Author: Gamals Ahmed, CoinEx Business Ambassador
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C.R.E.A.M. Finance aims to offer an open and inclusive financial system built on smart contracts. By building smart contracts and deploying them across EVM-compatible blockchains, CREAM aims to broaden the reach of this new financial system to a wider audience, allowing for inter-blockchain composability. C.R.E.A.M. will first launch with an algorithmic money market protocol on Binance Smart Chain (BSC) together with the launch of the BSC mainnet.
CREAM Finance is a DeFi system that introduces novel solutions in lending, exchanges, derivatives, payments, market making, and asset tokenization.
CREAM Finance went live on August 03, 2020 with its YOLO Alpha launch having $CREAM token reward pool. And within just 4 days of its launched, their LIVE product has accumulated 48 million USD or 121,519 ETH of Total Value Locked.
CREAM Finance is a DeFi ecosystem focused on providing lending, exchange, payment, and asset tokenization services. Created as a fork of Compound Finance, it also claims to operate a permissionless and open-source protocol so anys other internet participant can be a part of the development of the network, instead of just using it or locking up funds in smart contracts for staking rewards.
Financial inclusion is among the team’s primary goals. And the objective is to be able to achieve it without compromising the safety and security of each user and their assets.
Since CREAM is established on the Ethereum blockchain, it can take advantage of smart contracts that can be used to run Ethereum Virtual Machines (EVM). Such a set-up also allows the CREAM project to have better composability than other DeFi projects.
EVMs can also help community users develop their own decentralized applications (Dapps) on top of the network. However, there is very little detail on the community’s plans for such now.
Since 1st September 2020, CREAM has made the switch to Binance Smart Chain (BSC) so as to take advantage of the transaction throughput and cost-efficient servicing available only on the BSC and other similar chains. In addition, linkage with the Binance Chain can provide them with better liquidity through its access to the biggest cryptocurrencies.
There has not been any report yet on the audits being done for CREAM’s smart contracts. But according to a recent release they made, they recently hired a security adviser to work on the necessary platform developments.
The first monthly payment the team has made to the new adviser totaled to 37,500 CREAM. Some of the more prominent crypto advisers on-board is Robert Leshner, CEO of Compound Finance. Leshner acts as one of the team’s technical advisers.
In recent weeks, the team has been continuously working on expanding its listing and preparing for the launch of its CREAM token. The launch of their beta liquidity mining on 12th August 2020 has been the subject of discussions in some social media platforms.
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can be staked on Cream to earn $CREAM. The APY is much higher here, however, the risk of impermanent loss make LP’ing a much riskier way to farm $CREAM. If you have not LP’ed before please DO YOUR OWN RESEARCH. You can lose money rather easily and quickly if you don’t know what you’re doing. Both of these methods with either stop after some time or have their APY greatly reduced as more users join CREAM and less tokens to be distributed.
CREAM is looking forward to the launch of BSC. When it is already available, users can take advantage of CREAM’s link with Binance through the BEP2 standard, or pegged tokens, to make the transfers of XRP, BCH, LTC, and TRX much easier.
Without having to wrap tokens, CREAM transactions on BSC can be performed faster and more affordably.
CREAM was recently launched in August 2020 yet the platform already has a total of roughly $48 million in total value locked (TVL). Although it certainly wasn’t able to emulate Yearn Finance’s ($YFI) meteoric rise, it is still a notable DeFi protocol since it has gained a lot of traction after only being in the market for a few weeks.
Since there is a growing number of crypto users participating in liquidity mining or yield farming, the team behind CREAM also launched their own liquidity mining program. The team publishes vital statistics on their Medium on any changes or updates to their reward systems and pools. Thus giving users the information they need to decide what plays to make.
On the other hand, Yearn.Finance is top 10th on DeFi Pulse’s list with a whopping $132.7M of value locked. And Yearn.Finance’s $YFI token has $162M market cap.
As of 12august, CREAM Finance have a little over $30M of value locked on their YOLO Alpha launch. And has the launched of their Beta Liquidity Mining in the same date.
CREAM Finance’s $CREAM was listed on August 12th on the DeFi list of “coinmarketcap.com” with just having $1.3M market cap. “ONLY $1.3M market cap.” If you multiply $1.3M by 10, it’s only $13M, which is still ultra-micro cap compared to the other projects of the same level.
Why CREAM Finance team does not make any marketing effort. Maybe they want to focus first on building the perfect product? Maybe they want the big boys to accumulate first before pumping it to the moon? Or maybe they truly believe on the long term success of the project and they’re just confident of its organic growth?
Enter Cream Swap, a fork of Balancer. Yield farmers who create and deposit assets into liquidity pools on Cream Swap’s platform receives Cream Pool Tokens (CRPT). Cream Swap also has lower fees than Uniswap at 0.25%, of which 0.20% is rewarded to liquidity providers and the remaining 0.05% goes to the CREAM network.
