Xend Finance is a blockchain-based DeFi platform inspired by traditional credit unions. It introduced the first cross-chain high yield aggregator for yield farmers on Binance Smart Chain and Polygon, with plans for more chains in the future. Xend Finance provides an open Layer-2 DeFi infrastructure for developers.

Traditional credit unions often face liquidity issues due to a smaller user base and geographical restrictions. Xend Finance's Decentralized Finance (DeFi) protocols aim to eliminate these barriers and revolutionize borrowing, saving, and loaning.

The Xend Finance network has its native token called Xend Token ($XEND). Users are rewarded with $XEND tokens for saving, investing, and engaging in various activities on the network. Xend Finance allows both Credit Union operations and individual saving operations on its smart contract. Credit unions are charged a small gas fee in $XEND tokens to create a union on the smart contract, as well as a fee per complete save cycle. A portion of this fee is used to buy back $XEND tokens, adding liquidity to the protocol.

The Xend Finance smart contract periodically invests user savings (deposits) in DeFi lending protocols such as Compound, AAVE, and Yearn Finance Protocol. The Annual Percentage Yield (APY) generated from these protocols is paid to users of the Xend Finance protocol as interest. Xend Finance aggregates these protocols to ensure users always get the best APY.

Xend Finance was originally built on the Ethereum (ETH) blockchain but later migrated to the BNB Chain, making it the first platform in Africa to do so. This move enhances scalability, speed, and security on the platform.

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 unions cumulative deposits get to $100 million.

The platforms native cryptocurrency token XEND powers vital operations, including governance, rewards and fees. XEND is used to reward the protocols users for participation, including saving and lending. The token can also be used to pay for a cycles subscription fees.

Xend Finance is community-focused and community-governed. Xend uses a decentralized autonomous organization (DAO) mechanism for governance.

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 BSCs native token BNB.

You can trade Xend Finance (XEND) on the following exchanges:

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

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