New DeFi projects regularly launch in the cryptocurrency and blockchain space. Xend Finance, a startup based out of Nigeria, warrants a fair bit of enthusiasm. The project targets an essential market, and there some public sale rounds to look forward to in the coming days.
Bringing DeFi To Nigeria
For years, there have been numerous attempts to improve cryptocurrency adoption across Nigeria and other African regions. Doing so is difficult, as the local government doesn’t always favor crypto-assets. Xend Finance attempts to solve this issue by directly offering DeFi services to the world of credit unions. As the Naira keeps devaluing due to financial instability, new solutions need to be introduced.
Xend Finance‘s vision has received backing from Google Launchpad, Binance Labs, AU21 Capital, and many others. Promoting and boosting financial inclusion across Nigeria will happen by converting deposits into crypto and engaging in yield farming.
A Different Spin On Credit Unions
What makes Xend Finance appealing is how users can create their own credit union to engage in DeFi activities. Doing so eliminates the need for intermediaries and can help put more money into the pocket of those who need it the most. Traditional credit unions offer a 1% annual yield yet may be subject to geographical locations. Xend users, on the other hand, can earn as much as 15% APY.
DAO Maker SHO Completed
For projects like these, it is always worthwhile to keep tabs on whether they can continue to engage their community. XEND Finance organized a Strong Holder Offering (SHO) on DAO Marker in February, yielding some surprising results. With over $144 million in wealth staked and 3,200 eligible participants, this venture has proven to be a successful one.
Balancer LBP In Progress
Balancer is a crucial platform for any DeFi token looking to make a long-term impact these days. Xend Finance is in the process of auctioning 6.65% of its total token supply through a Liquidity bootstrap Pool on Balancer. As the vent comes to a close today, the price discovery for XEND will prove intriguing to keep an eye on.
Uniswap LP Coming Up
Following the LBP on Balancer concluding, XEND will make its way to Uniswap. Anyone can access the token through the liquidity pool. Slowly building up global liquidity is an essential process for new projects. As Uniswap is the leading decentralized exchange on the market today, it is a good fit for Xend Finance’s team.
CEX Liquidity Building
Finally, the XEND Finance team will keep building its presence and availability across the many centralized exchanges. For new projects, it can be difficult to get listed anywhere, yet this venture has the backing of Binance Labs, which tends to open a few doors. More information on this process will be provided accordingly.
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