To encourage users to provide liquidity, CREAM will be distributing 3,000 CREAM tokens daily for the CREAM pairs and 500 CREAM for the other pools. To be eligible for this, users will be required to stake their CRPT tokens for 3 days.
The launch of Cream swap has helped CREAM prices to double and CREAM has pushed aside the competition to become the 4th DeFi platform in terms of total value locked.
With this change, the breakdown of the 9,000,000 CREAM tokens is as follows:
10%, 900,000 — Team/Advisors*, vesting over 4 years, 6 month cliff.
10%, 900,000 — Seed, vesting over 4 years, 1 year cliff.
20%, 1,800,000 — Liquidity Provider Incentive
60%, 5,400,000 — Governance Allocation
25% of the Team/Advisor allocation, 225,000 CREAM, has been allocated to thier technical and security advisor Compound Finance, distributed monthly, 37,500 per month for 6 months. These tokens are legally locked. They will not enter circulation until February 8th, 2021. This is the only exception to the 4 year, 6 month cliff in the Team/Advisors wallet.
8,325,000 of CREAM, or 92.5% of tokens, are in the multisig wallet.
Finally, the Binance ecosystem and its reach of 400,000+ accounts and fiat gateways covering over 170 countries and regions will help get DeFi into mass adoption.
Additionally, our UNI/CREAM pool gives those who hold both UNI and CREAM an opportunity to supply liquidity between those two tokens.
At launch, the Bullish UNI/WETH pool will receive 100 CREAM tokens per day for 7 days, and the UNI/CREAM pool will receive 100 CREAM tokens per day for 7 days, from September 18th through September 24th.
To celebrate this listing, The CREAM team starts with an additional bonus set of 700 CREAM for providing UNI and borrowing continues for seven days from the date of listing, 100 CREAM per day. This distribution will be based on daily, random snapshots, beginning, September 18th. CREAM distribution for this will occur along with the reward pool for CREAM supply reward, weekly on Wednesdays.
Collateral factor for UNI is 20%, meaning for every $100 worth of UNI supplied, users can borrow up to $20 worth of other tokens.
- Swap liquidity pool rewards have ended for crYETH/crYYCRV, yETH/WETH, yyCRV/USDC on September 14th.
- $SRM: 100 CREAM tokens per day reward pool ends September 17th.
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B. Liquidity providers in Balancer (Pool 2a) — 6,000 for the next 7 days beginning from August 18th, up from 3,000.
C. Liquidity providers in Uniswap (Pool 2b) — 7,000 for the next 7 days beginning from August 18th , up from 3,500.
Swap launch shall be glorious, with plentiful CREAM rewards for all! There will be six pools to start:
The “Creamed” pairs of crCREAM/crYFI and crYETH/crYYCRV enables users of C.R.E.A.M. to trade between interest-bearing CREAM and YFI, or from ETH to stablecoins.
Finally, the yETH/WETH and yyCRV/USDC pairs enable users to easily go from the yearn LP tokens to the underlying tokens.
At launch, liquidity providers to all of these pools can receive heavy CREAM incentives — 3,000 CREAM tokens per day for the CREAM pairs, and 500 tokens per day for the others. To receive these rewards, users will need to stake CRPT LP tokens, which can be done on the Reward page. Staked LP tokens will be locked for 3 days.
They are also increasing “CREAM Supply ONLY” rewards from 1700/day to 5000/day in order to continue our focus on giving CREAM to our loyal token holders.
They anticipate that new Swap rewards may create a new CREAM liquidity crunch. They stand ready to increase the interest rate model for CREAM in the event there is another liquidity crunch.
Liquidity providers across Balancer and Uniswap continue to be strong contributors to our network value, and will continue to be rewarded well. Additionally, liquidity providers on Swap will also be handsomely rewarded.
Reward Changes:
In addition, they have finally listed on DeFi Pulse, where they currently rank tenth in Total Value Locked in DeFi across all categories.
C.R.E.A.M. on BSC now supports BTC, ETH, BNB, BUSD, USDT, LINK, XRP, BCH, LTC. To welcome the Binance community onto C.R.E.A.M., they are kicking off liquidity mining with 1,000 CREAM per day for 7 days, 500 for supply and 500 for borrowing. This launch of liquidity incentives done Monday, September 14th at 10pm UTC+8.
their move to increase the “CREAM Supply ONLY” rewards from 1700/day to 5000/day have in fact served to continue their focus on giving CREAM to their loyal token holders while also curing the liquidity crunch on CREAM tokens in the lending marketplace. They are reducing this reward to what they believe is still a strong incentive for supplying CREAM.
They have permanently removed the 3-day lock for all staking pools. They will proceed with no longer having any locking mechanism for their staking pools in order to provide their community with the flexibility they have requested.
