At 8:00 pm on February 16, 2021, BlockArk analyst Jimmi had a conversation with Ugoaronu, the founder of Xend Finance, and conducted an AMA event on the theme of "Xend Finance, a DeFi credit union, how to win the favor of many star investment institutions" in the Uniswap Chinese community. This live broadcast The event is supported by BlockArk, ChainNews, Odaily, BlockBeats, and Encryption Media. The content of live sharing is organized as follows:
Before the event begins, let me briefly introduce BlockArk. BlockArk is an investment bank and marketing agency in the encrypted asset industry. It manages ArkStream Capital, a primary and secondary fund focused on cryptocurrency. BlockArk integrates investment, branding, market growth, and strategic consulting, and is committed to promoting the growth of Web3.0 unicorns.
Before the event begins, let me briefly introduce BlockArk. BlockArk is an investment bank and marketing agency in the encrypted asset industry. It manages ArkStream Capital, a primary and secondary fund focused on cryptocurrency. BlockArk integrates investment, branding, market growth, and strategic consulting, and is committed to promoting the growth of Web3.0 unicorns.
The theme of today's AMA is "Xend Finance, a DeFi credit union, how to win the favor of many star investment institutions", and the guest is Ugo Aronu, CEO of Xend Finance.
Today's AMA event is divided into two stages. The first stage is the theme question and answer. I will ask 7 prepared questions in the form of one question and one answer. After the 7 questions are over, it will enter the second stage, free question and answer. Group friends can freely ask guests questions, and guests are free to choose 3-5 questions to answer. The small partners who are selected will share the XEND token reward worth 30U.
Let Ugoaronu say hello to everyone first
Ugoaronu：Hello Everyone. I am happy to be here. Hope you are all doing great.
Hello everyone, I am very happy to be here and I hope you are all doing well.
Jimmi：Ugoaronu, please briefly introduce Xend Finance before starting
Ugoaronu, before we start, please briefly introduce Xend Finance.
Ugoaronu：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.
XendFinance is a DeFi platform for cooperatives and credit unions. By optimizing and aggregating different DeFi lending protocols, it provides multi-level benefits, with the aim of providing high and stable currency yields and Token rewards.
Jimmi：Thanks to Ugoaronu's introduction, Let's start.
Thanks to Ugoaronu for his introduction, our AMA question session has officially started.
Jimmi：The first question. Lending platforms and revenue aggregators are an important part of the DeFi track. Yearn.finance on Ethereum has already made certain achievements. What is your vision for choosing such a track and your original intention for creating Xend?
The first question, lending platforms and income aggregators are an important part of the rise of DeFi. Yearn.finance on Ethereum has made certain achievements. May I ask your vision for choosing such a track and your creation of Xend? What is the original intention?
Ugoaronu：Xend Finance was formed from the need to protect the value of the savings and contributions of individuals who use Fiat currencies from devaluations as a result of unstable economies.
Xend Finance was established to protect the value of personal savings and contributions using fiat currencies from the consequences of depreciation due to economic instability.
Our aim is not to compete with existing DeFi aggregators like Yearn Finance but to integrate them and give value to people who are financially underserved and living in unstable economies.
Our goal is not to compete with existing DeFi aggregators (such as Yearn Finance), but to integrate them and provide value to those living in unstable economic environments whose assets are not protected.
We experienced 3 massive currency devaluations in the last 3 years in Nigeria and this is similar to different economies in the world with unstable economies. My mother and I belong to different cooperatives where we save and make monthly contributions(Esusu) to help one another in the cooperative. Realizing that despite saving regularly, we were becoming poorer and losing more value for our money.
In the past three years, Nigeria has experienced 3 massive currency devaluations, which is similar to other economically unstable economies in the world. My mother and I have monthly fixed deposits (Esusu) in different cooperatives, helping each other in economic cooperatives. We realize that even though we save regularly, we are still poor and sometimes incur high financial losses.
Jimmi：Thank you very much, Next question. Currency devaluation is a common problem faced by many African countries. Preventing currency devaluation has become an urgent need for African countries. We found your traditional solution on the medium: an Esusu system similar to a closed-end fund. As we understand, Xend moved this system to the blockchain, right?
Okay, thank you very much. The second question is that I understand that currency devaluation is a common problem faced by many African countries. Preventing currency devaluation has become a very urgent need for African countries. I have seen your traditional solution on medium: a similar The Esusu system of closed-end funds, and Xend moved this system to the blockchain? Can I understand that?
Ugoaronu：Yes, Xend Finance is the first project to move traditional strategies like Esusu to the blockchain by leveraging DeFi.
Yes, Xend Finance is the first project to transfer the strategy of Esusu's traditional economic cooperative to the blockchain by utilizing DeFi.
Jimmi：Ok, the third question is that compared with other products on the same track, such as Yearn.finance, what are the advantages of Xend? What can be the reason for users to choose Xend?
Okay, the third question, what are the advantages of Xend compared to other products in the same track, such as Yearn.finance? What can be the reasons for users to choose Xend?
Ugoaronu：Our target audience is quite different from the existing DeFi audience. We target non-crypto users, financially underserved users and users in unstable economies that need their assets to be protected by any means necessary. We are the answers to their prayers.
The first is that the audience is different. Our target audience is very different from the existing DeFi audience. Our target customers are non-crypto users, users who are financially underserved, and users in unstable economies who need the necessary means to protect their assets, Xend Finance is the answer to their prayers.
We also enable easy integration for software developers. We make life easy for software engineers by abstracting the complexity of building directly on the blockchain with our mobile and web SDKs. The SDKs make it easy for non-blockchain software engineers to plug into DeFi.
In addition to this, we also make it easy for software developers to integrate. We make life easy for software engineers by building complex Dapps directly on the blockchain using our mobile and web SDKs. Through the SDK, non-blockchain software engineers can also easily use and build DeFi Dapp.
Jimmi：Thank you very much for Aronu's answer. The different audiences and the SDK that facilitates developers to create Dapps will indeed be very eye-catching. Next, I want to ask some questions about tokens. Next question. Is XEND an ERC20 token or a BEP20 token? We would like to know why you need to deploy contracts on the Binance Smart Chain and use the revenue pool on Ethereum? What are the benefits of this?
Thank you very much Ugoaronu for your answer. The different audiences and the SDK that is convenient for developers to create Dapps will really shine. Next, I would like to ask some questions about tokens. The fourth question is whether XEND is an ERC20 token or a BEP20 token? Please explain why you want to deploy contracts on Binance Smart Chain and use the revenue pool on Ethereum? What are the benefits of doing this?
Ugoaronu：$XEND is an ERC20. We are deploying Xend Finance mainnet on the Ethereum blockchain first because of the mature ecosystem of DeFi protocols currently running on the Ethereum blockchain. By leveraging this large ecosystem, we will be giving our users very high yields. We are also going to deploy on BSC mainnet to give our users access to very low gas fees, faster transactions and cross-chain functionalities.
XEND is ERC20. Since the DeFi protocol currently running on the Ethereum blockchain is a mature ecosystem, we will first deploy the Xend Finance mainnet on the Ethereum blockchain. By utilizing this huge ecosystem, it will bring high benefits to our users. We will also deploy on the BSC mainnet to enable our users to access DeFi Dapps with extremely low gas fees, faster transaction speeds and cross-chain functions.
Jimmi：What are the functions of the native token XEND?
Next question, what are the functions of the native token XEND?
Ugoaronu：Crrently, the function of $XEND contains User Rewards、Fee Based Burns、Governance、Staking.
The current functions of XEND mainly include user rewards, fee burning, governance, and staking.
Jimmi：So, XEND is also a govermental token, What is the governance logic of the token XEND? What conditions must be met to participate in governance?
So XEND is also a governance token, so what is the governance logic of the token XEND? What conditions need to be met to participate in governance?
Ugoaronu：Governance is exercised over certain parameters in the smart contract. A member must have up to 500,000 $XEND tokens to participate in governance.
The current governance can perform governance on certain parameters in smart contracts. The condition for participating in governance is that community members must have more than 500,000 XEND tokens to vote.
Jimmi：Okay, thanks Aronu for the answer. Last but not least, DeFi also brings some risks in addition to the new ways of adding value to users. We would like to know whether Xend’s contract has been audited? Whether the contract has been cooperated with insurance projects? Is there a plan to ensure the security of smart contracts in the future, such as the development of HACKATHON and so on?
OK, thank you Aronu for your answer. The last question is about security. DeFi also brings some risks in addition to the method of bringing new property value to users. Is Xend’s contract audited? I have cooperated with insurance projects, is there any plan to ensure the security of smart contracts in the future? For example, carry out HACKATHON and so on.
Ugoaronu：Our contract has been audited. Our contracts are also protected by Decentralized insurance to protect assets of users. We are going to be working on our developer community where we will organize bug bounties, hackathons etc to help improve the security of our protocol.
Our contract has been audited. Our contracts are also protected by a decentralized insurance program to protect user assets. We will continue our work within our developer community, where we will also have bounties, hackathons, and more to help improve the security of the protocol.
Jimmi：Thanks to the guests for his wonderful sharing. Our first stage of the theme Q&A comes to an end, and then we enter the free Q&A stage. Group friends can freely ask questions to guests, and guests are free to choose 3-5 questions to answer. The small partners who are selected for the question will share a reward of 30U worth of XEND tokens. Then our freedom issue now begins：
【Free question and answer session】
【Free question and answer session】
Q: What is the Esusu system mentioned many times?
What is the Esusu system mentioned many times?
Ugoaronu：So the Esusu System is a savings strategy that is very popular in the African local community where people contribute to a central pool per month and then the members of that pool take turns in receiving the total money in the pool per month
The Esusu system is a savings strategy, very popular locally in Africa, in which people contribute monthly to a central savings pool, whose members then take turns receiving the monthly total.
Q: Are the users of your Xend limited to Africa or areas that are underdeveloped?
Are your Xend users limited to African regions or underdeveloped regions?
Ugoaronu：Our users are not limited to Africa. Our users are global. From our testnet we had over 1500 users from 75 countries.
Our users are not limited to Africa, our users are global. Our testnet has more than 1500 users from 75 countries.
Q: How are the tokens of XEND distributed and the token release model?
May I ask how the tokens of XEND are allocated, and the token release model?
Ugoaronu：You can find all the information summarized here
https://daomaker.com/sho/xend_finance
Here you can find a summary of all the information
https://daomaker.com/sho/xend_finance
Q: When is Xend's public offering? How to participate? What are the requirements?
May I ask when will the public offering of Xend be held? How to participate? What conditions are required?
Ugoaronu：You can get all the information here
https://medium.com/daomaker/xend-finance-strong-holder-offering-sho-guidelines-4ae70cbd0d3b
You can get all the information here
https://medium.com/daomaker/xend-finance-strong-holder-offering-sho-guidelines-4ae70cbd0d3b
Jimmi: Alright, today’s AMA is over here. Thanks again to Aronu for your wonderful sharing. For the extra winners, you can privately chat with sumi@BlockArk assistant registration information. Thank you for your active participation!
In the future, BlockArk will bring you more high-quality projects and content sharing. As long as you keep an eye on the Uniswap Chinese community, or follow @BlockArk Block Ark, you can get relevant information as soon as possible. The content review of this AMA will also be published on Weibo and major media platforms, so stay tuned!
