Step-By-Step Guide On How To Participate In Xend Finance’s Public Sale Round On Balancer
Xend Finance’s Public Sale Round will occur through a Balancer Liquidity Bootstrapping Pool (LBP) on March 22, 2021. A total of 13.3M XEND tokens (6.65% of total token supply) will be up for sale during this round.
The LBP will launch at 15:00 (UTC+0), March 22, 2021 and end at 15:00 (UTC+0), March 24, 2021, or until all $XEND tokens have been purchased — whichever happens first. You can read more about the details of our Balancer Public Sale round in our previous post here.
Table of Contents
I. How to Participate in Xend Finance’s LBP:
> 1. Install and Setup MetaMask
> 2. Navigate to Balancer LBP
> 3. Swap $XEND tokens
II. Poking Weights on Balancer
I. How to Participate in Xend Finance’s LBP
Users who wish to participate in Xend Finance’s Public Sale Round will have to perform these three steps in order to swap $XEND tokens on Balancer’s LBP.
- Install and Setup MetaMask
Users will require a Web3-enabled cryptocurrency wallet in order to interact with the smart contracts and swap tokens on Balancer. Wallet applications such as MetaMask, WalletConnect, Coinbase and Portis are supported by Balancer.
In this article, we’ll focus on MetaMask, which is the leading application for sending and receiving ERC-20 tokens and interacting with smart contracts on Ethereum. You can download and install the MetaMask browser extension for Google Chrome and Firefox. See the guide on how to install Metamask here.
After installing MetaMask, you can either create a new Ethereum wallet or import the private key of an already existing Ethereum wallet. Do keep in mind that you’ll need sufficient amount of ETH in your wallet to pay Gas fees on Balancer. Moreover, you’ll also need USDC to swap and procure $XEND tokens on Balancer.
Make sure that you are on the Etheruem Mainnet or else you will get Wrong Network Error!
You can use other ERC-20 tokens as well by swapping them to USDC through Balancer’s multi-pool routing. However, that can result in a higher price for you as more transactions will be involved in the entire purchasing process. It’s recommended that you use USDC directly.
2. Navigate to Balancer LBP via Xend Finance LBP Homepage
2.1 Go to Balancer LBP Introduction Page: https://lbp.xend.finance
This page will display a live price chart which will enable you to know the current price trend of $XEND tokens on the LBP. This will help you decide the price at which you should make your purchase of $XEND tokens.
2.2 Go directly to the Balancer LBP page through the button on LBP Homepage.
2.3 You should see a web page which looks like the one below. The URL is: https://balancer.exchange/#/swap/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48/0xE4CFE9eAa8Cdb0942A80B7bC68fD8Ab0F6D44903
IMPORTANT!!!
The contract addresses of $XEND tokens and the XEND/USDC pool contract address on Balancer are provided below, respectively. Please make sure that you double check the correct token contract address on Balancer before confirming any transaction.
· $XEND token address — 0xE4CFE9eAa8Cdb0942A80B7bC68fD8Ab0F6D44903
· Balancer LBP address —
<Will be available from 22 Mar. 2021 15:00 UTC>
It’s quite likely that scammers will mint fake $XEND tokens and create fake $XEND liquidity pools on Balancer in order to steal your funds. We can’t stress enough how important it is to verify the contract address before making any purchase on Balancer.
Please keep in mind that the Xend Finance team will not be responsible if you swap the wrong $XEND token in exchange for your funds. Xend Finance will not compensate for losses, in case such an event happens.
2.4 Unlock your wallet
You’ll have to provide permission to Balancer so that your Metamask wallet can interact with Balancer’s smart contracts and swap your USDC for $XEND. Once you’ve reviewed the terms of the transaction, please submit it and wait for it to be confirmed.
3. Swap $XEND tokens
Be careful not to swap $XEND tokens too early or you might end up losing your funds. You’ll have plenty of time to purchase $XEND over the course of the Public Sale.
After you have successfully submitted your bid, please wait until MetaMask updates the transaction status as “SUCCESS”. This might take a few minutes depending on the congestion on the Ethereum network.
Even after the confirmation of the transaction, if you still don’t see $XEND tokens in your wallet, don’t worry. You just need to add $XEND tokens manually in your MetaMask wallet by entering the token contract details provided below.
· Token Contract Address: 0xE4CFE9eAa8Cdb0942A80B7bC68fD8Ab0F6D44903
· Token Symbol: XEND
· Decimals of Precision: 18
UPDATE!!!
Hello everyone. It has come to our attention that some transactions fail and cost gas fees. I would like you to know that you are not being scammed.
The reason this happens is because of the slippage. The slippage is the price difference between when you click the swap button and when the transaction actually gets processed on the blockchain. If this slippage is higher than the one in your settings — 1% by default — the transaction will fail and this is a security measure to prevent you from being affected by front-runners who want to buy early and dump on you.
To increase chances of getting your transactions processed, please increase the slippage tolerance to maybe 5% (this is quite high) or increase the gas fee so the transaction can be processed very quickly before there is a major shift in price between the time you executed the trade and the time the trade actually got processed. See the video below on how to increase slippage.
II. Poking Weights on Balancer
Xend Finance’s Balancer LBP will be live for approximately 48 hours. The auction will start at $0.3 for $XEND, which will keep on changing as the weights — or percentage of assets — of the pool keep on changing. This mechanism has been put in place to prevent people from front-running others, which means someone purchasing the assets/tokens before the public is aware and then coming back to sell or dump.
As the Xend Finance LBP will have a continuous and gradual update of weight during the course of the Public Sale, it’s possible that the token price quoted on Balancer’s page will become outdated from time to time. This is likely to happen if the state of the Ethereum contracts do not update with every block.
Please use the ‘Poke Weight’ feature before purchasing $XEND tokens. Just click the button, provide permission for the transaction to proceed, and the weights and token price will get updated. You might very well see a cheaper token price if the weights of the liquidity pool have changed.
The remaining tokens will remain in circulation and allocated across our multifaceted liquidity strategy, including Uniswap and centralized exchanges.
More details about how you can add liquidity to Balancer’s pools and earn rewards will be announced later. For any inquiries about Xend Finance’s Public Sale on Balancer, please reach out to us on our social media handles provided below.
About Xend Finance
Xend Finance provides the tools and platform for a decentralized financial (DeFi) credit union, regardless of the user’s geographic location and the home country fiat currency. Members can earn multiple levels of interest on their savings by seamlessly swapping their crypto or fiat currency to stable cryptocurrencies and staking them on lending platforms through the Xend Finance DeFi platform. Xend Finance is the first DeFi credit union and the fastest growing blockchain company out of Africa.
For any queries, feedback, or just a friendly “Hi”, reach out to us on:
Telegram — https://t.me/xendFinance
Twitter — https://twitter.com/xendfinance
