Here’s our 58th AMA recap!

Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Xend Finance on March 29, 2021. This guest star,

  • Abafor Chima — CTO


Abafor Chima,
I am Chima Abafor, the CTO for Xend Finance, and I mainly focus on the Technologies used in Xend Finance, such as Google cloud, Web Apps deployment and management, the product and its design as well as technologies used to enhance the teams operations.

I’m very much interested in cryptocurrency and building apps that run on the blockchain since 2016. With my team, we have built multiple apps such as a Blockchain wallet for BTC and ERC20 tokens, A database using IPFS, and an NFT based game, called CryptoBarons.

The team is made up of experienced professionals with backgrounds in mathematics, finance, cryptography, and blockchain development, working for some of Africa’s largest employers, including KPMG, Chevron, and Stanbic Bank. They were also part of Google Developer Launchpad Cohort 4.

Q1. Could you please give us a simple introduction of Xend Finance? What’s the motivation for starting build Xend Finance?

Abafor Chima,
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 was incubated by Binance Labs and also accelerated by Google LaunchPad accelerator. ✅

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. We realize that despite saving regularly, we were becoming poorer and losing more value for our money.
This gave birth to Xend Finance. Xend Finance is built to save our money in a decentralized stable currency (BUSD and DAI) and also earn interest in that stable currency, hence protecting our assets. It is also designed to extend our contribution strategy called Esusu to a much larger audience without the fear of defaulting and also with the advantage of very high returns.

Q2. How is Xend Finance planning to attract users and show that Xend Finance is a tool with better underlying technology and easier, more intuitive development experience? And how is Xend Finance better than other platforms?

Abafor Chima,
To be very honest, I wanted to build a tool that I could use myself. Devalution is really and issue in many developing countries, and right now the top 3 countries with the most number of users on our platform include: Nigeria, Turkey and Vietnam.

👉 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.

Q3. About the $XEND token use case. How do you make sure it captures the value of the ecosystem you are building? how much supply is available?

Abafor Chima,
The maximum supply is 200m tokens, while the current circulating supply is about ~26m tokens.
The Utilities of $XEND include:
Rewards users for savings deposit made on the smart contract
Governance: $XEND holders can propose governance actions which are executable codes
Lending and multi-level interest

Q4. The DeFi platform is prone to security issues, how can you assure us that your security and transparency are strong enough? Have everything been tested and do you believe in your current security, to ensure that every user feels safe at Xend Finance?

Abafor Chima,
✅ Security is our 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.

🗓 See Report here:

🛡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. 😁😁😁

Q5. Can you please tell us the current Xend Finance road map? How far has Xend Finance been developed at this time? and what will you realize in the future?

Abafor Chima,
Sure… At this point we have achieved our Q1 2021 objectives which includes Token launch and Uniswap listing. More news of other Exchanges will come soon.

Our App is live on Binance Smart chain:

Q1 2021
Mainnet Launch on Binance Smart Chain ✅
Web and Mobile SDK for developers for easy integration into existing crypto and fiat wallets ✅
More development on Binance Smart Chain Blockchain Development and Testnet Implementation ✅
Partnership with Credit Unions and Cooperatives ✅
Fiat to Crypto on-ramp and off-ramp integration for Asia and Africa ✅

Q2 2021
Partnership with Credit Unions
Listing on more exchanges
Matic Ingeration

Q3 2021
Support for multiple crypto assets
Partnership with credit unions
Fiat to Crypto on-ramp and off-ramp integration for Europe and North America
Governance: $XEND holders will be able to propose, vote and approve proposals

Q4 2021
Support for multiple crypto assets
Listing on more exchanges
Partnership with Credit Unions
Polkadot Integration


Q1. A few days ago Xend Finance announced that it has partnered with RAZE Network, what is the form of this partnership? What do you expect to partner with RAZE Network? How can RAZE Network help develop the Xend Finance ecosystem? What are the benefits for both parties?


Abafor Chima,
Through this collaboration with Xend Finance, Raze Network will expand anonymous payments and safe investing methods with high APYs. And before you ask, no we don’t create a privacy network. Its more like making transactions anonymous if a user does not want people to know his address is participating in a transaction. This is what we use.

Secondly, we will be able to allow Raze users to use Xend Finance as yield generator directly from Raze. a win-win for both parties

Q2. According to the website Xend Finance offers its users and investors a minimum of 15% of the APY. Is this a flat rate of 15% or will it change in the future? And you also offer access to loans with flexible repayments and terms, how has this process been running so far?


Abafor Chima,
No this is not a flat rate. Just like you have with Mutual funds, the rates will fluctuate from time to time. 15% is more like an average it could get much gigher or less. Also in future we plan to offer loans and we are already working the loan features. You can check out our platform:

Q3. Where is the $XEND token currently listed? What is your strategy to meet the market demand and liquidity pool? How does XEND Finance see the current market development, do you provide any rewards for $XEND token holders / $XEND traders with a large amount?


Abafor Chima,
Xend is listed on a couple of exchanges as you can see below on coinmarketcap. Our listings are coming soon.

Staking features will be announced soon also… Please also remember that when you save on the Xend Finance platform, you get rewarded in $XEND tokens

Q4. What form of XEND Finance support to the community? Do you have a local group or some kind of contest to expand your community? how can the community help XEND Finance?


