ZoneBitcoin EditorialOn CoinMarketCap, the Cream Finance token continues to rise in position and at the time of writing this article, it is in 440th place. For a new crypto, this is quite promising.
It is a token that records very significant trading volumes, particularly on platforms such as Binance et 1Inch for example.
The acronym CREAM Finance stands for "Crypto runs everything around me". It was launched on the Ethereum network in August 2020 with the establishment of a liquidity pool. Then, in September 2020, CREAM was deployed on Binance SmartChain (BSC).
Presentation of CREAM Finance (CREAM)
If you are familiar with the essential Compound Finance platform, know that CREAM Finance is in fact a fork of Compound Finance. Also, the exchange platform was coded on Balancer Labs. We are therefore on a platform that has been inspired by the biggest names in DeFi and that is a good starting point.
cream finance is above all a decentralized peer-to-peer (P2P) platform which offers borrowing, lending, payment, swap services, and also a tokenization service for certain digital assets.
Like the vast majority of protocols, CREAM Finance is accessible as open source. Anyone can use it and start swapping tokens right away. What is interesting is that cream Finance is multi-chain and you can also do Yield Farming. It is obviously this functionality that attracts more and more users who want to have interesting returns.
Likewise, with the CREAM token, holders can also vote on important project decisions such as which assets to insert or which they want to withdraw.
The founders behind CREAM Finance
It is the Taiwanese entrepreneur, a "serial entrepreneur" as they say: Jeffrey Huang who founded CREAM Finance. He is relatively well-known in the crypto sphere because he is also the founder of the Mithrill (MITH) project which is deployed on the Ethereum network in the field of decentralized social networks.
CREAM Finance has of course, its governance token called CREAM.
The distribution of CREAM tokens was designed as follows:
- There will only be 9 million tokens in circulation.
- 10% of the tokens (i.e. 900 tokens) are intended for the company's managers, 000% of which will be used in vesting.
- 10% will be used to begin a four-year vesting period.
- 20% (1,8 million tokens) will be used to encourage liquidity providers to participate in the project;
- 60% (5,4 million tokens) are intended for protocol governance for those who want to take part in project decisions.
The amount of CREAM tokens will increase over time (reaching the final 9 million) as more tokens are distributed to different parties and liquidity providers.
How to get CREAM tokens?
Holders benefit from price appreciation because as the protocol grows, the price of CREAM obviously increases as well. Today, the price for a CREAM is 84 euros (March 16, 2021)
You can obtain it by becoming a liquidity provider in particular or buy it directly on several exchanges, including Binance et Uniswap for example.
On the one hand, Cream finance makes it possible to provide liquidity with its AMM. Thus, users can become liquidity providers and earn CREAM tokens also in return.
Similarly, liquidity providers on Uniswap and Balancer also receive CREAM tokens as rewards.
You can also stake your CREAM tokens on the protocol to generate interest on them.
To do this, you must click on the tab on the left "Rewards" and there you can store the tokens of your choice.
As you can see, the staking periods are rather long. For example, you can staking from 1 year to 4 years. It's certainly more profitable if you stack longer. Likewise, rewards are only received at the end of the staking period.
It depends on the type of investor you are. On Zonebitcoin, we will try to stake for 1 year with an APY of 38% and we will give you our final result one year later. (We also bought some on Binance and are staking there as well)
What are CREAM Finance’s services?
As you may have understood, we can do several things on CREAM Finance. You can borrow cryptocurrencies like ETH or LINK for example. On the protocol, we can use different tokens like stablecoins such as USDT, USDC, BUSD, yCRV, etc. We can also use governance tokens from large protocols like COMP, BAL, YFI, LEND, CRV, CREAM .
Peer-to-peer lending services are highly sought after and widely used elsewhere in DeFi. With Maker, one of the pioneers, we have seen lending protocols!
Thus, Cream finance is no exception.
In fact, on Cream Finance, you can borrow and lend your cryptocurrencies such as Yearn Finance (YFI), Compound (COMP) and ETH for example.
Final word on CREAM Finance and The Iron Bank project (Cream V2)?
There are more and more DeFi protocols and given the ambition of CREAM Finance, we can think that the project is still undervalued.
We also know that Cream has entered into a partnership with Yearn Finance and that this could attract more people. The partnership resulted in the creation of Cream V2 or The Iron Bank.
This is certainly what will take the protocol to the next level. For what?
In fact Iron Bank will allow users to borrow assets by depositing a very small amount as collateral. Yes, it seems quite incredible especially in DeFi because generally, you can borrow the equivalent of what you deposit. There, you can borrow up to 80 times your deposit in ETH. Crazy, right?
Thus users could also invest more in other Cream finance services.
It seems that Cream Finance wants to be a major player in DeFi by offering us ever more innovative services.
We can't wait to see what comes next and what they have to offer!
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