Xend Finance launch Testnet program !

Earlier we have published article about the very interesting DeFi project XEND Finance. It provides opportunity for citizens of African countries to keep their savings with the cryptocurrency protocols and the credit protocols of decentralized finances. In our previous video we told you about the team of the project, history of its development and the important features of Xend Finance. They may solve the problems appearing in incomplete banking system of African countries where governments devalue their national currencies.

As we told you before, regardless Xend Finance is focused on citizens of Africa, anybody may get profit of it, as Xend Finance has become an international project due to blockchain technology. We think that nobody wants to miss an opportunity to keep its savings and to get a steady passive income up to 15% annual interests. That’s why we would like to come out with a detailed overview of Xend Finance testnet and to tell you how could you join this project.

Connection to Binance Smart Chain

As we said before, unlike many other blockchain projects, Xend Finance works on Binance Smart Chain, but not on Ethereum. Due to this, transactions are performed faster, with lower commissions. In this respect, the system is very comfortable for use, as we may connect to the smart contracts of Binance Smart Chain through Web3 Meta Mask wallet. But first of all we have to make some simple actions.

Video about testnet program XEND finance:

Firstly, open the Meta Mask application, click on the icon of your account and go to the section “Settings”. Now jump to the section “Networks” and click the button “Add network”. Afterwards fill in the appeared fields.

• Network name: Smart Chain - Testnet

• New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/

• ChainID: 97

• Symbol: BNB

• Block Explorer URL (optional): https://testnet.bscscan.com

Then click the button “Save” and here you go. Now your Meta Mask wallet may work with any smart contracts of Binance Smart Chain. But please be aware that the above mentioned parameters can be attributable to Binance Smart Chain test net. For connection to the main net, you have to make the same actions, but to enter other data:

• Network name: Smart Chain

• New RPC URL: https://bsc-dataseed.binance.org/

• ChainID: 56

• Symbol: BNB

• Block Explorer URL (optional): https://bscscan.com

But for the moment we need Binance Smart Chain test net, because Xend Finance project is in the phase of testing.

Working with Xend Finance testnet

Upon adjusting Meta Mask wallet for Binance Smart Chain, you have to go to website of Xend Finance testnet at this address - https://testnet.xend.finance/ - then click the button «Connect Wallet» and just confirm the connection request in Meta Mask wallet – in exactly the same way as it is done with any DeFi project on Ethereum.

Upon being authorized, you may start using the decentralized application Xend Finance in its test version. As we told you in our previous article, Xend Finance provides the opportunity to keep your savings in three ways: individually, in association with other people or by means of a credit cooperative. If you want to put your funds for keeping in Xend Finance and you prefer to act alone, go to the section Personal. In the corresponding field enter the desired sum in BUSD and click Save. Once this is done, your funds will be automatically distributed to the credit protocols of decentralized financing such Maker, AAVE и Compound, and you will get a passive income up to 15% annual interests.

If you prefer to keep your savings with a group of persons, you should go to the section Esusu. Here you may establish your own group or join the existing group. Just find it in the list, click “View” to look through the details, and in the special field enter the amount of BUSD tokens to make a deposit, then click the button Join Esusu.

You may join a credit cooperative exactly in the same way. But instead of indication the exact amount of BUSD, you should enter the number of shares which you would like to deposit. The share size is shown in the card of the specific credit cooperative.

That's about it. Xend Finance is rather simple but a functional project, aimed at broad population even incompetent in cryptocurrencies. That’s why there should be no difficulty in using this platform.

Thanks for attention!

Project links:

Website: https://xend.finance/
Twitter: https://twitter.com/xendfinance
Telegram: https://t.me/xendFinance