Abafor Chima,
We have the ambassador program to help recruit people that will organise seminars and hackathons across various regions of the world

We also have local community groups to introduce XEND to a lot of people.. We just started, but its growing really fast.

TG Vietnamese
TG Turkish
TG Russian
TG Korean
TG Chinese
TG Spanish

Q5. Xend Finance has been supported by Binance Africa, the first Xend Finance DeFi platform from Africa, what are your reasons and success in developing the BSC smart chain? How is Binance supporting Xend Finance?


Abafor Chima,
So we built the first version of Xend Finance on Ethereum before Binance Smart Chain was launched, but we launched Binance Smart chain first because of its unique features and low gas fees.

Binance Smart Chain is currently built to be faster, cheaper and also cross-chain interoperable as well as EVM-Compatible. So because of these great features we built on BSC.

This means we will have support for multiple blockchains, Ethereum and Binance Smart Chain. We will also be integrating some other chains later.

Binance is supporting Xend in many ways. Xend was part of Binance Africa tour, earlier in January and we were also part of the Binance Masterclass 8 weeks program. We had a livestream with binance team on Saturday for all our audience to train more developers on the Blockchain. Xend <> Binance have very good partnership and some big announcement will be made soon.. Fingers crossed 😁😁


Q1. From @MomtajShahjahan

Most questions you receive during series of AMA hosted by your team is mostly centered around your products and services. I will like to take a twist by asking what you really expect in return from your community members?

Abafor Chima,
From the community members, we expect them to use the products and services and also give us good feedback on the products and how we can serve them better. We listen to our community members thats why we have been able to come so far builing this great product. Also our community members can become ambassadors of Xend, organizing meetups, hackathons etc and also getting rewards.

Q2. From @ShiriForhad

Feature is the most vital thing in building project growth, a product will not develop without good feature and promotion, whatever it is good. Can you provide a list of killer features that scare your competitors over your project?

Abafor Chima,
The main products we have with Xend Finance is Savings

For now, we have 3 savings categories:
— Flexible and Fixed Savings: Flexible and fixed savings are personal savings that doesn’t require you to save with someone else.
— Esusu: In this savings method, users form groups and they save the money together in a savings pool. The interest generated is distributed to each user at a certain period until every user has collected their interest, then the capital is released.
— Cooperative Savings: In this savings method, users form groups and they save the money together in a savings pool. The interest and capital is distributed evenly to all users at the end of a certain lockup period.

Other features include:
1. Insurance (Decentralized Insurance)
2. Multiple blockchain support (Ethereum and Binance Smart Chain)
3. Support for both web 2.0 and web 3.0 web and mobile apps using our SDK

Our core target markets include African markets as well as economies with unstable currencies, although the solution we have built is not location dependent and can be used by anyone in any part of the world.

Q3. From @kherrera22

Regarding the possibility offered by your ecosystem to save with a credit union, if the people I invite decide to join your ecosystem through my invitation, do I get any economic benefit from your platform?

Abafor Chima,
Thank you very much for this great question. When you create a group on Xend finance and you invite your friends to save, you get a Creator’s Reward. This is one important feature of Xend Finance, to encourage people to create groups and save together

Q4. From @FasekiHero136

What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?

Abafor Chima,
Credit Union is a $1.4T globally. Our long term vision is to give these credit unions unrestricted access to the global money market and have up to 10% of the union members actively using our platform annually.

Some of our achievements
1. We have been able to secure backing for Tier one investors such as Binance, Google Launchpad, NGC, HashKey, AU21, TRGC and other great investors.
2. Our Mainnet on the Binance Smart Chain is in use by over 28,000 users in 75 countries
3. We have concluded Mainnet Audit
4. We have signed partnerships with real world credit unions

I have shared some of our future updates in the questions above.

Q5. From @wilianthomas

Marketing is an essential element of every project, so everyone knows the potential that a project can generate. What is your strategy to attract new users and investors and maintain it in the long-term?

Abafor Chima,
Here is a break-down of our strategy:

Initial Phase: Focus on DeFi and Crypto audiences, raising market awareness, building up a strong community for the Token Generation Event. We will achieve success by introducing our project to different communities in different regions of the world, by having strategic partnerships with different key players in these regions. The strategic partners will help us drive market education and hence the adoption rate will be very high.

Development Phase: To make the adoption of Xend Finance go mainstream, we are developing web and mobile SDKs to completely abstract the complexity of building on the blockchain, hence making it easy for both Web2.0 and web3.0 application developers to integrate and expose their users to the values DeFi has to offer.

Growth Phase: Scale up user acquisition and Xend Finance platform integration exponentially by starting with the existing user base of over 55,000 users in the Xend ecosystem. By abstracting the complexity of the blockchain, thanks to a simple and responsive UX, easy to integrate SDK, we will be facilitating the onboarding of non-crypto savvy users, hence allowing liquidity to flow from the non-crypto world into DeFi.

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Xend Finance.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Infinity_Chain News

Infinity_Chain News

Telegram Chat : @InfinityChains Telegram ANN : @InfinityChain_News Twitter : Website :