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. Image source: DeFi Pulse What started as a lending protocol for […]
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:
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.