Liquidity providers rewards across Balancer and Uniswap have been significantly reduced as much of our community has moved to provide liquidity on their Swap product.
Reward Changes:
Twitter (13.3k followers): https://twitter.com/CreamdotFinance
Discord: https://discord.com/invite/8Ms25mV
Medium: https://medium.com/@CreamdotFinance
Telegram (3.1k subscribers): https://t.me/CreamdotFinance
CREAM is a relative newcomer to this space and we can see that they are continuously building and listing more assets onto their platform. Their newest product, Cream Swap has
also brought more users into their platform and consequently boosted the prices of their CREAM token.
The team also update the rewards available on their liquidity mining pools and are transparent on their liquidity mining distribution. So be sure to check their Medium where they provide announcements and updates at least once a day. The team behind CREAM are also very responsive on social media in terms of answering people’s queries about them.
Finally, considering the inclusion of some very prominent crypto personalities and their linkage with the biggest exchanges and protocols in the space, the future of CREAM looks promising so far. Looking at the service they are offering, it sure seems that it fits into what many cryptocurrency users need from the market.
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ABSTRACT
This research report will introduce The C.R.E.A.M. Finance. CREAM Finance ($CREAM) stands for Crypto Rules Everything Around Me. The project began with a vision to establish a financial system more accessible than its traditional counterparts did. Cream is a fork of the Compound protocol, a peer-to-peer lending protocol on the Ethereum network, created by Jeffrey Huang. However, it has joined in a strategic partnership with Robert Leshner and Compound Finance, as they have become advisors and early seed investors in the project. Along with $ETH, you can borrow/supply 17 additional assets, including $COMP, $YFI, and $CRV, to name a few. This is nearly double the current assets listed on Compound (9). This is a result of Cream not being located in the US, so they are hampered by less red tape when listing a new asset. Cream also has plans for expansion on to the Binance Smart Chain (BSC) to become one of the first AMM on Binance chain. Cream, like Compound, has created its own token called $CREAM. The token is currently in the “distribution” phase, where it can be farmed (it’s not easy, but it’s honest work). The $CREAM token will be used for governance participation in the future.1.INTRODUCTION
The decentralized finance (DeFi) movement has introduced novel solutions in lending, exchanges, derivatives, payments, marketing making, and asset tokenization. All of these innovative services are permissionless and open, meaning anyone with internet access can participate. C.R.E.A.M. Finance will push the boundaries of this new financial system to include as many users and assets as safely possible.- Cream Finance is a decentralized lending and exchange platform featuring liquidity mining.
- The CREAM token is the governance token of the Cream platform. CREAM holders are able to vote on the addition/removal of liquidity pools, supported assets, changes in platform parameters, and more.
- Users can earn CREAM tokens by providing liquidity in supported pools, as well as participating in governance voting.
- C.R.E.A.M. Swap is the platform’s decentralized exchange protocol, and a code fork of Balancer.
- A portion of interest as well as transaction fees are collected by the platform, and distributed to CREAM token holders as rewards.
- Cream Finance’s lending pool and governance is a code fork of Compound’s cToken model and governance.
1.1 OVERVIEW ABOUT C.R.E.A.M. FINANCE
CREAM Finance ($CREAM) stands for Crypto Rules Everything Around Me. The project began with a vision to establish a financial system more accessible than its traditional counterparts did. So CREAM has created an ecosystem that can be linked with other Ethereum platforms to efficiently provide a spectrum of services for its users. The liquidity mining trend, which is currently the most talked-about aspect of the decentralised finance (DeFi) space due to its potential high returns has also helped CREAM establish its popularity and footing in this field.C.R.E.A.M. Finance aims to offer an open and inclusive financial system built on smart contracts. By building smart contracts and deploying them across EVM-compatible blockchains, CREAM aims to broaden the reach of this new financial system to a wider audience, allowing for inter-blockchain composability. C.R.E.A.M. will first launch with an algorithmic money market protocol on Binance Smart Chain (BSC) together with the launch of the BSC mainnet.
CREAM Finance is a DeFi system that introduces novel solutions in lending, exchanges, derivatives, payments, market making, and asset tokenization.
CREAM Finance went live on August 03, 2020 with its YOLO Alpha launch having $CREAM token reward pool. And within just 4 days of its launched, their LIVE product has accumulated 48 million USD or 121,519 ETH of Total Value Locked.
CREAM Finance is a DeFi ecosystem focused on providing lending, exchange, payment, and asset tokenization services. Created as a fork of Compound Finance, it also claims to operate a permissionless and open-source protocol so anys other internet participant can be a part of the development of the network, instead of just using it or locking up funds in smart contracts for staking rewards.
Financial inclusion is among the team’s primary goals. And the objective is to be able to achieve it without compromising the safety and security of each user and their assets.
Since CREAM is established on the Ethereum blockchain, it can take advantage of smart contracts that can be used to run Ethereum Virtual Machines (EVM). Such a set-up also allows the CREAM project to have better composability than other DeFi projects.
