Cream Finance (CREAM) has been launched on HIBT on May 8. Cream Finance is a decentralized lending protocol designed to provide financial services to individuals, institutions and other protocols. The protocol is permissionless, transparent, and non-custodial and is currently live on Ethereum, Binance Smart Chain, and Fantom. CREAM is currently open for trading on HIBT.
Token information:
Circulation market value: $34,289,384.018
Fully diluted market cap: $421,528,797
Circulation volume: 766,534.954 CREAM
Total supply: 9,000,000 CREAM
Key events:
October 27, 2021: Cream Finance suffered a hacker attack, resulting in losses of $130 million.
August 30, 2021: Cream Finance suffered a hacker attack, resulting in a loss of US$18.8 million.
Core functions:
CREAM Finance’s smart contract money market focuses on long-tail assets and aims to improve capital efficiency for all assets in the crypto market. Users can borrow any supported asset on this market and borrow another supported asset using the provided capital as collateral. CREAM offers a variety of tokens on its currency market, including stablecoins, interest-bearing stablecoins, DeFi tokens, LP tokens, and other cryptocurrencies.
iceCREAM token economics:
iceCREAM turns CREAM into a productive asset. It will have the same three main uses as CRV - voting, staking, and enhancement.
iceCREAM works as follows:
Lock in CREAM for 1 week to 4 years to get iceCREAM.
iceCREAM is non-transferable and non-tradeable.
In the future, more than 50% of the protocol reserves will be distributed as ycrvIB tokens to iceCREAM pledgers.
1 iceCREAM = 1 vote for future C.R.E.A.M. Finance governance.
iceCREAM staking will be converted into voting rights, which can be used to determine the allocation of CREAM token liquidity mining.
If liquidity mining is enabled on the lending market (as part of phase 2).
Once voted, your vote will remain pointed to the pool unless modified.
Users have the ability to change their votes each week and assign their iceCREAM to different pools.
iceCREAM allows users to control future CREAM issuance for all C.R.E.A.M. markets.
iceCREAM increases from the base coefficient of 0.4 to a maximum of 2.5 times. The more iceCREAM you stake, the more CREAM you get.
Summarize:
Cream Finance (CREAM) is a decentralized lending protocol that provides financial services to individuals, institutions, and other protocols. Its smart contract money market focuses on long-tail assets and aims to improve capital efficiency for all assets in the crypto market. Users can borrow any supported asset on this market and borrow another supported asset using the provided capital as collateral. CREAM is live on Ethereum, Binance Smart Chain, and Fantom, offering trading in a variety of tokens, including stablecoins, interest-bearing stablecoins, DeFi tokens, LP tokens, and other cryptocurrencies.
During the development of the project, Cream Finance suffered from hacker attacks, one of which resulted in millions of dollars in losses. However, the protocol continues to work on improving security and user experience.
iceCREAM token economics provide holders with multiple uses including voting, staking, and enhancement. By staking CREAM to obtain iceCREAM, users can participate in governance and control the issuance of CREAM while receiving corresponding rewards.
In general, Cream Finance (CREAM) provides diversified services and products in the field of decentralized finance, and its token economics provide holders with flexible ways of use, but you still need to pay attention to the security risks of the project and Market volatility.
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