With the rising popularity and blockchain applications, innovators in this arena are continuously striving to avail this technology to solve real life issues. One such project is Xend Finance that tends to approach the financial instability of groups, individuals, credit unions, and cooperatives in nations with unstable currencies. In this article, we will have a look at the Xend Finance review.
What Is Xend Finance?
It is a DeFi platform that operates globally for cooperatives, credit unions, and their members. The projects allow these entities to avail themselves of a trustless network worldwide that is much more rewarding and stable.
This project is created on the Binance Smart Chain, and it is the first organization from Africa to do so. Moreover, it is the first African DeFi project and the first DeFi based credit union in the world. End Finance resolves financial problems that are related to unstable currencies. It enables groups, individuals, credit unions, and cooperatives to be a part of the decentralized platform and save in stable currencies. Being a part of this platform, these companies can save and also invest in a boosted financial environment that fetches higher rates of interest in contrast to the higher financial systems.
Xend Finance Review: How It Operates?
Now in this Xend Finance review, let us have a look at their operations. This network is powered by its native currency $XEND. They use this token for rewarding their users who are investing, saving, lending, and doing other actions on the platform. Interestingly, the platform enables individuals and also the credit unions to process several savings functions against a little charge that needs to be paid in $XEND tokens.
On the other end the smart contract algorithm of Xend Finance invests the savings of the users, that is, they deposit certain DeFi lending protocols which fetch an APY (Annual Percentage Yield). Then this APY is passed to the users as interests.
There are several savings options for users that this platform provides. Let us have a look at them.
- Automatic savings options as a credit union or as an individual
- Staking funds on DeFi networks – The fund of the user in stable currencies is staked on varied verified lending channels to develop compounded interests on the savings of the users.
- Savings to get a multi-level interest which basically implies that they earn interest on their saved stable currency as well as with $XEND tokens as an incentive.
- Main features of this project:
- Xend Finance enables unrestricted access globally
- It provides access to loans with flexible terms and repayment
- The platform collects up to 15% APY in comparison to the traditional 1-2% API
- XEND Finance provides secure savings choices and the chance to earn varying levels of benefits in interest forms and $XEND tokens.
- It inculcates decentralized insurance to protect investments and assets.
- Finally, Xend Finances enables users to save in stable currencies without worrying about devaluation and fluctuation.
Xend Finance Review: Target Market
This Xend Finance review would be incomplete if we do not evaluate their target market and their focused consumer base. Along with the segment that is crypto savvy, Xend Finance aims at users in underserved sections around the globe. More particularly, the project is aimed at catering to the African continent and other under constructed economies which provides tremendous chances in the crypto area, yet is largely overlooked.
Furthermore, the Xend Finance project is aimed at serving the 350 million strong sectors that are unbanked in community cooperatives.
Supported Blockchain Of Xend Finance Project
Xend Finance is the first credit union that is based on DeFi across the globe that is constructed on the Binance Smart Chain. Hence, the channel is interoperable with various other blockchains. Being a Binance smart chain created platform, it provides high speed of transaction, high security that is powered by a POS relay chain, and also on-chain governance to ensure decentralization and transparency.
Xend Finance Review: Pros And Cons
One of the biggest advantages of this DeFi project is its first-mover boon. The platform solves a real requirement in the financial area, but in a way that has not been examined to its fullest potential in the past. Therefore, there is a strong opportunity for quick user acquisition that will navigate faster growth along with a stronger valuation of the channel and its native token.
On the contrary, the lending and the financial payments sector has turned out to be attractive, especially for projects that are based on blockchain. Hence, this project might face the disadvantage of the offerings made by its competitors in the coming future, and hence it is crucial to stay constantly revised with its proposition.
The Bottom Line
After this Xend Finance review, it can be concluded that being the first DeFi platform of this kind, this project does not have any immediate competitors at the present time. However, owing to the ‘Savings’ operations, some other projects like Nexo, Risevest, PiggyVest, Cowrywise, etc. fall under the same arena as Xend Finance. Having said that, not a single one of these projects provides a complete core value proposition in comparison to Xend Finance, thus offering it a major competitive boon.
Frequently Asked Questions On Xend Finance Review
The founder and CEO of Xend Finance are Ugochukwu Aronu.
Xend finance is a DeFi platform that operates globally for cooperatives, credit unions, and their members. The projects allow these entities to avail themselves of a trustless network worldwide that is much more rewarding and stable.
If you are eager to know where to purchase Xend Finance, the top digital currency exchanges for trading in Xend Finance stock are presently ZT, PancakeSwap (V2), Gate.io, BKEX, and MEXC.