XEND FINANCE — A Step By Step Guide To Using The Xend Finance Defi Protocol.
By: Ohaeri Nnadozie
Tags: Xend Finance, Binance Smart Chain, Defi, Saving, Credit Unions

The Binance backed Defi Credit Union Protocol; Xend Finance recently launched its incentivized test net so that users can interact with the protocol and carry out different test operations in preparation for the launch of the main net while been rewarded.

This article will be giving a step by step guide to using the Xend Finance Defi platform to carry out various operations. As a reminder, the Xend finance platform enables one to carry out three (3) types of savings operation which are:

1. Personal Savings : Just for a user

2. Group Savings also called Esusu: Where a user can save together with close friends and

3. Cooperative Savings: a multiple savings plan for cooperatives with custom features.

Before looking at this various savings operations and how to perform them on the Xend finance protocol, it is important to understand that currently, for you to be able to use the Xend finance platform, you need to install and setup Metamask on your browser and also add the Binance Smart Chain Network to metamask. This article will guide you through the process of installing and setting up metamask and Binance smart chain network.

Now, let’s get you started on how to save and earn on the Xend Finance platform.

PERSONAL SAVINGS OPERATION:

For Personal Savings:

To carry out a personal savings operation, the steps are as follows:

Step 1: On the Xend finance dashboard, click on personal

Step 2: Click on the drop-down card with the BUSD logo (if it did not display)

Step 3: From the drop-down menu, select the percentage of your personal wallet balance you will like to save, the app will calculate the amount and populate the amount field (you can also input the amount you want to save by typing in the amount).

Step 4: Click on Save and the metamask modal will appear for you to authorize the operation.

Step 5: Click on Confirm on the metamask modals, to first authorize the transaction and secondly to perform the saving.

Step 6: If the deposit was successful, a notification pops out from the top center of your screen “Deposit Successful”.

Step 7: If the deposit was not successful, a “something went wrong” notification will pop out at the top of your screen.

Step 8: To resolve this, check that

· Your metamask wallet is connected to your Xend finance network and has not timed out. If it has timed out, re-input your metamask password on the metamask modal and reconnect.

· You have sufficient fund in your wallet to save and,

· That the fund is in BUSD which is the required token for operating in the Xend finance platform.

Step 9: Try the process from step 1 again.

To Withdraw from your Personal Savings:

The amount withdrawable from your personal savings is the Share Balance.

Step 1: To withdraw from your share balance, click on the drop-down card.

Step 2: On the withdrawal side of the personal savings dashboard, select the percentage of your share balance, and click Withdraw.

Step 3: Confirm the operation from the metamask pop-up modal that comes out after clicking the Withdraw button.

Step 4: If the withdrawal was successful, a “Successful Withdrawal” notification pops out.

Step 5: If the withdrawal was not successful, a “something went wrong” notification will pop out at the top of your screen.

Step 6: To resolve this, check that

· Your metamask wallet is connected to your Xend finance network and has not timed. If it has timed out, re-input your metamask password on the metamask modal.

· The amount you want to withdraw is equal to the amount in your personal savings net on transaction fees.

Step 7: Try the withdrawal again.

The video below explains the process.

ESUSU or GROUP SAVINGS OPERATION.

Now we will talk about the next savings operation offered by the Xend finance protocol called Esusu or group savings operation. Esusu is a traditional form of cooperation in African societies where groups of individuals contribute to informal savings and credit associations for their mutual benefit.

On Xend Finance, a group of at least two (2) individuals can form an Esusu cycle. An Esusu cycle has a fixed amount every contributor in that cycle has to deposit to be part of the cycle. The Esusu cycle have a payout interval for each member of the cycle. This payout interval is the time a particular member of the Esusu cycle can withdraw their Return-on-Investment (ROI) of the fixed amount deposited at the start of the cycle.

After the payout time of every member of the Esusu cycle has reached, members of the cycle can withdraw the initial deposit made at the start of the cycle.

The step by step guide on how to use the Esusu feature of Xend Finance is as follows:

Step 1: Create an Esusu group

To use the Esusu feature, it has to be created as a group. To create a group, on the Xend Finance dashboard click on Esusu, then click on my Esusu groups, then on “create new Esusu group’. Enter the group name and symbol and complete the operation.

Step 2: Create an Esusu Cycle

To create an Esusu cycle, follow this process:

· Below the group created click “Open” to see the details of that esusu group

· When the selected group is open, click the Create New Cycle button, and fill in the form for the details of the Esusu cycle. The details needed to create an Esusu cycle are the deposit amount, the duration of the cycle (which represents the duration for payment intervals for the members of the cycle), the start time, and the maximum number of individuals that can contribute/join the cycle.

· Confirm the operation in the metamask modal that will appear and you are done.

