What happens when you fork Compound and add lending pools for DeFi’s most degen assets? You get Cream Finance.
In under a month since launch, Cream has aggregated more than $300M in TVL, according to DeFi Pulse, largely thanks to CREAM liquidity mining rewards.
What started as a lending protocol for trendy DeFi tokens like SUSHI, yETH, and yyCRV has quickly blossomed into a vibrant market of 19 assets and counting, many of which are only available for lending on Cream.
Governed by CREAM, a token boasting a fully diluted market cap of $2.5B, the YOLO protocol is undergoing a suite of proposals to further lock (or even burn) a vast majority of the outstanding supply to fall more in line with its circulating market cap of $100M.
More than Lending
Last week, Cream unveiled C.R.E.A.M Swap, a native AMM allowing traders to enter and exit convoluted DeFi strategies without having to unwrap, unstake and sell positions composed of numerous assets across a multitude of protocols.
For example, users can go from yyCRV, a liquidity provision in Curve staked via a yEarn yVault, directly to USDC, rather than having to unstake and withdraw for ~$100 in gas.
As to be expected, liquidity providers in select pools are now earning CREAM rewards, currently averaging ~1000% APY at the time of writing. To note: Annual yields often exaggerate actual earnings, as it’s unlikely returns will remain stable.
APYs are now showing on the Rewards page - check out these beauties:— Cream Finance 🍦 (@CreamdotFinance) September 9, 2020
1444% $CREAM / $USDC
1416% $CREAM / $WETH
1094% $crCREAM / $crYFI
494% $crYETH / $crYYCRV
224% $yETH / $WETH
122% $yyCRV / $USDC
Uniswap: 1173% $CREAM / $ETH
Balancer: 691% $CREAM / $ETH (80/20) pic.twitter.com/mtfpq0BGzR
As DeFi continues to get more and more degen, Cream appears to be the protocol of choice for lending and borrowing the most sophisticated positions one could imagine.
What keeps the project afloat is an extremely active communication channel, with team members sharing updates on all CREAM and liquidity mining-related topics almost daily. While it’s unclear how long this cadence will last, the Compound-fork is quickly aggregating a trusted following of yield farmers living life on the edge.