Cream Finance is one of the unique DeFi platforms which offers unique DeFi-related products such as IronBank.
This article will provide you with every piece of information about the project as well as its token CREAM.
What is Cream Finance?
Cream Finance is a multipurpose DeFi protocol that primarily functions as a cryptocurrency exchange and lending platform. The project is a forked version of Compound Finance. The project aims to push the boundaries of Decentralized Finance by integrating an existing successful model and improving it to become a better platform.
Users on the platform are able to lend supported assets and use the capital as collateral to borrow other assets. The project is currently live on Ethereum, Binance Smart Chain, Fantom, Polygon, Arbitrum.
How does Cream Finance work?
Cream Finance provides these main functions to users:
Lending & Borrowing
The main feature of Cream Finance is to provide peer-to-peer lending and borrowing of supported assets. The design of this function is pretty similar to Compound Finance. However, the crypto assets supported on Cream are much more compared to Compound.
Users need to deposit their available cryptocurrency assets to borrow other assets.
There is no KYC or credit check required to borrow cryptocurrency on Cream Finance. Users are able to borrow 60% of the USD value they deposited and this amount acts as collateral assets.
To be able to borrow more than the assets you deposited, Cream Finance rewards lenders to supply cryptocurrency assets into lending pools with interest rates based on the supply and demand amount.
Swap and Liquidity Mining
This is also a forked version from Balancer (BAL). The working model is the same as Balancer and Uniswap which is an AMM and liquidity provider. However, Cream Swap offers lower fees on its platform which is 0.25% for trading.
Users can exchange their cryptocurrencies including collateral assets.
Staking options are also available on the platform. Users can stake a wide range of crypto assets to earn rewards.
Cream Finance is developing Flash Loans to offer more use cases for developers including democratized liquidations, collateral swapping and interest rate swapping. The design is similar to AAVE Flash Loan except the crToken will be implemented.
The design of Cream is pretty similar to Compound or Aave as the platform provides multiple products to users in including: Money Markets, Iron Bank, Cream Staking, ETH2 Staking.
In the products list, Iron Bank can be considered as the most unique and valuable product on the platform. This function separates Cream from other lending platforms in the market.
The mechanism is quite simple but yet, very effective. There is no collateral required for borrowers to borrow directly from Cream v2, but instead, the protocol will be whitelisted where the credit line is set. The supported assets are currently limited to only a few but the project is trying to support more assets in the future.
What is CREAM?
The native CREAM token is the utility token of Cream Finance. Built on the ERC-20 standard, CREAM holders can use their tokens to participate in governance and voting rights.
The token is also used to incentivize liquidity miners when they provide liquidity to its decentralized exchange.
Detailed information about CREAM Token
CREAM Token Metrics
- Ticker: CREAM
- Contract: 0x2ba592f78db6436527729929aaf6c908497cb200
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Type: Governance token
- Total Supply: 2,924,547 CREAM
- Circulating supply: 766,534 CREAM
CREAM Token Allocation
CREAM Token Sale
There was no ICO offered from the project. All tokens are pre-mined with a total supply of 9M CREAM tokens.
In September 2020, there were more than 6 million tokens burned, bringing down the total supply to only 3 million tokens.
How to buy CREAM Token
You can buy CREAM from various exchanges including:
- DEX: Binance, FTX, Kucoin…
- CEX: Sushiswap, Serum DEX, SpiritSwap…
Alternatively, you can buy CREAM using Coin98 Exchange by using the swap function at the end of this article.
Learn more: How to use Coin98 Exchange
How to mine CREAM
Users can provide liquidity on Cream Finance to receive CREAM tokens for rewards.
How to store CREAM
You can store CREAM token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search CREAM Token.
Step 3: Click on the correct result, copy the wallet address and send CREAM to this address.
Roadmaps and Updates
On September 8th, Cream Finance announced the launch of lending & borrowing services to NFT and Metaverse tokens.
Team, Investors, and Partners
The project was founded by Jeffrey Huang on 16th July 2020. He is a savvy businessman from Taiwan and also the founder of Mithril, an Ethereum-based social media platform.
We have done multiple types of research to update information on the investors of Cream Finance. However, the list is not published anywhere.
Is CREAM a good investment?
This article has provided some of the main ideas related to the CREAM token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:
- The project is supported by Andre Cronje. He is the creator of DeFi who also has a big influence on the market. This partnership will improve Cream Finance with its working model and more creative functions.
- CREAM’s working model is not unique. The project picked the existing products and implemented them with more incentives. However, the project itself is very open to changing its working models to fit the needs of users. Especially with the launch of Iron Bank, Cream v2 supports the zero-collateral lending function to support the industry’s growth in the future.
- Cream Finance has been hacked multiple times for $36 and $29 million in its history. On 28th Oct 2021, the platform suffered a third-time attack and attackers were able to steal $130 million from the platform. This is a bad record by having been exploited three times in just a year.
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