What Is Xend Finance (XEND)?
Xend Finance is a blockchain-based DeFi platform inspired by traditional credit unions. The party introduced the first cross-chain senior high school output collector for yield farmers on Binance Smart Chain and Polygon – with plans for more – and has an open Layer-2 DeFi infrastructure for developers. traditional citation unions tend to lack fluidity due to the smaller number of users, further exacerbated by geographic restrictions. Xend Finance ‘s Decentralized Finance ( DeFi ) protocols eliminate these geographic barriers and brings a new dimension to borrowing, saving and loaning. Xend was in the first place 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 chopine for scalability, high accelerate and a high degree of security. Xend Finance 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 besides founded Wicrypt and Ugarsoft and co-founded Ogwugo.
Abafor Chima is the foreman engineering officeholder 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 accredit unions by pooling funds to facilitate economy, investing and loaning. Group creators can define the requirements and administration rules of their credit union from incision. Examples of want parameters include deposition rate, contribution intervals for each user, charges for not meeting the contribution agenda and secession amounts. Through the use of smart contracts, the protocol can assign each group a alone identification rag. Xend charges users for the universe of credit unions to prevent spam attacks. After launching a group, the creator receives a sharable link. early contributors get a certain share back from the total sum deposited. The rewards are reduced by half once the credit union ’ s accumulative deposits get to $ 100 million. The platform ’ s native cryptocurrency token XEND powers full of life operations, including administration, rewards and fees. XEND is used to reward the protocol ’ s users for participation, including saving and lend. The keepsake can besides 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 government .
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How Many Xend Finance (XEND) Coins Are There in Circulation?
Xend Finance ( XEND ) has a maximal add of 200,000,000 tokens, and no circulating issue 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 keepsake BNB .
Where Can You Buy Xend Finance (XEND)?
You can trade Xend Finance ( XEND ) on the follow exchanges : read CoinMarketCap ’ s comprehensive template on how to buy Bitcoin to learn more .
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