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Xend Finance’s L1 Blockchain and Asset Chain Testnet Now Live | CryptoTvplus
Xend Finance launched its new layer one blockchain, Asset chain, on the testnet. This release allows the community to benefit from seamless tokenization, verification, and RWA management on its native channel.
Xend Finance is a decentralized finance (DeFi) platform that provides financial services to underserved populations, particularly in developing countries. By leveraging DeFi protocols, it offers high-yielding savings opportunities with interest rates up to 15%.
Initially deployed on Ethereum and Binance Smart Chain, Xend Finance aggregates yields from various DeFi lending protocols such as Compound, AAVE, and Yearn Finance. Its native token, $XEND, is used for rewards, purchasing insurance, and protocol governance.
Backed by notable investors including Binance Labs and Google Launchpad, Xend Finance aims to bridge traditional finance with DeFi, making it accessible to savvy, non-crypto users.
As part of its evolution towards the real world asset (RWA), Xend Finance has selected Asset Chain as the native blockchain for its real-world Onchain Asset (OAE) environment. This setup aims to facilitate the smooth integration of various types of legally tradable assets into the blockchain.
Asset Chain will be the lead platform for Xend Finance’s initiative to bring real-world assets into the blockchain space, ensuring they can be managed and traded securely and efficiently on-chain.
Asset Chain operates using Lachesis, an asynchronous Byzantine Fault Tolerant (aBFT) consensus protocol developed by the Fantom Foundation. Lachesis allows the network to efficiently handle a high volume of transactions while ensuring instant confirmation.
This design allows for scalability without compromising decentralization, allowing the network to quickly process many transactions without becoming more centralized or vulnerable to attacks.
Asset Chain confirms transactions in approximately 1-2 seconds and can handle up to 5,000 transactions per second. It can also scale to include hundreds of thousands of nodes, with a minimum of 30,000 RWA required to become a validator.
According to Xend Finance, all testers and community members will receive updates on airdrops. Blockchain fee rewards will be distributed as follows: 20% to the Xend Finance ecosystem treasury and 80% to validators.
The Boston Consulting Group predicts that the tokenized assets market will reach $10.9 trillion by 2030. This represents a significant increase over the current market size and indicates a fundamental asset management and perception transformation.
The asset tokenization market is valued at approximately $87 billion, with stablecoins accounting for 97%. This suggests that other use cases for asset tokenization (commodities, real estate, collectibles, stocks, bonds, etc.) have significant room for growth.
The potential market for tokenization is vast, as hundreds of billions of dollars of real assets are available to be put on-chain. Currently, only about 0.03% of the total market size has been tapped, representing a huge growth opportunity.
Sectors expected to become leaders in tokenization include real estate, debt, private credit and equities. RWA tokenization is seen as a transformative force in finance, set to reshape how we view and manage assets while bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi).