BlockTalks x Xend Finance AMA Transcript!

6 min readFeb 25, 2021

--

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with Xend Finance, on February 24th at 02.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Ugochukwu Aronu, CEO at Xend Finance so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

Introduction Questions Asked By Team BlockTalks

Q1. Could you please introduce XEND Finance to our community in layman’s term?

Ans — Xend Finance is a De-Fi platform for cooperatives and credit unions that provides multi-levels of interest by combining different De-Fi lending platforms with the aim of providing high stable currency yields and token rewards to the financially underserved living in unstable economies.

Q2. What are the advantages of XEND Finance to other alternatives in the Blockchain field?

Ans — Xend finance is unique based on the audience we are targeting. We are targeting non-crypto savvy users and financially underserved users in different regions of the world including Africa. Xend Finance belongs to the Xend ecosystem which has over 55,000 users currently. Our ecosystem already consists of the Xend ( application for sending and receiving money online and offline) and Geena ( business and analytics tool used by SMEs). We will be onboarding these users to DeFi.

Xend Finance is also building an SDK that abstracts the complexity of the blockchain away and enables both web 2.0 and web 3.0 applications to easily plug into DeFi and bring their existing users into DeFi.
We do not intend to directly compete with existing DeFi projects because they target only the crypto-savvy users who are few in number. We actually integrate them to give more value to our target audience.

Q3. What are the major milestones XEND Finance achieved so far & what are in the future pipeline?

Ans — Q1 2021
Xend Finance Mainnet launch on Ethereum Blockchain
Web and Mobile SDK for developers for easy integration into existing crypto and fiat wallets
More development on Binance Smart Chain Blockchain Development and Testnet Implementation
$XEND TGE
Partnership with Credit Unions and Cooperatives
Fiat to Crypto on-ramp and off-ramp integration for Asia and Africa
Q2 2021
Partnership with Credit Unions
Listing on more exchanges
Mainnet Launch on Binance Smart Chain
Matic Ingeration

Q3 2021
Support for multiple crypto assets
Partnership with credit unions
Fiat to Crypto on-ramp and off-ramp integration for Europe and North America
Governance: $XEND holders will be able to propose, vote and approve proposals

Q4 2021

Support for multiple crypto assets
Listing on more exchanges
Partnership with Credit Unions
HECO Integration

Questions Asked on Twitter For XEND Finance Team!

Q1. What’s the Algorithms which are used by Xendfinance for fast and scalable transactions ? What kind of measures will be implemented to secure the chain with sharding and its security liabilities?

Ans — Our protocol has been audited by Certik and a report will be published ver soon. Our project is built on ETH and BSC. BSC is built for scalability because of its PoS Authority consensus. For ETH we are going to be adding Matic for layer 2 scaling.

Q2. I read that you have a thing called “Xend Finance Warriors Ambassador Program”, how can I be part of it and what benefits will I recieved? What process do I need to go through in order to be accepted as an ambassador and what do I have to do as one?

Ans — You can be a part of it by registering here: https://forms.gle/wwbnpJCXBfqt1mCt5

To Learn more visit here:

Introducing the Xend Finance Warriors Ambassador Program

The traditional credit union market is worth over $2.2 trillion, and Xend Finance is helping decentralize this space…

medium.com

Q3. Considering that Xend Finance is built using BSC for its interoperability, fees and Fast throughput, why $XEND is and ETH token, a blockchain that suffers of high commissions and slow operations?

Ans — Xend Finance was initially built on the Ethereum blockchain and audits were done on the ETH blockchain even before BSC went live in September. Also ETH still has the highest number of stable DeFi protocols now.

Q4. XEND Finance is backed by Binance Smart Chain technologies and Google Launchpad, this is a huge a solid backup for the project, what benefits does this big corporations gives to the XEND features?

Ans — These backings are super great. They provide great support, investments and advisory. With global presence we are also able to learn from their wealth of experience. We really feel special being backed by these great companies.

Q5. You are the first DeFi credit union and the first company that is based on Binance Smart Chain outside of Africa, why do you say outside of Africa your project is not currently considered a global project or because of the laws they may have problems in that country?

Ans — We mean we are the first project building on the Binance Smart Chain from Africa. We are based in Nigeria which is in Africa. We do have any problems and our project is a global project. We have users from over 75 countries that have used our testnet.

Questions Asked by our BlockTalks Community Members during live Session to XEND Finance Team!!

Q1. Southeast Asia is a very vibrant school and there are a lot of
development projects here, so do you have any plans to grow in Southeast Asia?

Ans — Yes. We are growing into South East Asia already. We have integrated a fiat-to-crypto on-ramp and off-ramp to enable non-crypto savvy users in SE Asian market to use Xend Finance easily.

Q2. I would love to educate my local community and introduce them to Xend Finance, Do you have any ambassador programs, if yes how do I get started, who do I contact?

Ans — Yes we have.

You can be a part of it by registering here: https://forms.gle/wwbnpJCXBfqt1mCt5

To Learn more visit here: https://medium.com/xendfinance/introducing-the-xend-finance-warriors-ambassador-program-a8e277f7ba04

Q3. Can you explain XendToken ($XEND) Reward Distribution System?

Ans — The Xend Reward distribution system is designed to reward users when they perform operations on the Xend Finance protocol. For example if you use the fixed savings, cooperative and Esusu strategies you earn Xend tokens depending on the time funds are locked and total amount locked in the network. This is a good way to ensure tokens are distributed only to users who are active in the protocol.

Q4. As far as I think stable coins have a benchmark, such as USDT against USD. What is your benchmark for XEND token value if not Fiat? how do you set the values?

Ans — Xend Token is not a stable coin. We use existing stable coins like BUSD, DAI.

Q5. You have a lot of similar competitors in the crypto world. Can you indicate the strength of XENDFINANCE to compete with other competitors? What is your most trusted feature?