EVMs can also help community users develop their own decentralized applications (Dapps) on top of the network. However, there is very little detail on the community’s plans for such now.
Since 1st September 2020, CREAM has made the switch to Binance Smart Chain (BSC) so as to take advantage of the transaction throughput and cost-efficient servicing available only on the BSC and other similar chains. In addition, linkage with the Binance Chain can provide them with better liquidity through its access to the biggest cryptocurrencies.
There has not been any report yet on the audits being done for CREAM’s smart contracts. But according to a recent release they made, they recently hired a security adviser to work on the necessary platform developments.
The first monthly payment the team has made to the new adviser totaled to 37,500 CREAM. Some of the more prominent crypto advisers on-board is Robert Leshner, CEO of Compound Finance. Leshner acts as one of the team’s technical advisers.
1.2 HISTORY & FOUNDER
Jeffrey Huang, the Founder of CREAM Finance, believes in the capacity of cryptocurrencies to create an open and inclusive financial system. And through the help of smart contracts, Huang’s team went on to create a DeFi ecosystem that would link together multiple products and services that many users need today.In recent weeks, the team has been continuously working on expanding its listing and preparing for the launch of its CREAM token. The launch of their beta liquidity mining on 12th August 2020 has been the subject of discussions in some social media platforms.
1.3 HOW DOES CREAM WORK?
Any loan requires two basic parties, a supplier and a borrower. A supplier, in our case, chooses a token they would like to supply for lending purposes. Once the token is deposited, it goes into a liquidity pool where it may be withdrawn by a borrower, and the supplier immediately starts accruing interest in their supplied token on the next Ethereum block. This is continuously compounded every block thereafter. A borrower must first deposit an asset as collateral before borrowing. Once they have chosen and supplied an asset as collateral, they may choose which token they would like to borrow. As $CREAM is still in the distribution phase, both the supplier and borrower receive a bonus % interest paid in $CREAM for using the protocol. Borrowers can be liquidated by suppliers who call the contract function on loans that are underwater (borrow value is over 100% of collateral value). In essence, using token A to borrow token B, opens a short position of token B. As of writing, there are about 200K $CREAM circulating out of 9mil total supply. The current TVL supplied in CREAM is ~$145mil with ~$55mil being borrowed.
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1.4 HOW TO FARM CREAM?
The $CREAM token can currently be farmed via 2 different methods. The first is supplying/borrowing. As a supplier, you receive interest for lending your assets in the native token you have chosen, as well as a bonus % in $cream. For borrowing, you will have to pay your interest on your borrowed asset, but along with accruing interest to pay back, you also receive a bonus % of $CREAM distribution for being an early user. The second way is being an LP (Liquidity Provider) on either Balancer or Uniswap. You must deposit $ETH and $CREAM into either pool on their respective exchange, to receive an LP token. This LP tokencan be staked on Cream to earn $CREAM. The APY is much higher here, however, the risk of impermanent loss make LP’ing a much riskier way to farm $CREAM. If you have not LP’ed before please DO YOUR OWN RESEARCH. You can lose money rather easily and quickly if you don’t know what you’re doing. Both of these methods with either stop after some time or have their APY greatly reduced as more users join CREAM and less tokens to be distributed.
1.5 CREAM’S LENDING SERVICES
The emerging trend of DeFi projects facilitating peer-to-peer lending services enticed the team behind CREAM to work on a protocol that can do something similar. Available assets that users can borrow from the CREAM ecosystem include BAL, COMP, ETH, CRV, LEND, REN, BUSD, USDC, USDT, and YFI.CREAM is looking forward to the launch of BSC. When it is already available, users can take advantage of CREAM’s link with Binance through the BEP2 standard, or pegged tokens, to make the transfers of XRP, BCH, LTC, and TRX much easier.
Without having to wrap tokens, CREAM transactions on BSC can be performed faster and more affordably.
1.6 CREAM TOKEN AND LIQUIDITY POOLS
The CREAM token, i.e. the CREAM platform’s native asset is available on Uniswap and Balancer. As at 25th August 2020, the CREAM token market cap is over $11.8 million, with a circulating supply of 149,927 CREAM. The total supply, however, is at 9 million CREAM.CREAM was recently launched in August 2020 yet the platform already has a total of roughly $48 million in total value locked (TVL). Although it certainly wasn’t able to emulate Yearn Finance’s ($YFI) meteoric rise, it is still a notable DeFi protocol since it has gained a lot of traction after only being in the market for a few weeks.
Since there is a growing number of crypto users participating in liquidity mining or yield farming, the team behind CREAM also launched their own liquidity mining program. The team publishes vital statistics on their Medium on any changes or updates to their reward systems and pools. Thus giving users the information they need to decide what plays to make.
