Dafi Protocol is glad to announce a partnership with Xend Finance, the first DeFi project from Africa, to enable a sustainable staking model to drive mainstream adoption and increased utility. Xend Finance helps individuals and credit unions around the world save in stable currencies and earn higher APY.
Dafi Protocol aims to create an entirely new inflation model addressing issues relating to hyperinflation. It implements synthetic dTokens for every decentralized economy in proportion to its adoption metrics. Dafi primarily aims to bridge the gap between the distribution of blockchain project rewards and token adoption by limiting excess supply and enabling the creation of synthetics in a seamless manner. These synthetics can be employed for reward programs, bounties, staking, and project ecosystem requirements.
As synthetics token model attracts widespread adoption by DeFi projects organically, it will be instrumental in driving significant growth and will amplify the exposure of both the tokens in the ecosystem. The partnership will witness integration of Dafi protocol’s synthetic dTokens into Xend Finance’s staking model. The dXend token will enable creation of a sustainable staking model and limiting the excess supply of the native tokens in the economy.
Sustainable Staking Model using dXend synthetics
Xend Finance is a DeFi savings platform, allowing Credit Unions and cooperatives anywhere in the world to save in stable currencies and earn better interest rates. To drive mainstream adoption and provide extensive value for users, it is important for the project’s native token to maintain controlled supply and drive utility. Dafi makes it easier for projects by introducing synthetic tokens into their ecosystem.
This partnership outlines integration of synthetic tokens into Xend Finance’s ecosystem by employing Dafi’s reward networks. By utilizing Dafi’s reward network, Xend Finance users will be distributed staking rewards in a reduced quantity initially to maintain the token’s value by reducing hyperinflation. This in turn will reward the long term users when the network potentially expands.
Delving into the realms of this exciting integration, Dafi will introduce an entirely customized staking model for the Xend Finance platform. It will enable creation of dXend tokens pegged to the native token by utilizing Dafi’s synthetics to address the supply shock and demand volatility issues. Whilst Xend Finance integrates synthetic tokens, the platform will balance market fluctuations and reward token holders without infusing excess supply. With Dafi, Xend Finance will undergo a massive transformation by adopting new staking and economic models.
Ugochukwu Aronu, CEO of Xend said,
“ By integrating synthetic dXend tokens in our ecosystem, we will be able to incentivize long term users in a better way. This wouldn’t have been possible without Dafi. We are looking forward to this integration as it will drive increased benefits to our community and the long-term users for their staked $XEND assets. We are glad to synergize with Dafi and its vision to fuel network adoption”
Zain Rana, Founder of Dafi said,
“Xend Finance is the first mover of DeFi adoption in the African landscape. Their innovative savings solutions could hold the power to transform the DeFi space and may lead to massive development. We believe that by integrating Dafi’s unique staking models & dXend, it will cause a new wave of transformation and drive long-term benefits to Xend Finance’s users”
DAFI uses synthetics pegged to different decentralized networks. Every blockchain, application, and cryptocurrency can create a flavor of a dToken to reward their early users, while still enhancing scarcity when demand is low.
DAFI can reward a network even when demand declines, by issuing synthetics that will reward user’s later — instead of earlier. This approach will change the foundation of all staking, liquidity, and even bounties systems for the whole industry.
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About Xend Finance
Xend Finance is the first African DeFi project that provides the tools and platform for a decentralized financial credit union, regardless of geographic demographics and native currencies. It allows users to seamlessly swap their crypto or fiat currency to stable cryptocurrencies and stake them on lending platforms to earn multi-levels of interest on their money. It’s innovative platform allows users to maximize returns on their stable cryptocurrencies.