Cream Finance CREAM
About
What Is C.R.E.A.M. Finance (CREAM)?
C.R.E.A.M Finance is a decentralized DeFi lending protocol for individuals, institutions and protocols to access financial services. Part of the yearn.finance ecosystem, C.R.E.A.M. Finance is a permissionless, open source and blockchain agnostic protocol serving users on Ethereum, Binance Smart Chain Polygon and Fantom.
Users who are passively holding Ether or wBTC can deposit their assets on C.R.E.A.M. to earn yield, similar to a traditional savings account. For more information visit https://app.cream.finance/.
The C.R.E.A.M. Finance protocol was created as a Compound Finance fork.
C.R.E.A.M Finance is open-source, permissionless, blockchain-agnostic and offers yield farming rewards to its users in order to inclusively develop its network.
The project (which stands for Crypto Runs Everything Around Me) was launched unexpectedly on the Ethereum network on Aug. 3, 2020 through the YOLO liquidity pool. In September 2020 it went live on the Binance Smart Chain (BSC).
The CREAM token allows users to lend, borrow, stake assets and help govern the network, allowing them to vote on assets to support or delist.
Who Are the Founders of C.R.E.A.M. Finance?
The person behind C.R.E.A.M. Finance is Taiwanese entrepreneur Jeffrey Huang, who labeled himself as the “semi-benevolent dictator of CREAM” upon launch. Huang is also the founder of Mithril (MITH), the Ethereum-based social media platform.
The tokens have been allocated as follows:
- 10% (900,000) of tokens will go to the team and advisors, 75% of which will vest over four years and a six month cliff;
- 10% will be used as seed with four years vesting (one year cliff);
- 20% (1.8 million) CREAM will be used to incentivize liquidity providers;
- 60 (5.4 million) is allocated for governance.
Technical Details
How Is the C.R.E.A.M. Network Secured?
CREAM’s smart contracts are not officially audited at present by choice. Instead, Huang uses expert advisers (which includes Compound founder Robert Leshner) to improve security, inspect code and manage a multisig wallet to keep users funds safe.
Update on Audit report:
- Trail of Bits (January 28, 2021)
https://docs.cream.finance/audit-report
More Info
What Makes C.R.E.A.M. Finance Unique?
C.R.E.A.M. Finance helps provide liquidity to important DeFi assets through automated market making (AMM), allowing users to borrow and lend supported assets and earn liquidity mining rewards in the form of its CREAM token by supplying any supported asset as collateral. In return, it collects swap, lending and borrowing fees from users.
The platform aims to list and support tokens important to the DeFi sector, for example the biggest stablecoins (USDT, USDC, BUSD, yCRV, etc), governance tokens (COMP, BAL, YFI, LEND, CRV, CREAM etc.), and other leading cryptocurrencies such as ETH, renBTC and LINK.
As an ERC20 token on the Ethereum network, CREAM can run Ethereum Virtual Machines through smart contracts, while users can create DAoos for its community, thus resulting in better composability, i.e. plugging different financial services into each other.
CREAM tokens can be staked for a period of up to four years in order to accrue rewards; however, it is important to note that there is no admin unlock available.Therefore, you will only receive your rewards at the end of your staking period.
How Many C.R.E.A.M. Finance (CREAM) Coins Are There in Circulation?
CREAM has a total supply of 9 million coins, of which around around 150,000 are currently in circulation. This will increase as more vested tokens are released monthly to stakeholders and liquidity miners.
Where Can You Buy C.R.E.A.M. Finance (CREAM)?
The top exchanges for trading in Cream Finance are currently Binance, Binance.KR, Hoo and Uniswap (V2). You can find others listed on our crypto exchanges page.
You can now also buy cryptocurrencies like Bitcoin and Ethereum directly by credit card in your fiat currency of choice. Here’s how.
AI Analysis
What is the Cream Finance (CREAM) cryptocurrency good for? What are its main use cases?
Cream Finance (CREAM) is a decentralized finance (DeFi) protocol that provides lending and borrowing services. It operates primarily on the Ethereum blockchain but also integrates with other blockchains to expand its reach. Here are some of the main use cases and features of the CREAM cryptocurrency:
Lending and Borrowing: Cream Finance allows users to deposit cryptocurrencies into liquidity pools, earning interest on their deposits. Borrowers can take out loans by putting up collateral. Users can borrow various assets, promoting flexible financial strategies.
Yield Farming: Users can earn rewards by providing liquidity or participating in yield farming activities. By supplying liquidity or staking assets, users can generate returns beyond standard interest through incentives provided by the protocol.