1.7 COMPARISON WITH OTHER PROJECTS
As of now, this coin is not yet listed on the DeFi Pulse statistics. But if we look at the data, the top 16th coin on the list is Bancor which has $32.2M of value locked. And Bancor’s $BNT token already has $170M market cap.On the other hand, Yearn.Finance is top 10th on DeFi Pulse’s list with a whopping $132.7M of value locked. And Yearn.Finance’s $YFI token has $162M market cap.
As of 12august, CREAM Finance have a little over $30M of value locked on their YOLO Alpha launch. And has the launched of their Beta Liquidity Mining in the same date.
CREAM Finance’s $CREAM was listed on August 12th on the DeFi list of “coinmarketcap.com” with just having $1.3M market cap. “ONLY $1.3M market cap.” If you multiply $1.3M by 10, it’s only $13M, which is still ultra-micro cap compared to the other projects of the same level.
1.8 THE DOWNSIDE OF CREAM
The downside of this project is that the CREAM Finance team doesn’t seem to put much effort on their marketing strategy. With their product market fit, it seems like they don’t want others to know yet about this low market cap gem.Why CREAM Finance team does not make any marketing effort. Maybe they want to focus first on building the perfect product? Maybe they want the big boys to accumulate first before pumping it to the moon? Or maybe they truly believe on the long term success of the project and they’re just confident of its organic growth?
2 CREAM SWAP: WHAT IS IT?
Cream Swap is an automated market maker (AMM) launched on 8th September 2020. This allows users to switch their collateral positions without leaving it. It is meant to be an improvement on the current yield farming model whereby farmers need to utilise token swapping platforms such as Uniswap to convert their cryptocurrencies. This is detrimental to yield farmers because gas fees (which have been skyrocketing due to the number of farmers out there) are incurred, along with trading fees (0.3% in the case of Uniswap).Enter Cream Swap, a fork of Balancer. Yield farmers who create and deposit assets into liquidity pools on Cream Swap’s platform receives Cream Pool Tokens (CRPT). Cream Swap also has lower fees than Uniswap at 0.25%, of which 0.20% is rewarded to liquidity providers and the remaining 0.05% goes to the CREAM network.
To encourage users to provide liquidity, CREAM will be distributing 3,000 CREAM tokens daily for the CREAM pairs and 500 CREAM for the other pools. To be eligible for this, users will be required to stake their CRPT tokens for 3 days.
The launch of Cream swap has helped CREAM prices to double and CREAM has pushed aside the competition to become the 4th DeFi platform in terms of total value locked.
2.1 WHAT IS C.R.E.A.M. SWAP?
C.R.E.A.M. Swap is a fork of Balancer, with a Uniswap-like frontend. They like the flexibility of Balancer’s pool customization — token distribution (up to 8 per pool), swap fees (0–10%), and enjoy the simplicity of the Uniswap frontend interface. Users who create and deposit into liquidity pools on Swap will receive a proof token named CRPT (Cream Pool Token), similar to how Balancer has BPT and Uniswap has UNI for their liquidity providers. At the start, all exchange fees will be set to 0.25%. Liquidity providers will receive 0.2%, while the other 0.05% will go to the CREAM network.2.2 HOW IS SWAP USEFUL?
By enabling users to exchange their collateral positions from the same site, users can easily optimize their yield within the C.R.E.A.M. platform or even outside of our platform by swapping between collateral positions. Besides collateral positions such as crTokens from C.R.E.A.M., Swap can also support tokens from Compound, Yearn, Aave, Balancer, Uniswap, TokenSet, and more.2.3 LIQUIDITY MINING
They will launch with more liquidity mining incentives, paid in CREAM tokens. Users on platform can provide liquidity and earn CREAM tokens in addition to trading fees. Only pools from whitelisted tokens will be eligible for CREAM distributions.2.4 TEAM VESTING EXTENDED, NEW MULTISIG HOLDERS
Cream have extended the team token vesting schedule, and are announcing three more community leaders that will add to its existing multisig wallet. Their multisig holds 92.5% of the CREAM supply as well as the admin keys to the C.R.E.A.M. protocol smart contracts.2.4.1 TEAM VESTING
previously announced in thier August 26th update that thier seed token holders have agreed to further support thier project by doubling the vesting schedule from 2-year vesting with a 6-month cliff to a 4-year vesting with a 1-year cliff. The team behind C.R.E.A.M. has agreed to following this lead and extend the Team token vesting schedule from 2-year vesting with a 6 month cliff to a 4-year vesting with a 6 month cliff. The team believes that the future of CREAM is bright, and are staking tokens behind this belief.With this change, the breakdown of the 9,000,000 CREAM tokens is as follows:
10%, 900,000 — Team/Advisors*, vesting over 4 years, 6 month cliff.
10%, 900,000 — Seed, vesting over 4 years, 1 year cliff.
