Cream Finance is a decentralized platform that takes financial services such as lending to the next level.
The term C.R.E.A.M stands for Crypto Rules Everything Around Me. It is a permissionless, open-source, decentralized lending protocol that can be used by industries, individuals, and protocols to obtain high-security financial services. Cream Finance is an essential part of the yearn.finance ecosystem. The platform is quite useful for its customers who are holding onto their digital assets such as BTC. On the platform, these individuals may passively keep their assets by depositing them on Cream and earning a dividend over time. It operates similarly to a regular banking institution in that you get interested while you keep your money.
This protocol serves individuals using Binance Smart Chain Polygon, Ethereum, and Fantom.
The platform is so good and popular amongst users because it is easy to access and understand. You don’t have to be an expert user to understand how it works or how to perform transactions. This makes it appealing to both new and advanced users.
Participants in the Cream protocol can also take out crypto-based loans and lend assets through the powerful Cream Finance Network.
The platform encourages independence among users and guarantees that users can gain income in multiple ways.
The Cream token permits users of the platform to borrow, lend, and stake their digital assets. It also helps to govern the network.
Who are the Founders of Cream Finance (CREAM)?
Cream Finance was founded by Jeffrey Huang.
Jeffrey Huang has a long history of creating smart, crypto-based services and products. The Taiwanese entrepreneur is also the founder of the popular Mithril (MITH), a social media platform built on Ethereum. The Mithril platform has gotten to an astonishing 42 million users, and it’s still growing rapidly.
What is Cream Finance (CREAM) Used for?
The major use of the Cream Finance platform is to serve as a medium for participants to trade their digital assets or CREAM tokens. The person doing the lending and the person doing the borrowing have different interest rates that increase as transactions increase.
This impressive platform also provides something known as Liquidity Mining, an option every crypto-enthusiast would love to have on a digital lending platform.
Individuals who use this platform give greater incentive for liquidity mining, and they keep the market flow positive. The platform teaches users to be super mindful of undeserved assets as they can be liquidated at any moment.
What is the Unique Point of Cream Finance?
Cream Finance helps provide liquidity to users. Using Automated Market Making (AMM), users can swim around the liquidity pool as much as they like. It allows them to lend and borrow supported digital assets, earning liquidity mining rewards in the process. The rewards come in the form of CREAM tokens, as that is the token that governs the protocol.
The platform supports tokens and lists those essential to the DeFi sector, like the biggest stablecoins, governance tokens, and other leading cryptocurrencies.
CREAM tokens can be staked for up to four years in order to get a lot of juicy rewards.
How Many Cream Finance (CREAM) Tokens are in Circulation?
Cream Finance (CREAM) tokens run on the Ethereum blockchain and have a circulating supply of 616,378 CREAM coins and a 2,924,547 maximum supply.
Is the Cream Finance Network Secured?
The Cream Finance platform was developed as an Ethereum token, and as such, the platform is bound by the same security protocol as the entire ecosystem of the Ethereum blockchain as a whole.
The network is highly secure; it is made up of nodes that are responsible for its protection from any form of malicious and unwarranted activity. It achieves this through its dedicated proof of stake consensus mechanism. The procedure used by the system is one where the nodes are required to validate transactions before they can be added to the blockchain.
How do I buy Cream Finance Token (CREAM)?
You can purchase CREAM on major exchanges such as Binance, Uniswap, FTX, and HOO. All you have to do is follow these steps below:
- Create an account with the crypto trading platform or log in if already registered.
- Deposit a specific amount of fiat money to the crypto account
- Wait till the transaction has been approved, then buy your CREAM tokens.
Which Cryptocurrency Wallet Supports Cream Finance Token (CREAM)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Cream Finance (CREAM). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their CREAM wallet because it offers a simple and interactive interface making it easy for people to navigate its system.