Xend Finance — a DeFi platform for credit unions and cooperatives. Credit unions and cooperatives anywhere in the world can put capital into savings and earn higher interest rates in stable currencies.
About Xend Finance
In order to use Xend Finance, which is a decentralized application (dApp), the website must be connected to MetaMask, and since MetaMask is also a web browser extension, this connection is quite simple to make. To use XendFinance from your mobile phone, you need to download the MetaMask mobile app. Go to the Play Store or Apple Store, search for MetaMask and download it.
Once the network is saved, you will be able to open Xend Finance and get started. Click the menu icon at the top left of the screen, select a browser option and search for bsc.xend.finance in the search bar. Xend Finance uses BNB as the currency to pay gas fees. A gas fee is a fee or price value, required to successfully complete a transaction or contract on a blockchain platform.
Other features:
| 1 | You can easily get BNB and BUSD to use in XendFinance by purchasing them on platforms like Binance. |
| 2 | After you have successfully bought BNB and BUSD on Binance, you can transfer BNB or BUSD to your Metamask wallet address to use on XendFinance. |
The personal savings feature in XendFinance allows you to deposit any amount of BUSD from your wallet balance and after a while the amount you deposit will earn interest and you can withdraw the received amount. The amount you can withdraw is the balance of your share.
Esusu mechanism
In XendFinance, a group of two or more people can participate in an Esusu cycle. The Esusu cycle has a fixed amount that each member of that cycle must contribute to become part of the cycle. Esusu cycles have a payout interval for each cycle participant/participant.
After the payout time of each participant in the Esusu cycle, the participants in the cycle can withdraw the initial deposit, made at the beginning of the cycle.