20%, 1,800,000 — Liquidity Provider Incentive
60%, 5,400,000 — Governance Allocation
25% of the Team/Advisor allocation, 225,000 CREAM, has been allocated to thier technical and security advisor Compound Finance, distributed monthly, 37,500 per month for 6 months. These tokens are legally locked. They will not enter circulation until February 8th, 2021. This is the only exception to the 4 year, 6 month cliff in the Team/Advisors wallet.
8,325,000 of CREAM, or 92.5% of tokens, are in the multisig wallet.
3 C.R.E.A.M. LAUNCHES ON BINANCE SMART CHAIN
Binance already offers an easy path for holders of BTC, ETH, XRP, BCH, LTC and more to transfer their tokens from their native blockchain onto Binance Smart Chain. Today, token holders can simply send their tokens into Binance.com and withdraw BEP20 versions of these coins today. No additional wrapping is required. These communities can soon join in on supply and borrowing tokens as well as the yield farming fun on C.R.E.A.M.3.1 BINANCE SMART CHAIN IS FAST AND AFFORDABLE
Building on Binance Smart Chain has many benefits outside of the major. The most immediate benefit that came to many testing out the BSC version of C.R.E.A.M. was clearly the speed and cost advantages of BSC. No longer are you checking gas costs and having to send transactions over existing, slower transactions, you are paying only $0.05-$0.10 per transaction.3.2 SOLVING THE UI/UX PROBLEM WITH THE BINANCE ECOSYSTEM
The first version of C.R.E.A.M. on BSC requires web3 integration to use, which means only a small subset of cryptoasset holders will actually be able to use C.R.E.A.M. on BSC. As the Binance ecosystem continues to evolve, they expect that integration of DeFi with the Binance.com and Binance mobile applications will soon make it easier for end users to access DeFi without the web3 complexities. The ability of accessing DeFi via CeFi goes beyond participating in the money legos. For decentralized governance to flourish, barriers to participating in governance needs to be as low as possible. Many mainstream users will care less about privacy and decentralization, but more about ease of use and access.Finally, the Binance ecosystem and its reach of 400,000+ accounts and fiat gateways covering over 170 countries and regions will help get DeFi into mass adoption.
3.3 NEW SWAP POOLS — BULLISH UNI/WETH, UNI/CREAM
Just like how our bullish YFI/USDC pool on Swap helps YFI token holders stay more bullish on YFI while providing liquidity, our Bullish UNI/WETH pool will also give bullish UNI holders an incentivized alternative to the existing 50/50 UNI/ETH pool on Uniswap. This new UNI liquidity provider option reduces the amount of impermanent loss that UNI liquidity providers experience.Additionally, our UNI/CREAM pool gives those who hold both UNI and CREAM an opportunity to supply liquidity between those two tokens.
At launch, the Bullish UNI/WETH pool will receive 100 CREAM tokens per day for 7 days, and the UNI/CREAM pool will receive 100 CREAM tokens per day for 7 days, from September 18th through September 24th.
3.4 UNI TOKEN LISTED
In 17th sep 2020, have listed UNI on the C.R.E.A.M. platform. Users can now supply and borrow UNI at app.cream.finance.To celebrate this listing, The CREAM team starts with an additional bonus set of 700 CREAM for providing UNI and borrowing continues for seven days from the date of listing, 100 CREAM per day. This distribution will be based on daily, random snapshots, beginning, September 18th. CREAM distribution for this will occur along with the reward pool for CREAM supply reward, weekly on Wednesdays.
Collateral factor for UNI is 20%, meaning for every $100 worth of UNI supplied, users can borrow up to $20 worth of other tokens.
4 GOVERNANCE BASICS
The $CREAM token’s main functionality will be governance within the CREAM DAO (decentralized autonomous organization). The governance dashboard has yet to launch, but if Compound is a preview, token holders will be able to vote on all matters regarding the protocol including updating interest rate models, $CREAM emissions, new token pools, and more. The reserve protocol on CREAM collects part of the interest paid by borrows. The current amount collected is ~$185K. Token holders will vote how this money is distributed/used.5 CREAM & V BETA
5.1 BETA LIQUIDITY MINING DISTRIBUTION; CRCREAM STAKING MIGRATION
CREAM distribution is complete in September 16th. This distribution includes rewards from September 10th through September 16th, plus the crCREAM rewards outstanding.- Swap liquidity pool rewards have ended for crYETH/crYYCRV, yETH/WETH, yyCRV/USDC on September 14th.
- $SRM: 100 CREAM tokens per day reward pool ends September 17th.
