What Is Xend Finance (XEND)?

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 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.

Who Are the Founders of Xend Finance?

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 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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How Many Xend Finance (XEND) Coins Are There in Circulation?

Xend Finance (XEND) has a maximum supply of 200,000,000 tokens, and no circulating supply data is available as of March 2021.

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:

Uniswap (V2)
MXC.COM
Balancer
DODO

Read CoinMarketCap’s comprehensive guide on how to buy Bitcoin to learn more.

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