Xend Finance: A Revolutionary Blockchain-Based DeFi Platform

Xend Finance is an innovative DeFi platform that operates on the blockchain, taking inspiration from traditional credit unions. This platform introduces the first-ever cross-chain high yield aggregator for yield farmers on Binance Smart Chain and Polygon, with plans for expansion. Moreover, Xend Finance offers an open Layer-2 DeFi infrastructure for developers, enabling them to build and enhance the ecosystem further.

Traditional credit unions often face liquidity issues due to limited user bases and geographical restrictions. With Xend Finance's Decentralized Finance (DeFi) protocols, these barriers are eliminated. It introduces a new dimension to borrowing, saving, and loaning, making it accessible to a wider audience.

Originally built on the Ethereum (ETH) blockchain, Xend Finance made a strategic move to the Binance Smart Chain (BSC) – the first initiative of its kind in Africa. This transition ensures scalability, high transaction speeds, and enhanced security for the platform. Additionally, Xend Finance enjoys support from prominent entities like Google and Binance, validating its potential and credibility.

Meet the Visionary Founders of Xend Finance

Xend Finance was co-founded by Aronu Ugochukwu, who currently serves as its CEO. Ugochukwu is also renowned for his previous ventures, including Wicrypt, Ugarsoft, and Ogwugo. Alongside Ugochukwu, Abafor Chima contributes as the chief technology officer and co-founder of Xend Finance, leveraging his expertise from notable organizations such as Ogwugo, Ugarsoft, ByteWorks Technology Solutions, and Chevron.

Embracing Uniqueness: Key Features of Xend Finance

Xend Finance empowers users to establish credit unions by pooling funds, facilitating saving, investing, and loaning. It allows group creators to define specific requirements and governance rules for their credit unions, customized to their preferences. Parameters such as deposit values, contribution intervals, charges for not meeting the contribution schedule, and withdrawal amounts can be tailored accordingly.

With the implementation of smart contracts, Xend Finance assigns a unique identification tag to each group. This feature enhances transparency and accountability within the platform.

To prevent spam attacks, Xend Finance imposes charges on users for creating credit unions. Upon launching a group, the creator receives a sharable link, and early contributors receive a certain percentage back from the total amount deposited. However, once the cumulative deposits of the credit union reach $100 million, the rewards are reduced by half.

Xend Finance's native cryptocurrency token, XEND, fuels essential operations within the platform. It is utilized for governance, rewards, and fees. XEND serves as a reward for users who actively participate in activities such as saving and lending. Additionally, XEND can be utilized to pay for subscription fees within the platform.

Xend Finance operates based on a community-focused and community-governed framework. It leverages a decentralized autonomous organization (DAO) mechanism for governance, ensuring the interests and decisions are driven collectively by the community.

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The Supply of Xend Finance (XEND) Coin

Xend Finance (XEND) has a maximum supply of 200,000,000 tokens. As of March 2021, there is no available data on the circulating supply.

Ensuring Security: The Xend Finance Network

Xend Finance operates on the highly secure Binance Smart Chain. It utilizes a secure Proof of Staked Authority (PoSA) consensus mechanism, involving 21 validators who stake the BSC's native token, BNB, to maintain the network's integrity and security.

Where Can You Purchase Xend Finance (XEND)?

Xend Finance (XEND) can be traded on the following exchanges:

• Uniswap (V2)
• MXC.COM
• Balancer
• DODO

Refer to CoinMarketCap's comprehensive guide on how to buy Bitcoin for further information.