5.2 V2 BETA LIQUIDITY MINING PROGRAM
Here’s the lay of the land for the v2 of our Beta Liquidity Mining Program, starting Tuesday, August 18th UTC+8. they stopped the v1 program 1 day early from roll out this new program.https://preview.redd.it/j3hqpj9n5ns51.png?width=525&format=png&auto=webp&s=7f3ef7c87874a2e8885e6817dfec0114915e6c7d
5.2.1 CREAM REWARD CHANGE HIGHLIGHTS
- Rewards Increased for:
B. Liquidity providers in Balancer (Pool 2a) — 6,000 for the next 7 days beginning from August 18th, up from 3,000.
C. Liquidity providers in Uniswap (Pool 2b) — 7,000 for the next 7 days beginning from August 18th , up from 3,500.
- LINK is the winner in the competition between COMP and LINK. LINK token holders will receive bonus tokens in distribution.
- LEND token holders onto CREAM! 1,500 will be given out over 7 days beginning from August 18th (new pool 1.5b).
5.2.2 V2 BETA MINING CONTINUES
Users will be rewarded with CREAM tokens based on the USD value of their supply and borrow activity on app.cream.finance (Pool 1). Extra CREAM tokens will be given to those who supply and borrow CREAM (Pool 1.5a), as well as those who supply and borrow LEND (Pool 1.5b). This v2 program will run from Tuesday, August 18th through Monday, August 24th.5.2.3 BETA MINING
Cream’s team will test out different permutations of the liquidity mining pools to ensure that they are providing the right incentive that would best benefit the CREAM platform and drive network value. As such, they will take short breaks between each week of beta liquidity pool mining, but still allocate a total of 400,000 CREAM for these beta experiments. It will most likely take longer than a month to complete this phase, but they believe this will ultimately lead to the best product.5.3 SWAP LAUNCH; V5 BETA LIQUIDITY MINING
Swap launch is upon us. Swap is the new automated market maker (AMM) product that we are adding to our platform. With Swap, users can easily optimize their yield, adjust their collateral positions, or simply exchange one asset for another. Also, exchange fees generated will be shared between liquidity providers as well as the C.R.E.A.M. network.Swap launch shall be glorious, with plentiful CREAM rewards for all! There will be six pools to start:
- CREAM/USDC
- CREAM/WETH
- crCREAM/crYFI
- crYETH/crYYCRV
- yETH/WETH
- yyCRV/USDC
The “Creamed” pairs of crCREAM/crYFI and crYETH/crYYCRV enables users of C.R.E.A.M. to trade between interest-bearing CREAM and YFI, or from ETH to stablecoins.
Finally, the yETH/WETH and yyCRV/USDC pairs enable users to easily go from the yearn LP tokens to the underlying tokens.
At launch, liquidity providers to all of these pools can receive heavy CREAM incentives — 3,000 CREAM tokens per day for the CREAM pairs, and 500 tokens per day for the others. To receive these rewards, users will need to stake CRPT LP tokens, which can be done on the Reward page. Staked LP tokens will be locked for 3 days.
5.3.1 LIQUIDITY MINING REWARD THOUGHTS
With the launch of Swap, they are testing out both high APY rewards for the new Swap pools to attract liquidity. This program is set for 7 days currently, but they will make adjustments quickly and announce them prior to change. They are also increasing “CREAM Supply ONLY” rewards from 1700/day to 5000/day in order to continue our focus on giving CREAM to our loyal token holders.
They anticipate that new Swap rewards may create a new CREAM liquidity crunch. They stand ready to increase the interest rate model for CREAM in the event there is another liquidity crunch.
Liquidity providers across Balancer and Uniswap continue to be strong contributors to our network value, and will continue to be rewarded well. Additionally, liquidity providers on Swap will also be handsomely rewarded.
5.3.2 V5 BETA LIQUIDITY MINING — CHANGE HIGHLIGHTS
https://preview.redd.it/a4bfnk0s5ns51.png?width=525&format=png&auto=webp&s=b503892432211cfaa2f1165feb4b38771657d987Reward Changes:
- Any supply/borrow (Pool 1) — Remain the same at 1,000 per day.
- CREAM Supply ONLY (Pool 1.5e) — Increased to 5,000 per day, up from 1,700 per day.
- Liquidity providers in Balancer (Pool 2a) — Remain the same at 1,000 per day.
- Liquidity providers in Uniswap (Pool 2b) — Remain the same at 1,000 per day.
- New Swap liquidity pools for CREAM — 3,000 per day for CREAM/USDC, CREAM/WETH, crCREAM/crYFI.
- New Swap liquidity pools for LP positions — 500 per day for crYETH/crYYCRV, yETH/WETH, yyCRV/USDC.
- MTA bonus pool ended on September 6th.
- yyCRV bonus pool ended on September 7th.
- FTT and SUSHI bonus pools ended on September 8th.
- yETH bonus pool ended on September 9th.
5.4 V6 BETA LIQUIDITY MINING; BSC LAUNCH
It’s an exciting week this week as we begin the launch of liquidity mining on Binance Smart Chain. C.R.E.A.M. launched on BSC on September 12.In addition, they have finally listed on DeFi Pulse, where they currently rank tenth in Total Value Locked in DeFi across all categories.
