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Xend Finance First Token Buyback And Burn Event
Xend Finance is on a roll! Since its inception as the first DeFi platform for cooperatives and credit unions, we have been blazing a trail in the DeFi space, setting the pace with innovative solutions for our users. And the past year has been no exception.
First, we launched the Xend Finance mobile app, which quickly gained heavy traction despite very little marketing. And that was just the beginning. We then expanded into Kenya and Ghana, building roots and growing our user base. Our products have continued to break barriers, with SwitchWallet and XendBridge revolutionizing peer-to-peer payments and global transactions. And our most recent addition, MADWallet, is the first metaverse-enabled DeFi crypto wallet. We've even successfully integrated MADWallet with ApeSwap in less than two weeks of its launch! And collaborations with other exchanges, such as SpookySwap, are well underway.
With all these accomplishments, we've made good on our promise of quarterly token burns. And we're thrilled to announce our first $XEND token buyback and burn event! We'll be using the revenue generated in each quarter to buy back some of the $XEND tokens in circulation. And we won't stop until we've bought back 35.83%, which is the total amount of tokens we sold to the public and private investors to raise funds used to start and grow the company.
At the end of 2023 Q1, we're proud to announce that we're burning 0.5% (1,000,000 $XEND) of the 200,000,000 $XEND total supply. This means that the total $XEND token supply has been reduced to 199,000,000, and we will continue this buyback and burn activity every quarter.
We're excited about the progress we've made in such a short time, and we're looking forward to doing more before the year ends. We have a lot more in the works, including more products, better use cases, and improvements to our solutions for better access to the DeFi global money market. We couldn't have done it without your support, and we thank you for coming along on this exciting journey with us!
Check out the transaction hashes link for the burn:
100 $XEND test transaction - https://etherscan.io/tx/0xdd2881225cd8b9396306ececa2b102734dbcf77135bb39d05d1db2c9b37e4830
999.9k $XEND transaction - https://etherscan.io/tx/0xe91f2f6216903f1191f81beb8fdc37e848f40d655c8f90567677f5ac0a1c2392
Image credit: etherscan.io
In addition to this, we are also looking forward to expanding our reach and providing our innovative solutions to more countries in Africa and beyond. We believe that access to financial services is a fundamental right, and we are committed to making it a reality for everyone.
The quarterly token burn is a key aspect of our commitment to our community and our token holders. By reducing the total supply of $XEND tokens, we are increasing the value of each remaining token. This is a win-win situation for everyone, as it helps us achieve our long-term goals while also benefiting our token holders.
We encourage everyone to keep an eye on our announcements and updates, as we have many exciting things planned for the future. We are confident that our innovative solutions will continue to break barriers and set new standards in the DeFi industry.
Once again, we would like to thank our community and our token holders for their continued support. We couldn't have made it this far without you, and we look forward to continuing this journey together. Stay tuned for more updates and exciting developments from Xend Finance!
Communications and Content Lead, Xend Finance