Collateralized Loans: Users can take out loans by collateralizing their crypto assets. This enables them to access liquidity while still holding onto their investments, using their capital more efficiently.
Governance: Holders of CREAM tokens can participate in the governance of the protocol. This allows them to propose and vote on changes to the platform, such as updates to the protocol or how funds in the treasury should be allocated.
Access to Diverse Assets: Cream Finance supports a range of assets for lending and borrowing, allowing users to leverage different cryptocurrencies beyond just Ethereum. This increases options for investors looking to optimize their portfolios.
Integration with Other Platforms: Cream Finance has collaborated with other DeFi projects, enabling users to enhance their liquidity and leverage capabilities by bridging across various DeFi ecosystems.
Overall, Cream Finance aims to provide users with a comprehensive suite of DeFi services, enabling them to engage in various financial strategies while retaining control over their assets in a decentralized manner. As with any DeFi project, users should exercise caution and conduct their own research due to the inherent risks associated with the volatile nature of cryptocurrencies and smart contracts.
What blockchain does Cream Finance use? Is it its own blockchain or built on top of another?
Cream Finance primarily operates on the Ethereum blockchain. It is not its own independent blockchain but rather a decentralized finance (DeFi) protocol built on top of existing blockchains, including Ethereum. Cream Finance has also expanded its services to other blockchains, such as Binance Smart Chain and Avalanche, but its core functionality was initially established on Ethereum. The protocol offers services like lending and borrowing by utilizing smart contracts.
Is Cream Finance programmable? Does it support smart contracts or decentralized applications?
Cream Finance is a decentralized finance (DeFi) platform that primarily focuses on lending and borrowing, as well as providing liquidity. It is built on the Ethereum blockchain and is integrated with other blockchain ecosystems, which means it can utilize smart contracts.
While Cream Finance itself is not a programmable platform in the same way that Ethereum is—since it is primarily a DeFi service—it does leverage smart contracts to facilitate its operations, such as managing collateral, executing transactions, and automating lending and borrowing processes.
Additionally, developers can build applications or interfaces that interact with Cream Finance's smart contracts, enabling the creation of decentralized applications (dApps) that utilize its lending and borrowing services.
In summary, while Cream Finance is not a general-purpose programmable platform like Ethereum, it does support smart contracts and can be interacted with by decentralized applications built on top of its protocol.
How fast are Cream Finance transactions? What is the typical confirmation time and throughput (transactions per second)?
As of my last knowledge update in October 2023, Cream Finance primarily operates on the Ethereum blockchain and other layer-1 or layer-2 solutions. The transaction speed and confirmation time for Cream Finance transactions can vary depending on the underlying blockchain network.
Confirmation Time: On Ethereum, transaction confirmation times typically range from 15 seconds to several minutes, depending on network congestion and gas fees. In general, Ethereum transactions can be confirmed quickly if gas prices are adequate, but high congestion can lead to slower confirmations.
Throughput (Transactions Per Second): Ethereum’s base layer can handle around 15 to 30 transactions per second (TPS) under normal conditions. However, with the introduction of Ethereum 2.0 and rollups or other scaling solutions, this number can be significantly higher. For instance, layer-2 solutions like Optimism, Arbitrum, and similar can process hundreds to thousands of TPS.
For the most accurate and up-to-date metrics regarding Cream Finance's specific transaction speeds and performance, it’s best to consult their official documentation or recent updates as the DeFi landscape can change rapidly.
How much data can I store on the Cream Finance blockchain? Does it support on-chain data storage?
As of my last knowledge update in October 2023, Cream Finance is primarily a DeFi lending and borrowing platform built on various blockchains, including Ethereum and others. It is designed to facilitate financial transactions rather than serve as a general-purpose data storage solution.
Typically, blockchains like Ethereum have limited on-chain storage capabilities due to consensus mechanisms and cost considerations. Storing data directly on a blockchain can be expensive, as transactions that require additional storage space incur higher gas fees. Most blockchains are optimized for handling financial transactions rather than storing large amounts of data.
If you're looking to store data related to your transactions on Cream Finance, it's usually a good idea to keep necessary information off-chain and reference it on-chain as needed. Solutions such as IPFS (InterPlanetary File System) or centralized databases may be more suitable for handling large datasets or non-financial data storage.
For specifics regarding Cream Finance or any updates after October 2023, I recommend checking the official Cream Finance documentation or resources related to the blockchain it operates on.
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