Recap session of Xend Finance Ama held at Cryptomansion

Crypto Mansion
6 min readMar 21, 2021

Date: 23/02/2021

Time: 1.30 UTC


Hello All, We have recently hosted a ama session with Xend Finance.

The Xend Finance team was represented by UgoChukwu Aronu. He shared a lot about the project in Details and many information about Xend Finance Project.

Introduction Questions by Cryptomansion Team

Question 1- could you Briefly Describe yourself to the community?

Ans- My name is Ugochukwu Aronu. I am the founder and CEO of Xend Finance. I have an engineering background and I lead the engineering team at Xend Finance.

Question 2. What is XendFinance and what does it have to offer to the Crypto space?

Ans- 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.

Question 3. What is the role of XendFinance TOKEN in the ecosystem?


  1. User Rewards
  2. Fee Based Burns
  3. Governance
  4. Staking

Question 4- What are the mechanism put in place to make XEND available on both ETH and BSC?

Ans- The Xend Finance protocol has already been built on both blockchains. It was built on ETH and then BSC. We will have a bridge that allows tokens to co-exist on both blockchains

Question 5. What will be the take of XendFinance Ecosystem related to lower adoptability?

Ans- We are solving adoption in an interesting way.

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.
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.

By doing this adoption rate increases exponentially.

Question 6. Since security of funds is paramount to users please What steps did you take to make sure the platform is secured from hackers?

Ans- Our main step to ensure security of platform is audit and then regular daily security scans. To even protect our users more, we are providing decentralized insurance to enable users to protect their assets against unforeseen issues

Question 6: What can you say about the ambassador warrior program?

Ans- The ambassador warrior program is a way of building our core team at Xend Finance. We have experienced exponential growth recently and we need to ensure we have the capacity to manage the growth. Also, we have been getting requests from different countries to have representatives and this program will help answer these requests. With the ambassador program, we will be having more team members join us as ambassadors and representatives in different regions and they will become part of the core team over time and also help with development strategies.

Quesions From Twitter

Question 1) XendFinance just offer the minimum of 15% of APY to their user and investors..Does this 15% remain the same or its subject to change in the future?And how come you just offer the minimum percentage for your user,,any reason?

Ans - We offer up to 15% APY. The 15% APY is not stable, it can go above 15% and also fall below 15%. 15% is the average.

Question 2) Esusu and Cooperative’s savings strategies, which promote XEND $ token rewards, through strategies such as fixed savings and flexible savings, could you clarify a little about what they consist of and why it would be more profitable to make savings?

Ans - Esusu and Cooperative savings strategies ensure that groups of people come together to save or make contributions using our protocol. This ensures that we have more traction and should lead to more rewards in $XEND tokens !
More information on the details of how they work can be found on our Litepaper

Question 3) One of XEND’s mottos is: "Set a goal and we’ll help you with the rest". What types of loans can I acquire within the platform to achieve the goals I have set for myself? What are the payment facilities you provide within XEND?

Ans - From our motto, we are referring to your savings goals. We are a very flexible protocol that enables you use different savings strategies as you deem fit. We are going to be plugging in loans after mainnet launch. These loans will be collaterized by your cooperative/credit union deposit on the protocol. More information on this will be added to the Litepaper update

Question 4) Xend Finance allows its users to save either as an individual or by creating a credit union for the same purpose. Does either of these two forms of savings have some kind of benefit over the other on your platform, or do both forms have the same characteristics?

Ans - Individual savings from the name is built for one person and the cooperative or credit union is built for more than one person. Also $XEND rewards for an individual for performing a fixed saving is less than $XEND reward for performing the groups savings. Also the group creators also get compensation for creating groups and inviting people to their cooperatives or credit unions.

Question 5) What is your long-term vision about the industry which your team are working on? Are you afraid some day there will be another project with more innovative technology can replace and encourage your project?

Ans - The goal for Xend Finance in the next decade (long term) will be to secure over 10% of the overall credit union market globally. We are not afraid about innovative technology coming to replace us because we support innovative technology. Our technology is going to be open source and this will enable more people to build on it, contribute to it and make it even better. So we believe innovation will encourage our project

Questions From Live Telegram Session

Question 1) Revenue is an important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?

Ans - We generate revenue by charging a commission on the interest every user withdraws. We also generate revenue from a defaulters charge when members of a group withdraw earlier than the set time in the cooperative savings.

Question 2) What problems is Your project trying to solve to make it easier for Crypto users? Please let us know how evolving the roadmap is right now. What will happen this year and in the future?

Ans - Our project is solving the problem faced by people living in unstable economies that face massive devaluations regularly. You can read about our roadmap and get more info here:

Question 3) From your website , we can submit problem, suggestion, idea or bug report and get reward, where we can submit that?

Ans - You can submit that here:

Question 4) Many new projects initially developed well but were suddenly abandoned. How will you manage your project to get your position on the market and become the best project in the blockchain world?

Ans - Our project is different because we are targeting real people with real problems and we are solving their daily problems by leveraging DeFi. We have been operational for about 2 years and we have over 55k users on our Xend platform. Xend Finance which is our DeFi project is going to enable us to even perform better, reach a larger audience and solve problems at a global scale. I don’t think having all these already in motion will make us want to abandon the project

Question 5) There are 3 core issues prevalent in crypto and blockchain:
Security, Interoperability, and Scalability. so
How does Your Project plan to overcome these issues?

Ans - Security: We have been audited by the leading blockchain auditor, Certik. Reports to be posted soon
Interoperability: Building on the Binance Smart Chain gives us acess to this.
Scalability: Binance Smart Chain and Ethereum Layer 2 protocols like Matic enable this

For more Information about Xend Finance, Follow the given links

👥 Telegram:

🌎 Website:

📖 Medium: