AMA Recap:
CRYPTOTECH with Xend Finance
Earlier today the Xend Finance team joined the CRYPTOTECH Community telegram to connect with the community and answer any question they had relating to Xend Finance mission,tech,proggress on our journey so far, recent updates and our plans moving forward.
Xend Finance team took park in a particularly exciting AMA session which included introductions with the telegram Community. If you missed the AMA live, have a read through this recap to again some deeper insights into Xend Finance . You also need to know that our AMA this time has a $100 prize in USDT.
SEGMENT 1 (PROJECT INTRODUCTION):
Inong CRYPTOTECH:
Hello @Ugoaronu Welcome to our community
Ugo:
Great to be here. Thank you for having me here.
Inong CRYPTOTECH:
Are you ready to start the AMA?
Inong CRYPTOTECH:
Okay, Before I start the first session can you introduce yourself to our community? @Ugoaronu
Ugo:
My name is Ugochukwu Aronu. I am the Founder and CEO of Xend Finance. I have an engineering background and I lead the blockchain engineering team at Xend Finance. I have been building on the blockchain for over 4 years.
Inong CRYPTOTECH:
Thank you for introduce yourself, Your experince will certainly motivate us in the future☺
Inong CRYPTOTECH:
Okey, let’s start with the first question
Inong CRYPTOTECH:
Can you tell the members a little about Xend Finance? @Ugoaronu
Ugo:
Xend Finance is a De-Fi platform for cooperatives and credit unions that provides multi-levels of interest by optimizing and aggregating different De-Fi lending protocols with the aim of providing high stable currency yields and token rewards to the financially underserved living in unstable economies.
Inong CRYPTOTECH:
What are the major milestones Xend Finance achieved so far?
Ugo:
1. Mainnet code audit completion by CertiK
2. Partnership with credit unions and cooperatives in Africa
3. Partnership with DeFi lending protocols
4. Deployment of Testnet on Binance Smart Chain
5. Achieving over $144m staked in Xend Finance Strong Holders Offering
Inong CRYPTOTECH:
Very good, What are your plans for this year?
Ugo:
Here is our roadmap
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 IngerationQ3 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 proposalsQ4 2021
Support for multiple crypto assets
Listing on more exchanges
Partnership with Credit UnionsLearn more here: https://daomaker.com/sho/xend_finance
SEGMENT 2 (FROM TWITTER)
Question 1:
How does XEND offer strong incentives for traders/investors to join the network? Why is it a good option to choose XEND among the hundreds of DeFi coins that currently exist?
Ugo:
Xend Finance ensures that very strong investors and long term users of the protocol earn $XEND tokens when they use the protocol.
Xend Finance is not directly competing with other DeFi protocols. We are actually integrating and aggregating them.Our features include:
1. Multiple Saving Strategies for Cooperatives and Credit Unions and their members
- Fixed and Flexible Savings
- Esusu
- Cooperative/Group Savings
2. Multi-level Interest Generation: Xend Finance aggregates multiple lending protocols to provide best and highest APYs and also rewards users with $XEND tokens for participating or using the Xend Finance Protocol
3. Decentralized Insurance: Xend Finance is implementing decentralized insurance to protect users from unforeseen events such as smart contract anomalies
4. SDK for easy integrationXend 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.
Question 2:
Can you tell us about your Roadmap? And are there any updates about your Roadmap this year?
Ugo:
Here is our roadmap
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 IngerationQ3 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 proposalsQ4 2021
Support for multiple crypto assets
Listing on more exchanges
Partnership with Credit Unions
Learn more here: https://daomaker.com/sho/xend_finance
Question 3:
How new is the DEFI world for Africa? Is it common or XEND becomes one of the pioneers of the decentralized economy in Africa?
Ugo:
DeFi is very new in Africa. We are the pioneers of DeFi in Africa. Africa has always had a decentralized economy since adoption of Bitcoin.
