unrestricted membership from around the world.
Access to loans with flexible repayment and terms.
Decentralized insurance to protect assets and investments.
Save in Stable Currencies
Fluctuating and devalued currency is a worry of the past.
Earn Interest and Tokens
Your secure savings earn multiple levels of interest and benefits.
The proprietary DeFi savings model allows you to save at your own pace, while maximizing interest rates and return.
Your savings and your friends’ savings double as investments and compounds interest.
Create secure cooperatives and choose from multiple savings plans and higher Annual Percentage Yields (APYs).
Maximize Your Savings Now
Secure and leverage your money through stable currency savings and up-to-15% Annual Percentage Yields (APYs).
Your funds will automatically be locked in cryptocurrencies to consistently earn rewards – even while you sleep.
Building with Binance Smart Chain
Interoperability: cross-chain communication with all blockchains.
Fast throughput: heterogeneous sharding, allowing speedier transactions.
High Security: POS relay chain, maintaining the integrity of the network.
Governance: on-chain governance ensuring transparency and decentralization.
How Is the Xend Finance Network Secured?
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.
Where Can You Buy Xend Finance (XEND)?
You can trade Xend Finance (XEND) on the following exchanges:
Xend Finance is built by a team of experienced entrepreneurs, engineers, and researchers with significant backgrounds in mathematics, finance, cryptography, and blockchain development working for some of Africa’s largest employers, including KPMG and Chevron.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.