DeFi which started slowly in 2019 with the likes of $Lend has turned out to be the biggest blockchain innovation of 2020 alongside NFTs. DeFi (Decentralized Finance) is a blockchain innovation that refers to the shift from traditional/centralized system of finance to peer-to-peer finance, enabled by decentralized innovations, ideas and technologies built on the Ethereum blockchain. Since its inception, other blockchains such as Waves, Algorand and the likes have begun adopting DeFi. The current DeFi ecosystem is worth over $13billion according to Consensus, making DeFi the most active sector in the blockchain/cryptocurrency industry. DeFi projects include Yfi, Aave, Compound, Maker, Waves, Qtum, Augur, dXdY, Hegic, Synthetic, Uniswap, Airswap, Balancer, Curve Finance, among others.

The benefits of DeFi over the traditional finance system includes its programmability, immutability, interoperability, transparency, scalability, security and permissionless access. DeFi has disrupted within its short time of existence, many industries and sectors ranging from Asset management to gaming, decentralized exchanges, decentralized autonomous organization, data analytics, compliance, lending, borrowing, savings, derivatives, marketplaces, prediction markets, tokenization, stable coins, staking, programming/coding and much more.

Xend Finance is a product of Xend, an established African FinTech company with a network of over 55,000 individuals pushing for the adoption of DeFi in Africa. Xend Finance backed by google launchpad and binance lab, secured a $1.5million funding to help it bootstrap and achieve product-market fit in the blockchain industry.

Xend Finance looks poised to be the “DeFi Game Changer” with its innovation, why?

The DeFi space boasts of so much innovation but Xend Finance aims to satisfy an unmet demand in a time of global economic crisis and recessions. With many credit unions, individual savers and cooperatives recording consistent losses due to unstable economies, Xend Finance seeks to provide a platform where local currencies can be converted to cryptocurrencies with ease and earn interest/profits up to 15% per year made from DeFi investments. Individuals, credit unions and cooperatives can go ahead to create a savings plan and also have other people save with them in a flexible style, thereby successfully creating more profit for savers.

The reputation of the Xend Finance team led by CEO Aronu Ugochukwu is a big boost to the project, as its recent partnership with Elrond network proves Xend Finance is already making great strides before mainnet launch. Xend Finance is currently in testnet phase running till January before its mainnet launch in Q1 of 2021.

With the current spike in DeFi adoption and many credit unions and savers looking to bounce back from the economic meltdown caused by the covid-19 pandemic, Xend Finance is one project to watch as its adoption would turn out to be the DeFi Game Changer of 2021.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ini Abasi Ekanem

Ini Abasi Ekanem

With over four years of researching and writing, Ini Abasi’s unique writing speaks loudly. Ini Abasi writes articles that you won’t be able to put down.