Question 4:
What are the ways xend finance project generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Ugo:
Xend Finance generates revenue by charging a commission on the interest that accrues to a user. This way there is win-win for both investor and our project.
Question 5:
What is the vision and mission of your project this year? And do you want to update one of those visions or missions?
Ugo:
Our long term vision is to give these credit unions unrestricted access to the global money market have up to 10% of the union members actively using our platform annually.
"done"
SEGMENT 3 (LIVE QUESTION)
Question 1:
Is there a commission/subscription charged if is decided to save with credit union and not individually? If I create a credit union to save funds in collective, will I have higher interest rate than the other members or will we all have the same rate interest?
Ugo:
Yes there is a commission charged on the interest being withdrawn. Yes you will receive more $XEND token rewards when you save as a credit union or cooperative than when you save as an individual.
Question 2:
📍𝐎𝐧 𝐭𝐡𝐞𝐢𝐫 𝐰𝐞𝐛𝐬𝐢𝐭𝐞 𝐚𝐬 𝐢𝐧 𝐜𝐨𝐧𝐜𝐞𝐩𝐭 𝐨𝐟 "𝐗𝐞𝐧𝐝" 𝐭𝐡𝐞𝐲 𝐬𝐚𝐲 𝐭𝐡𝐚𝐭 "𝐂𝐫𝐞𝐝𝐢𝐭 𝐮𝐧𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐜𝐨𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐯𝐞𝐬 𝐰𝐡𝐞𝐧 𝐬𝐚𝐯𝐢𝐧𝐠 𝐢𝐧 𝐗𝐞𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐞𝐚𝐫𝐧 𝐚 𝐡𝐢𝐠𝐡 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐰𝐡𝐞𝐧 𝐮𝐬𝐢𝐧𝐠 𝐬𝐭𝐚𝐛𝐥𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐢𝐞𝐬". 𝐒𝐨 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐚𝐩𝐩𝐫𝐨𝐱𝐢𝐦𝐚𝐭𝐞 𝐫𝐚𝐭𝐞 𝐨𝐟 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐭𝐡𝐚𝐭 𝐜𝐚𝐧 𝐛𝐞 𝐞𝐚𝐫𝐧𝐞𝐝? 𝐀𝐧𝐝 𝐰𝐡𝐲 𝐢𝐬 𝐢𝐭 𝐨𝐧𝐥𝐲 𝐮𝐬𝐢𝐧𝐠 𝐬𝐭𝐚𝐛𝐥𝐞 𝐜𝐨𝐢𝐧𝐬?
Ugo:
Approximate interest is 15%. We use only stable coins for now because we focus on non-crypto savvy users who don't understand the blockchain and will like their assets to remain stable and not be volatile.
Question 3:
can you tell me how many partners does Your project has? And can you name some of the big partners and are you guies planing to make partnership with any big companies near future?
Ugo:
We have over 25 partners. Just to name a few
1. Binance
2. Google,
3. NGC Ventures
4. HashKey
5. AU21 Capital
6. TRGC
7. BlockVC
8. Amplifi VC
9. DeFi Dollar
10. Biconomy
11. CertiK
12. XanPool
Question 4:
In What way is Xendfinance helping to increase crypto adoptability and what is your target audience?
Ugo:
To make the adoption of Xend Finance go mainstream, we are developing web and mobile SDKs to completely abstract the complexity of building on the blockchain, hence making it easy for both Web2.0 and web3.0 application developers to integrate and expose their users to the values DeFi has to offer.
Our target audience are non-crypto savvy users.
Question 5:
Regarding your recent partnership with Biconomy, how will this improve user adoption of the XEND Finance platform? Will XEND sponsor user fees, enable ERC-20 gas payments and leverage gas optimization?
Ugo:
Yes. Xend Finance will sponsor fees to help with adoption. We will also reduce fees by paying a percentage of the fees for the users. The sponsor of user fees is not going to be permanent but it will help with early adoption.
Thank you & Don’t forget to join ⤵️