C.R.E.A.M. Communications #1
Iron Bank yVault, Liquidity Mining Community Proposal, Update To Multisig, Iron Bank Yearn Frontend Integration, Update on DNS Attack
Hi, C.R.E.A.M. Community.
C.R.E.A.M. Finance continues in our mission to add support for long-tail assets on our money market. This drives additional utility to community members of newly listed tokens — and works towards our goal of making crypto markets more capital efficient.
The Iron Bank is currently the most capital efficient borrow / lend protocol on the market with a LTV of 51.7%. In other words, there is currently $238.5M supplied to the Iron Bank and $123.3M borrowed.
Q2 Targeted Liquidity Mining Program for C.R.E.A.M. Finance submitted by Mechanism Capital
C.R.E.A.M. Finance Updates Multisig
Yearn Finance Launches Iron Bank yVault
We are very excited to announce the Iron Bank yVault — crvIB.
This strategy leverages the Iron Bank curve LP containing C.R.E.A.M. interest-earning stables — cyDAI, cyUSDC, and cyUSDT.
Zap directly into the ycrvIB vault with any asset!
As of today, users have deposited $2.1M into ycrvIB.
This is the first of many collaborations C.R.E.A.M. and Yearn have in the pipeline. Hope to share more soon :)
Q2 Targeted Liquidity Mining Program for C.R.E.A.M. Finance
Community member, Benjamin Simon of Mechanism Capital, submitted a proposal to launch a Q2 Targeted Liquidity Mining Program.
“We propose to distribute 90,000 CREAM tokens in the protocol treasury to users that provide liquidity to CREAM’s capital markets across Ethereum (60,000 CREAM) and Binance Smart Chain (30,000 CREAM). The rewards will be vesting with a cliff, such that new CREAM would only begin to enter the market months after the start of the Liquidity Mining Program and will be released to LPs in a linear fashion.”
The proposal suggests targeting stable coin lending — which will effectively lower utilization rates, and thus borrowers APY. In theory, this model should also increase non-stables liquidity, as users will deposit different collateral types to borrow more stables, as the USDC / USDT borrow APY falls.
C.R.E.A.M. Finance Updates Multisig
As of 3/26, C.R.E.A.M. updated its mutlisig from 5/12 to 4/8.
Additionally, we will be adding Sonic (core team member) and removing Ameen, Kyle, Leo, Paul, SBF as multisig signers. Big thank you to all for helping securing the C.R.E.A.M. protocol — we truly appreciate your support!
The goal of this change is to bring on core team members to the multsig — enabling C.R.E.A.M. to remain at max efficiency, while still providing great security.
Yearn Integrates the Iron Bank Into Front-end
The Iron Bank is now integrated directly into the yearn.fi front end!
Compare collateral value / LTV for your assets here. Also here’s a little alpha leak for our loyal community members.
C.R.E.A.M. Provides An Update on DNS Hijacking
On March 15, C.R.E.A.M. Finance encountered a DNS hijacking. Our GoDaddy account was compromised, redirecting users to a phishing page.
After taking immediate actions to deal with the crisis, we reclaimed the ownership of our domain in a few hours.
Please be assured, all funds are safe and NO user funds were compromised in the attack! We will continue to improve our systems and rest assured — C.R.E.A.M Finance’s smart contracts have never been compromised!
New C.R.E.A.M. Supported Assets
Approved Snapshot Votes
C.R.E.A.M. adds market support for 19 assets on the Fantom network
C.R.E.A.M. Improvement Proposals
C.R.E.A.M. In The News
What’s Ahead For C.R.E.A.M. Finance
UI / UX revamp