XEND FINANCE: ON MAINNET TO SAVE AFRICA

6 min readMar 17, 2021

Xend Finance, a blockchain company born out of the world’s most populous black country, Nigeria, is on track to save the entire African continent from her deepening economic crisis. History is about to be made as the first decentralized finance project focused on credit unions and savers and backed by Google Launchpad and Binance Lab launches its Mainnet Beta.

What is Xend Finance?

Xend Finance, a decentralized finance application backed by Binance Lab and Google Launchpad is a product of Xend, a Nigerian FinTech Company with a network of over 55,000 individuals, pushing the adoption of Decentralized Finance in Africa. Xend Finance is a platform that allows its users to execute blockchain transactions similar to bank transactions, enabling them compound interest as high as 15%APY on their savings. The world’s second-largest and second-most-populous continent with over 1.3 Billion people, Africa, is faced with so much economic crisis as her nations suffer steadily-rising inflation and financial instability. World Bank data reports an annual inflation rate of 2.7% in Sub-Saharan Africa with countries like Angola, Ethiopia, Liberia, Nigeria, South Sudan, and Sudan having over 10% while statista.com reports inflation of 8.54% in 2019 while predicting that inflation in the region would be about 6.09% by 2025. These high inflation rates have resulted in dwindling economies and devalued currencies with credit unions and savers have not been spared, as their low returns of about 1%APY on savings end up losing value as well. Xend Finance aims to solve these problems of credit unions and savers in Africa by creating a location-agnostic platform for converting local currency deposits (offline and online) into stable cryptocurrencies like $DAI or $BUSD, and harvesting yields as high as 15%APY on Defi platforms like Compound, Maker, Elrond, and Aave. These stable cryptocurrencies are pegged to the US Dollar at a 1:1 ratio, hence preventing credit unions and individual savers from saving in unstable and devalued currencies. The Mainnet platform is user-friendly and its features can be easily executed.

The Team

Xend Finance team comprises over 6 professionals in mathematics, finance, cryptocurrency, and blockchain development with experience in KPMG, Chevron, Stanbic Bank, and FinTech. Led by CEO Aronu Ugochukwu, an Engineer and Software developer with years of experience in Blockchain and a Bitcoin wallet self-built. The team hopes to increase Xend Finance adoption for its non-tech savvy users by building an SDK to enable seamless integration into existing apps and decentralized apps while removing the complexity of the blockchain.

Strategic Investors and Partners

Xend Finance boasts of the biggest investors and partners in the blockchain ecosystem. Strategic investors include Google Launchpad, Binance Lab, Biconomy, Certik, Matic (now Polygon), Elrond, and Fusion. These Strategic investors would help Xend Finance reach its long, and short-term, goals while also acting as experienced advisors in different geographic regions to aid Xend Finance in providing access to the global money market to all its users, regardless of geographic location.

Xend Finance investors include NGC Ventures, Hashkey Group, LongHash Ventures, Block VC, Jun Capital, TRG Capital, Twin Apex Capital, DeltaHub Capital, Moon Whale, and AU21 Capital who are key players in the blockchain industry, pushing Xend Finance to disrupt the over $2.2 Trillion global credit union market.

“Along with Google, we were very impressed with the team at Xend Finance,” said Kenzi Wang, Partner at AU21. “They’ve already built a network of 55,000 users and are tackling a trillion-dollar industry that is perfectly suited for Defi disruption. The Xend Finance product protects people’s savings in developing countries by giving them access to stable currencies on the global money market.”

Xend Finance is currently building its international presence via the “Xend Finance Warriors Ambassadors Program”, interested individuals can apply here.

Testnet and Mainnet

As part of its plans to increase the global usability of its platform, Xend Finance had its incentivized testnet from 15th December 2020 to 15th January 2021 with over 1,500 individuals from over 75 countries including Nigeria, Vietnam, Indonesia, China, USA, India, and others taking part in the testnet. After a successful testnet, Certik successfully executed an audit on Xend Finance codebase and platform on February 26, 2021. Xend Finance’s Founder/CEO Aronu Ugochukwu said,

“We are determined to grow into a reliable and trustworthy name in the Defi industry. Guaranteeing fool-proof security to user funds is essential to fulfilling our vision. We’re glad that CertiK has given our smart contracts the green flag when it comes to platform security.”

Xend Finance announced its Pre-Launch rewards program for its community, allowing access to the Mainnet Beta Launch of the Xend Finance platform. This exclusive program would have early users and adopters rewarded with $XEND tokens.

“Our community members will have exclusive access to the Xend Finance Mainnet, where they will be incentivized for testing the various aspects and overall experience of the platform. In return, the participants will be rewarded with $XEND tokens. The goal of this rewards program is to measure how seamless and intuitive the Xend Finance platform is and increase engagement within the community.”

With the Mainnet Beta Launch, Xend Finance is a step closer to its mission to onboard 10 million Africans into Defi in the next three years and acquire up to 10% of the Cooperative and Credit Union market within a decade. Individuals can get more information about the ongoing Mainnet Beta Launch here.

XEND Token

XEND is the utility token of Xend Finance being used for rewards, governance, staking, and payment for decentralized insurance. The total supply of XEND is 200 Million with a buy-back and burn program planned by the team, to reduce the total supply to 100 Million XEND. The pre-seed, private sale, and public sale of XEND tokens have all been completed with a total of 35.82% of the total supply being sold out. From March 22 -24, Xend Finance will auction 6.65% of the total token supply in a Liquidity Bootstrap Pool (LBP) by Balancer. The LBP will commence at exactly 15:00 UTC+0, March 22, 2021, and will end at 15:00 UTC+0, March 24, 2021. This Liquidity Bootstrap Pool is offering a fair opportunity for investors to purchase XEND and allow an orderly price discovery for XEND. This Liquidity Bootstrap Pool pricing mechanism limits front-running and sniping bots and reduces the price volatility of XEND.

Steps to participate in $XEND Liquidity Bootstrap Pool:

Go to https://balancer.exchange/#/swap after the launch time
Connect a compatible wallet — MetaMask, WalletConnect, Portis, Coinbase Wallet, Fortmatic.

3. On the Balancer page, select “Asset”.

4. $XEND LBP is paired with USDC; other assets will result in greater transaction costs.

5. Ensure your wallet has sufficient ETH for gas charges.

6. Insert the $XEND contract address which will be published on https://xend.finance/ following our token generation event.

7. Insert the amount of $XEND that you wish to purchase and select “SWAP”

8. $XEND will be in your wallet when the transaction is complete.

For more information click here or visit Balancer LBP FAQ. After the LBP, XEND would be listed on Uniswap and other centralized exchanges and DEX for trading.

As the world adopts decentralized finance (Defi) and blockchain technology, Xend Finance looks ready to disrupt the global credit union market and save Africa from its economic misery. Learn more about Xend Finance and join the communities:

XEND FINANCE: ON MAINNET TO SAVE AFRICA

Written by Ini Abasi Ekanem

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