XEND Finance Continues To Expand On The Binance Smart Chain, Offers Impressive New APYs

XEND is sustaining its drive to strengthen its presence on Binance Smart Chain, building more partnerships and offering new liquidity pools to its users.

Introduction

The world’s first DeFi protocol for credit unions and cooperatives – XEND Finance, is steadily consolidating its goal to deliver the best value to its users. XEND, whose innovativeness secured funding from institutional incubators like Binance and Google, is the first project originating from Africa to build on the Binance Smart Chain.

XEND Finance enables credit unions and cooperatives to optimise returns on their investments. Coming from an African origin where inflation rates of native fiat currencies are high, a core component of XEND’s philosophy is to help users preserve and increase value. To do so, users only need to deposit their often inflation-prone fiat to XEND. These fiats are then converted into stablecoins, which are invested via smart contracts across some of DeFi’s highest yielding protocols such as Compound, Aave, Venus, Yearn Finance, and more.

Latest XEND High-APY Offerings

The XEND platform, in a recent media briefing, announced two additional earning opportunities for users of its platform, with enticing APYs to reward liquidity providers. 

1. XEND-BNB Liquidity Pool on PancakeSwap

XEND now has a farm on PancakeSwap, where yield farmers can enjoy APYs as high as 927%! Users who stake their XEND-BNB LP tokens in this pool will receive CAKE rewards. Here is a simple guide we published earlier on how to add liquidity on PancakeSwap, as well as a resource on liquidity in general.‍

2. XEND Syrup Pool on PancakeSwap

A new Syrup pool for XEND has also gone live on PancakeSwap. Users who stake PancakeSwap’s native token, CAKE, in this pool will earn XEND tokens as a reward. 

A total of 550,000 XEND will be mined from the pool for 60 days beginning from May 21, 7am UTC and ending on July 20, 7am UTC.

To stake CAKE and earn XEND, here is what you need to do: 

Open PancakeSwap’s Syrup Pool webpage 

Locate the XEND Syrup Pool and click on ‘Enable’ 

Click on ‘Stake’ and enter the number of CAKEs you want to stake. 

Confirm the transaction. 

3. Enhanced APY for Savings 

Before now, users who have savings accounts on XEND earned about 15% APY on their funds. Savers now have more reason to join the platform: a new partnership between XEND and DeFiDollar makes it possible for users to earn up to 25% APY, making an excellent incentive to save on XEND. More details about this improved savings APY can be found in their official announcement.

Other Initiatives From XEND Finance

XEND recognizes that lack of proper education can be a significant impediment to the adoption of its savings platform by the wider society. XEND has therefore collaborated with Earnathon and Cryptotvplus in an effort to increase user knowledge. The collaboration is to educate communities in XEND’s target market about decentralized banking which is expected to accelerate the expansion of XEND’s user-base. 

XEND’s user-community is also playing a role in the platform’s ever-growing success story. The Vietnamese and Chinese communities were recognised by XEND, and their roots as an African protocol have made them very popular in African DeFi culture.

Conclusion

XEND Finance has continued to grow and establish its presence on the Binance Smart Chain. Since its launch on the Binance Smart Chain in March 2021, XEND has partnered with other protocols such as Paralink, Raze Network, and Tidal Finance to deliver more use-cases to users while helping them to optimize their DeFi earnings.

In a further push to enlarge its base on the BSC, XEND introduced these new earning opportunities with high APYs. The high APYs will be a nice incentive for more users to join the XEND user-community, further strengthening their profile as a blooming BSC project.

Source : bsc.news