Individuals, groups, cooperatives, and credit unions in countries with unstable currencies can use Xend Finance to save, lend, invest, and borrow in a worldwide, trustless, and stable-currency network.
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The Xend Token ($XEND) is the native network token of the Xend Finance network. Users are rewarded with $XEND tokens for saving, investing, and executing various network functions. On the smart contract, Xend Finance provides Credit Union activities and individual saving operations. Credit unions pay a minor gas price to create a union on the native blockchain of the Xend Finance protocol, as well as a fee per complete save cycle. The cost is denominated in $XEND tokens. To add liquidity to the protocol, a portion of the fee is used to buy back $XEND coins. The Xend Finance smart contract invests user deposits (savings) in DeFi lending protocols such as Compound, AAVE, and Yearn Finance Protocol on a regular basis. The users of the Xend Finance protocol are paid interest on the Annual Percentage Yield (APY) generated by various DeFi lending protocols. The Xend Finance protocol combines these methods to obtain the optimum APY at all times, ensuring that users receive the highest APY possible.
Xend Finance is a DeFi platform based on blockchain and inspired by traditional credit unions. On Binance Smart Chain and Polygon, the business launched the first cross-chain high yield aggregator for yield farmers – with plans for more – and has an open Layer-2 DeFi infrastructure for developers.
Traditional credit unions suffer from a lack of liquidity as a result of their limited user base, which is exacerbated by regional restrictions. The Decentralized Finance (DeFi) protocols developed by Xend Finance remove these geographical constraints, giving borrowing, saving, and lending a whole new meaning.
The Ethereum (ETH) blockchain was used to create Xend. Later, the Xend Finance team chose to migrate the system to the Binance Smart Chain (BSC), the first in Africa to do so, and to prepare the platform for scalability, speed, and security. Google and Binance are also investors in Xend Finance.
Xend Finance’s CEO and co-founder is Aronu Ugochukwu. He also co-created Ogwugo and founded Wicrypt and Ugarsoft.
Xend’s chief technology officer and co-founder Abafor Chima. He has worked at Ogwugo, Ugarsoft, ByteWorks Technology Solutions, and Chevron in the past.
Users may create credit unions using Xend Finance by pooling funds to make saving, investing, and lending easier.
Group creators have complete control over the standards and governance criteria of their credit union. Deposit amounts, contribution intervals for each user, costs for not adhering to the contribution schedule, and withdrawal amounts are all examples of required criteria.
The protocol can assign each group a unique identifying tag using smart contracts.
To avoid spam assaults, Xend charges customers for the founding of credit unions. The creator receives a shareable link after starting a group. Early contributors receive a percentage of the total money contributed as a reward. Once the credit union’s total deposits reach $100 million, the benefits are cut in half.
XEND, the platform’s native cryptocurrency token, is used to power key functions such as governance, rewards, and fees. The protocol’s users are rewarded with XEND for participating in the protocol, which includes saving and lending. The token can also be used to pay for subscription fees for a cycle.
Xend Finance is a community-driven and governed organization. For governance, Xend employs a decentralized autonomous organization (DAO) model.
If you’re looking for a place to purchase Xend Finance, the best cryptocurrency exchanges to use right now areGate.io, MEXC, Hoo, BKEX, and PancakeSwap (V2).
No. There is no direct method to purchase XEND using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact ZI price and market cap.
Xend Finance Official website –https://xend.finance/
Xend Finance Twitter –https://twitter.com/xendfinance
Xend Finance Medium –https://medium.com/xendfinance
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