Xend Finance Polygon - a DeFi platform for credit unions and cooperatives on the blockchain. Credit Unions and Cooperatives anywhere in the world can put capital into savings and earn higher interest rates in stable currencies.
About Xend Finance Polygon
The personal savings feature in Xend Finance allows you to deposit any amount of BUSD from your wallet balance and after a while the funds you deposit will earn interest and can be withdrawn. The amount of your withdrawal is your total balance.
How to replenish your savings:
| 1. | Select a personal card in the Xend Finance app. |
| 2. | Click on the drop-down card with the BUSD logo. From the menu, select the percentage of your personal wallet balance that you would like to keep. |
| 3. | The application will calculate the amount and fill in the field. Click "Save" and "Confirm" to authorize the transaction first and then save. If the deposit was successful, the notification "Deposit successful" will appear in the top center of the screen. |
The amount that can be withdrawn from your personal savings is the equity balance. To withdraw funds from your share balance, select a percentage of your share and click "Withdraw". Confirm the transaction, using the Metal Mask pop-up window that appears after clicking the Withdraw button. If the withdrawal was successful, a "Successful withdrawal" notification will appear.
Esusu cycle
In Xend Finance, a group of two or more people can be part of an Esusu cycle. It has a fixed amount that each member must contribute to become a part. Esusu cycles have a payout interval for each member. The payout interval is the time during which a particular contributor/contributor in an Esusu cycle can withdraw their investment income in the amount of the fixed amount, deposited at the start of the cycle.
When a specific group is opened, click the Create a new cycle button and fill out the form to get detailed information about the Esusu cycle. The details, required to create an Esusu cycle, are the deposit amount, cycle duration (which is the length of payment intervals for cycle members), start time and the maximum number of people that can contribute/join the cycle.