Step 3: Join an Esusu Cycle:

You can either join an esusu cycle you created or one created by someone else.

To join an Esusu cycle you created:

· On the Xend finance dashboard click on Esusu

· Then click on my Esusu groups. The list of esusu groups created by you will be displayed.

· Select a group and click open to view the cycles in that group.

· Select one cycle and click open to access it and view the details.

· Click “join esusu” and confirm the operation on the Metamask modal that will appear.

· You will get a success notification and you are done.

To join an Esusu Cycle created by someone else:

· On the Xend finance dashboard click on Esusu

· The list of Esusu groups created on the Xend finance dashboard will be displayed with the “join” tab at the end of an open Esusu cycle.

· Click on Join to join your selected Esusu cycle.

· Confirm the operation on the metamask modal that will appear and you are done.

Step 4: View all the Esusu Cycles you are part of:

To view all the Esusu cycles you are part of, on the Xend Finance dashboard:

· Click on Esusu

· Then click on contributions and the esusu cycles you are part of will be displayed.

Step 5: Withdraw from an Esusu Cycle:

Two types of withdrawals can be made from an Esusu cycle and they are: Withdrawal of Return on Investment(ROI) and Withdrawal of Capital invested. On the Xend Finance protocol, you must first withdraw your ROI before you can withdraw you Capital.

To Withdraw your ROI:

· Choose an esusu cycle you are part of and click view to see the details of that cycle

· Click “Withdraw ROI”

· Confirm the metamask modal to authorize the operation

· A notification “You just withdrew your ROI from this cycle” pops up to show that the operation was successful.

To withdraw your Capital:

· Choose an esusu cycle you are part of and click view to see the details of that cycle.

· After withdrawing ROI, you can now withdraw your capital by clicking “Withdraw capital”

· Click “Confirm” on metamask notification page to authorize the operation.

· A notification; “You just withdrew your capital from this cycle” pops up to show that the operation was successful.

On a general note, if the transaction was not successful, a “something went wrong” notification will pop up on your screen. To resolve this, check that:

1. You are connected to a stable internet network

2. Your metamask wallet is connected to your Xend finance network and has not timed. If it has timed out, re-input your metamask password on the metamask modal.

The Video below explain the Esusu Savings Operation.

COOPERATIVE SAVINGS OPERATION

The last savings operation feature of the Xend Finance Defi Credit Protocol is the Cooperative savings operation.

Like the group (Esusu) savings operation, a cooperative savings operation has to be in groups. The step by step approach to using the cooperative feature is as follows:

Step 1: Create a group

On the Xend finance homepage,

· Click on cooperative savings to enter the cooperative savings dashboard.

· Then click on my cooperative.

· Thereafter, click on “create a new cooperative group” to create a new group.

· Enter the group name and symbol and complete the process.

· A metamask modal will appear, click on “confirm” to authorize the operation and you are done.

Step 2: Create a Cooperative cycle

On the cooperative savings dashboard, the list of cooperative groups created by you will be displayed.

· Select a group and click “open tab”

· Then click on “Create cooperative savings cycle” and fill in the requisite information and complete the operation.

· A metamask modal will appear, click on “confirm” to authorize the operation.

· A success notification will pop up to show that the operation was successful.

Step 3: Join a Cooperative Saving.

To join a cooperative savings cycle,

· On the Xend finance homepage, click on cooperative saving to access the cooperative savings dashboard.

· On the cooperative savings dashboard, click on “my cooperative”. A list of cooperative groups created by you will be displayed.

· Select a cooperative group and click open to see all the cooperative savings cycles available.

· Then click open on the selected cooperative savings cycle to see the details of the cycle and input the number of stakes you desire,

· Click join to join the cycle and confirm the operation on the metamask modal that will pop-up.

· A success notification will pop-up to notify you of the success of the operation.

· If the operation was not successful, check to ensure that your metamask wallet is still connected to the Xend finance protocol and that the number of stakes you chose is commensurate with the amount in your BUSD wallet net of transaction fees.

Step 4: Start Cooperative Cycle.

To start a cooperative cycle, the selected number of members of the cooperative must join before the start button will be displayed. All the members of the cooperative cycle must join within the stipulated time interval for that cycle.

Thereafter, click on the “Start cycle” button and confirm the operation on the metamask modal.

Step 5: Withdrawing from a Cooperative Cycle.

The process is the same as in Esusu or group savings operation. Kindly check it out.

The video below explains the cooperative savings operation.

Conclusion:

The Xend finance Defi protocol offers a borderless and permission less savings, investment, lending and borrowing features which decentralizes the traditional methods of performing these operations. The incentivized test net is live now @ testnet.xend.finance. You can participate and earn rewards. You can also view tweets by Xend finance and join Xend finance telegram channel for more updates