C.R.E.A.M. on BSC now supports BTC, ETH, BNB, BUSD, USDT, LINK, XRP, BCH, LTC. To welcome the Binance community onto C.R.E.A.M., they are kicking off liquidity mining with 1,000 CREAM per day for 7 days, 500 for supply and 500 for borrowing. This launch of liquidity incentives done Monday, September 14th at 10pm UTC+8.
5.4.1 LIQUIDITY MINING REWARDS THOUGHTS
The launch of Swap has been a success. Across 7 pools they have ~$180M of total value locked (not included in the above 335.7M TVL), with their high volume pairs trading around $10M per day. They are reducing rewards distributed to these pools now that they are past the initial launch period.their move to increase the “CREAM Supply ONLY” rewards from 1700/day to 5000/day have in fact served to continue their focus on giving CREAM to their loyal token holders while also curing the liquidity crunch on CREAM tokens in the lending marketplace. They are reducing this reward to what they believe is still a strong incentive for supplying CREAM.
They have permanently removed the 3-day lock for all staking pools. They will proceed with no longer having any locking mechanism for their staking pools in order to provide their community with the flexibility they have requested.
Liquidity providers rewards across Balancer and Uniswap have been significantly reduced as much of our community has moved to provide liquidity on their Swap product.
5.4.2 V6 BETA LIQUIDITY MINING — CHANGE HIGHLIGHTS
Reward Changes:
- Any supply/borrow (Pool 1) — Remain the same at 1,000 per day.
- CREAM Supply ONLY (Pool 1.5e) — Reduced to 2,500 per day, down from 5,000 per day.
- Liquidity providers in Balancer (Pool 2a) — Reduced to 100 per day.
- Liquidity providers in Uniswap (Pool 2b) — Reduced to 100 per day.
- Swap liquidity pools for CREAM reduced from 3,000 per day to 1,000 per day for CREAM/USDC, CREAM/WETH, crCREAM/crYFI.
- Swap liquidity pools for LP positions in crYETH/crYYCRV, yETH/WETH, yyCRV/USDC end on September 14th.
- SRM bonus pool ends on September 17th.
- Bullish YFI/USDC pool rewards end on September 18th.
6 CREAM COMMUNITY
Website: https://cream.finance/Twitter (13.3k followers): https://twitter.com/CreamdotFinance
Discord: https://discord.com/invite/8Ms25mV
Medium: https://medium.com/@CreamdotFinance
Telegram (3.1k subscribers): https://t.me/CreamdotFinance
7 CONCLUSION
Cream is well positioned to capture massive value within the crypto-lending space. Instead, of competing with the industry giant that it forked, Compound, it decided to partner with them. The two markets have little overlap in tokens, probably little overlap of user-base. Compound’s proven track record along with Cream’s innovative strategies and UI can only help grow the two. the implications of Cream on Binance’s Smart Chain are MASSIVE. This would be the first major P2P lending protocol with a bridge for ETH and BNB, attracting users from both ecosystems.CREAM is a relative newcomer to this space and we can see that they are continuously building and listing more assets onto their platform. Their newest product, Cream Swap has
also brought more users into their platform and consequently boosted the prices of their CREAM token.
The team also update the rewards available on their liquidity mining pools and are transparent on their liquidity mining distribution. So be sure to check their Medium where they provide announcements and updates at least once a day. The team behind CREAM are also very responsive on social media in terms of answering people’s queries about them.
Finally, considering the inclusion of some very prominent crypto personalities and their linkage with the biggest exchanges and protocols in the space, the future of CREAM looks promising so far. Looking at the service they are offering, it sure seems that it fits into what many cryptocurrency users need from the market.
8 REFERENCES
- https://coinmarketcap.com/currencies/cream-finance/
- https://medium.com/cream-finance/uni-token-listed-bb009691cfb9
- https://medium.com/cream-finance/bullish-uni-weth-pool-uni-cream-pool-cream-rewards-fc581d5abc87
- https://boxmining.com/cream-finance/
- https://medium.com/cream-finance/v2-beta-liquidity-mining-program-72a03f776f94
- https://medium.com/cream-finance/swap-launch-v5-beta-liquidity-mining-cf6a684f20bd
- https://www.publish0x.com/curiouscrypto/cream-finance-a-defi-gem-that-no-one-talks-about-xgdzqmd
- https://medium.com/cream-finance/team-vesting-extended-new-multisig-holders-a30c9d3c86e6
- https://medium.com/cream-finance/announcing-c-r-e-a-m-swap-a7b318f19f6
- https://medium.com/cream-finance/v6-beta-liquidity-mining-bsc-launch-43c19111e887
- https://research.binance.com/en/projects/creamfinance?ref=JLI1VBLA&utm_source=ResearchTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial
