Wolfonaire Chatbox : AMA With XEND FINANCE (25th February, 2021)

8 min readFeb 27, 2021

Hello! Wolfonaire Family & Crypto Enthusiasts!

We recently hosted an AMA With XEND FINANCE on 25th February, 2021 at 03.30 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Ugochukwu Aronu| CEO, XEND FINANCE

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)


Aronu : I am 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. My team has experience in engineering, marketing and community development in the crypto space. We are majorly based in Nigeria. Most of our marketing team is based in the US.

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.

Wolf : Great Aronu… For our members who are not already familiar with the project, can you give us a very high-level overview of what Xend Finance is and what competitive edge it brings to the Crypto Universe?

Aronu : 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.

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 which is our first project in the Xend ecosystem already has over 55,000 users in its ecosystem. Xend Finance will be creating a simple web and mobile SDK that will be plugged into the Xend mobile apps to easily onboard the existing users. Xend was incubated by Binance Labs and also accelerated by Google LaunchPad accelerator.

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 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.

Wolf : Thanks For The Details

How do holders of the Xend Token benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?

Aronu : Holders of our $XEND tokens can perform governance actions on our protocol. Governance enables holders of $XEND tokens to propose votes, cast votes and ensure that winning actions are implemented. Users can participate in the Xend Finance governance by having up to 500,000 $XEND tokens.

Wolf : Awesome 👌🆒️🙌… Did you find any threats till yet like smartcontract failures.When we think about mass adoption,security should be our first priority.

Aronu : Security is out utmost priority. We are very particular about smart contract hacks and failures and that is why we have the best audit firm auditing our smart contracts and reports have already been published.

You can subscribe to our newsletter to see the report.

Wolf : Feeling Safe 😃…. Yeah will subscribe newsletter.

Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Aronu : Yes we have met all our goals so far on our roadmap. Yes we met a lot of unexpected challenges that we were not prepared but we were able to surmount those challenges. It has been a rough but very interesting ride so far.

Wolf : Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?

Aronu : Great. We actually have a very short and easy tutorial on how to try out our platform.

Check it out here: https://docs.xend.finance/

Please note that our platform is currently on testnet and will be going to mainnet in this Q1.

Wolf : Phenomenal,Thanks Again…Lets move for the round 1

Now Group Question & Answer Session 1 Began

Q1. As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?

Aronu: Our plan to attract those who don’t know about cryptocurrency is creating a system that first abstracts the complexity of the blockchain by creating an SDK that runs on web 2.0 and web 3.0 applications. This SDK will make it so easy for the non-crypto savvy individuals to use our DeFi protocol easily.
We are also going to have ambassadors in different regions of the world organizing trainings at grassroot level for non-crypto savvy individuals. We have just launched our Xend Finance Warriors Ambassador program. Please check it out here.

Q2. Is there any type of commission or subscription charged if I decide to save with credit union but not individually? Also, If I create a credit union to save funds with collective, will I have a higher interest? or will we all have the same porcentage interest?

Aronu : Yes. There is a commission charged on the interest you have earned but not on the overall amount you have saved or deposited. If you create a credit union to save funds as a group you will earn higher interest than an individual.

Q3. If we have a problem or suggestion for Xend Finance, is there a page for us to visit to share the problem or suggestion?

Aronu : If you have a problem or suggestion, please visit our telegram group and drop your questions for quick responses.

Check it out here: Xend Finance

Q4. How many different kind of documentations will we need to provide? Will it really be possible to crowdfund from any country when the platform goes live? Or will there still be some restrictions When a creator wants to start a project?

Aronu : You do not have to provide any documentation if you are using your crypto wallet directly on our protocol and you can access our smart contracts from any country. We got over 1500 users from 75 countries in less than 2 weeks of testnet launch.

Q5. Taking into account that Xend Finance is based in Nigeria, what is your opinion about the future of cryptocurrencies in Africa? Do you think there is the potential for the African market to become much more relevant in the world of cryptocurrencies in the medium to long term?

Aronu : Africa is going to be the hub of blockchain technology and cryptocurrency in less than 5 years. Currently Nigeria is the second largest trader of Bitcoin in the world and the second largest consumer of Coindesk articles in the world. The blockchain has the best applications in Africa.

Now Group Question & Answer Session 1 Began

Q6. Staking is the new trend. What staking options are available for $XEND token? Are there any incentives for staking? What are the various ways to earn token and are there any limits to amount of $XEND I can earn?

Aronu : Yeah. Staking options available for $XEND tokens will be published after TGE once we announce commencement of staking. You can also earn $XEND tokens by using the Xend Finance protocol savings strategies such as Fixed savings, Cooperative and Esusu strategies. The longer you have funds saved in our protocols the more $XEND tokens you unlock.

Q7. As Xend Finance provides the necessary protection to the assets that we have in your cooperative, we are safe from malicious attacks by a Hacker, how do they do it?

Aronu : We have done this by ensuring the our code has been audited. We are also providing decentralized insurance coverage to even protect the assets of users the more. We will be announcing our insurance soon. So please make sure you subscribe to our newsletter.

Q8. As the first Defi Credit Union and the first company to build on Binance Smart Chain out of Africa, What can We expect from this partnership as you are pioneer in Africa? Why does Xend Finance chooses BSC? Can you please describe your partnership with BSC?

Aronu : Binance is our investor. We also have other tier one investors such as Google Launchpad, Hashkey, NGC, AU21, Amplifi, TRGC and others.
We decided to build a version of Xend Finance on BSC because of
1. High speed. Block confirmations under 3 seconds
2. Cross-chain asset transfers
3. Very low fees.

BSC is very important especially for users in Africa who do not always have very high income.

Q9. What are your plans for the nearest year in terms of marketing and business development? How do you plan to expand the network, community, partnerships, etc? Why XENDuld investors enter your ecosystem?

Aronu : We have activated our ambassador program called the Xend Finance Warrior Ambassador. This will enable Xend Finance get to very far regions of the world. We will be building local partnerships with our Ambassadors which is very important for our project.

Q10. Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does the XEND team deal with these issues?

Aronu : We have mentioned that countries that are not crypto-friendly and will require extreme regulation should not use our protocol. This is to ensure that we remain complaint with the laws governing different countries.

Wolf : Phenomenal… Thanks For Your Amazing ResponsE. Personally I’ve Learned Alot From This Session.

Aronu : Thank you very much for making out time. I love the Wolf Family. Hope to come back with more exciting updates about Xend Finance and the cool things we are working on.

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of XEND FINANCE ⛓⛓

Website | Telegram |Medium| Wolfonaire Family Chatbox