C.R.E.A.M. can be explained as "Crypto Rules Everything Around Me." Cream Finance is a DeFi protocol that can be used for a number of different things. Its primary applications are as an exchange for cryptocurrency and a platform for lending. This is a fork of the Compound Finance initiative. The goal of the project is to push the limits of decentralized finance by using a successful model that already exists and improving it to make a better platform.
Jeffrey Huang launched the venture on July 16, 2020. He is a smart businessman from Taiwan and also the person who started Mithril, a social media platform based on Ethereum. On August 3, 2020, Cream Finance launched on Ethereum (ETH), using the mining pool YOLO Alpha. On September 11, 2020, the team issued the second version of the protocol on the BSC. In March 2021, Cream Finance also started using Fantom (FTM), which is an "open-source smart contract platform for digital assets and apps that is fast and has a high throughput."
Accessing Financial Services: Cream Finance is a DeFi protocol that enables people, institutions, and other protocols to use a wide range of financial services. It is a component of yearn.finance ecosystem and is a permissionless, open-source, blockchain-agnostic protocol whose purpose is to enable users to maximize the DeFi sector's opportunities.
Providing Liquidity: Cream Finance serves various protocols, not simply firms and users. It thinks the best method to aid other protocols is to act as an Automated Market Maker (AMM) and provide liquidity for key DeFi assets. Since it functions on four blockchains and has the ability to reach more, various protocols in the DeFi sector can benefit from it.
Asset Listing for DeFi: It's also important to remember that the platform lists and supports DeFi sector tokens to help them develop and give users a single place to access them. It also lists a lot of governance tokens from other protocols, which is again helpful for users who want to take part in making decisions for these projects.
Borrowing - Users must deposit cryptocurrency in USD as security on the C.R.E.A.M. Finance protocol in order to borrow a lower amount of cryptocurrency in USD.
Lending - The lending component of C.R.E.A.M. Finance is identical to that of Compound Finance. The only thing that makes them different is that C.R.E.A.M. Finance can lend and borrow more assets.
Liquidity Mining - The liquidity pools provided by C.R.E.A.M. Finance is identical to those provided by Curve Finance on its protocol. Users can stake cryptocurrencies to earn nearly 200% yields that can be withdrawn at any moment.
DEX-Like Services - The Swap mechanism of C.R.E.A.M. Finance is described by its developers as "a fork of Balancer with a Uniswap like front end." Swap mimics both protocols by determining pricing based on the ratio of two assets in a pool instead of an order book, as a centralized exchange does.
DAO Governance - Developers have declared that C.R.E.A.M. Finance will shift to a decentralized autonomous organization (DAO), providing token holders with entire governance authority.
Automated Market Maker (AMM) Protocols - Developers at C.R.E.A.M. Finance have created a new AMM called CreamY to facilitate high-liquidity swaps of crypto assets with similar value. Users receive a portion of the platform's trading fees whenever they deposit liquidity.
Being an ERC20 token on Ethereum, C.R.E.A.M. is capable of running Ethereum Virtual Machines using smart contracts and enables users to form DAOs for its community. This makes it easier to connect various financial services to each other.
Since the C.R.E.A.M. ecosystem is based on the Ethereum blockchain, CREAM tokens can be stored in any Ethereum wallet. This makes sure that anyone can collect mining rewards. Users can make money using the platform's features and services, like Swap.
CREAM tokens may be staked for a maximum of four years to gain rewards. There is no admin unlock feature, and users get their rewards when their staking period is over.
DATE NEWS/EVENTS IMPACT 27/10/2021 DeFi Protocol Cream Finance suffers a $130 million loss in the latest crypto hack -36% Decrease 13/02/2021 The renowned DeFi protocol CREAM Finance has been exploited -47% Decrease 26/11/2020 Yearn. Finance collaborates With DeFi Protocol Cream Finance +46% Increase 16/09/2020 Cream Finance gets is now available for trading on Binance +20% Increase
There has been a lot of hype in the DeFi space. Since it was first released, the decentralized platform has grown quickly and added a lot of new features that may lead to breakthroughs in the DeFi market. It also makes its platform highly accessible by providing a user-friendly design and regular blog updates. C.R.E.A.M. Finance is a crucial part of the DeFi ecosystem, enabling new use cases and ways for obtaining a greater return on each protocol's "product." Overall, C.R.E.A.M. Finance has done a fantastic job of integrating its offerings and making them available on a widely accessible lending platform.
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