Xend Finance Token Utility Update
Wow. What an incredible year we’ve had! Much has changed since launching the first DeFi platform where individuals, cooperatives and credit unions can save in stable currencies and access the highest compounded interest available in DeFi.
We recently launched a mobile app on iOS and Android, dubbed a “Crypto Banking For Everyone”, which had one of the highest initial download rates of any finance app across Africa. Before that, we introduced Xend Launchpad, the first and only startup launchpad for blockchain/crypto companies out of Africa, which provides exposure, resources, and infrastructure to burgeoning entrepreneurs. It also allows any members of the public to find investment opportunities that are typically only available to institutional and high-volume investors — members only need to stake $XEND to participate…
Our first hackathon, which featured a keynote from Mike Novogratz, along with participation from Binance, Huobi, Google Africa, Coindesk, and more, became the biggest hackathon ever in Africa. Our Xend Finance DeFi Hackathon is about to conclude with more than 20 projects from developers around Africa. We are laying the necessary foundation in becoming the most renowned blockchain project, while also supporting other blockchain projects from Africa to improve their chances of success. There are still many enormous problems that plague Africa and this will be a united effort to improve the lives of hundreds of millions using blockchain technology.
With all of this progress, and still more to come, we wanted to share the changes in our token utilities and make them more clear. This will allow our amazing community to understand the multiple value propositions and use cases of our $XEND token.
- One of the key utilities of the $XEND token is staking. We appreciate and encourage long-term holders and have allocated 14% (28,000,000) of the total token for staking rewards. We have launched the Xend Finance native staking platform, where users can stake their $XEND token and access up to 100% APR! Stake now at ⚡️https://stake.xend.finance/
- The plan is to use 15% of our profit from the quarterly account statement, which would be public to our community, from 2022 to buyback $XEND tokens in circulation and add them to the staking pool once the current pool is exhausted.
- It means that the staking pool will be sustainable and run indefinitely. This will be a win-win for the team and community because the more the community contributes to project growth, the more they are rewarded through staking rewards. In addition, the staking platform will have a ‘staking score’ — which is a score accrued with staking for a long period of time and factoring in a larger amount of $XEND. The more $XEND stake, and for a longer period without unstaking, the higher your staking score.
- Another core use of $XEND will be paying transaction fees in the Xend Finance ecosystem. You have the option to select to pay transaction fees on all Xend Finance products starting with the mobile app and later other products like investing in startups in Xend Launchpad, and using $XEND token to get discounts on those transaction fees depending on the user’s staking score. The higher the ‘staking score’, the larger the discount accessible.
- Though we have three audit firms that audited our code and also the community bug bounty ongoing with ImmuneFi, we still are taking measures to ensure the security of our users and that is why we have insurance integrated for all savings services on Xend Finance. Users can purchase this insurance using $XEND and can get a discount based on their ‘staking score’.
- Performance and Strategy fees generated from the new Xend Finance Layer-2 DeFi infrastructures xVault and xAuto on Polygon and BSC will be used to buy back and burn $XEND.
We plan on buying back and burning a total of 35.83% of the $XEND token supply and burning it. The 35.83% is the total token we sold to our public and private investors to raise funds used to start and grow the company. Every quarter, 30% of the profit generated from the Xend Finance ecosystem will be used to buy back the tokens to burn until all 35.83% are burned.
We hope you are all excited — like us — as we enter the new year of 2022, which we see as our major user growth year. We estimate onboarding at least 500,000 new users across the world with a particular focus in Africa and regions that face constant currency devaluation. We’re proud of what we accomplished this year in such a short amount of time and look forward to building 2022 — in conjunction with your support — as the most important ecosystem project out of Africa and beyond.
Sincerely,
Ugochukwu Aronu
CEO of Xend Finance
