Cream Finance – a Lending & Borrowing protocol deployed on multiple chains including Ethereum, BNB Chain, Fantom.
Why is Cream Finance so attractive to the market? Everyone, please learn through this article!
What is Cream Finance?
Overview of Cream Finance
Cream Finance (CREAM) (short for “Crypto Runs Everything Around Me”) was launched on the Ethereum network in August 2020 and deployed on BNB Chain in September 2020. This is a decentralized protocol specializing in Lending/Borrowing, forked from Compound & Balancer.
Currently, this protocol provides services to users in the Ethereum, BNB Chain, and Fantom ecosystems. Users can borrow and lend assets that this platform supports such as:
- Popular Stablecoins (USDT, USDC, BUSD…)
- Flexible stablecoin (yCRV, yyCRV…)
- DeFi Tokens (YFI, SUSHI, CREAM…)
- LP-Tokens (USDC-ETH SLP, WBTC-ETH SLP) and other cryptocurrencies (ETH, LINK…).
Cream Finance’s operating mechanism
Cream Finance uses the automatic market making mechanism (AMM) according to the Lending Pool model.
- Step 1: The lender deposits assets into Cream Finance to receive interest.
- Step 2: Borrowers deposit collateral into the platform to borrow a corresponding amount of tokens.
Cream Finance, as an intermediary (Third Party), will collect swap fees, receive deposit assets and lend money when users need it.
Liquidation Mechanism: If the value of the collateral decreases beyond the allowable level compared to the value of the loan, the borrower’s collateral will be liquidated.
*Cream Finance always innovates over time, so when there is a need to use this platform, users need to visit the Cream Finance homepage to understand the latest information about supported assets, interest rates and other indicators.
What is the difference of Cream Finance?
Cream Finance (CREAM) is one of the long-standing projects in the Lending segment. Optimized from Compound, the way it works is quite simple, CREAM is currently available on leading platforms, this makes CREAM even more accessible and friendly to new users.
Core Team
Jeffrey Huang: Founder
- Jeffrey Huang is a tech entrepreneur, former musician, and one of the largest holders of NFT Bored Ape Yacht Club. He is a Taiwanese-American businessman commonly known by his online nickname “Machi Big Brother”.
- Jeffrey Huang initially rose to fame as a founding member of the pop/rap band LA Boyz in the 90s. He later founded the hip hop group “Machi” in 2003, as well as the record label “MACHI Entertainment”.
- Although he started his career in music, he branched out into technology when he founded 17 Media (M17) in 2015, which became one of the most popular live streaming apps in Asia.
Investors
Update…
Tokenomics
Basic information about Cream Finance tokens
- Token Name: Cream Finance
- Ticker: CREAM
- Blockchain: Ethereum
- Contract: 0x2ba592f78db6436527729929aaf6c908497cb200
- Token Type: Governance
- Total Supply: 9,000,000
- Circulating Supply: 766,534
Token Allocation
Token Release
Updating…
Token Use Case
Updating…
Exchanges
Cream Finance (CREAM) can be traded on many different platforms such as:
Cream Finance Information Channel
Summary
In terms of growth, 2021 is a very successful year for Cream Finance as this project has grown very impressively. From ATL $7.3 on October 26, 2020 to February 4, 2021, in just over 3 months CREAM has reached the $380 threshold (52 times growth).
But security is another story, this protocol has been attacked by Hackers 3 times, the assets lost were $37.5M (along with the Alpha Finance platform); $19M; $117M, total loss up to $173.5M. Users are suspecting these are “self-hacking” cases.
With the above basic information, users need to consider carefully before investing.