C.R.E.A.M. Communications #8
Introducing the Creamery, Treasury Management Update, yVault Collateral Factor - Update, 88mph Community Call Featuring Leo Cheng
Hi, C.R.E.A.M. Community.
Total reserves (i.e. the total amount of fees paid to the protocol, that can be considered as C.R.E.A.M. Finance revenues) generated by the Iron Bank continuing growing to new all-time highs: total reservers $394k+ reached on May 16th, a 30% week-over-week increase.
Weekly Recap
Introducing The Creamery
Introducing The Creamery
C.R.E.A.M. Finance is excited to launch the Creamery, a new program to encourage community contributions to the protocol. The Creamery is a board where community members can claim tasks, and earn rewards for completing them. This is a big step in making it easier for the community to actively contribute to C.R.E.A.M. and towards decentralizing the protocol.
There are already a number of open tasks for community members to start contributing including:
Helping to write blog posts
Building dashboards
Translations
Building a liquidation bot
We’ll be using Coordinape to allocate rewards to contributors. yEarn built Coordinape to help coordinate its grants program and it allows community members to distribute ‘points’ to fellow contributors, helping to ensure fair rewards.
Get started by joining the Creamery channel in Discord.
Spring Treasury Management Update
Remember back in February when we announced that we had converted various crypto assets into ~$5M of yield-generating stablecoins? Well, C.R.E.A.M. Finance has done it again — expanding the projects runway.
To secure the health and longevity of the protocol, C.R.E.A.M. Finance sold — between April 24th and May 5th — various crypto assets. These assets were sold into stable coins and then subsequently invested into yield-generating stablecoins and ETH. In total, the team converted 80% of protocol reserves into stable coins.
In total, C.R.E.A.M. now has $7M in our treasury derived from protocol fees. Additionally, the 20% of fees generated from Ethereum and BSC lending platforms continue to serve as a liquidity and reserve in our markets. We look forward to scaling C.R.E.A.M. ‘s user base in a multi-chain ecosystem — while remaining fiscally responsible as one of the major DeFi Lending protocols.
yVault Collateral Factor Proposal Update
In C.R.E.A.M. Communications #6, we mentioned a proposal to raise the collateral factor of new yVault tokens (yvCurve-IronBank, yvCurve-sETH, and yvCurve-stETH) to 75%, submitted by dudesahn.
After discussion, we decided to put up the voting with 60%, instead of 75%.
The major reason is that these are tokens that are wrapped 2 or 3 times, which are very difficult for liquidation, even though the underlying tokens are major or stable tokens.
Difficulty in liquidation is directly linked to the protocol risk. Thus, we think 60% is a proper number.
88mph community call with featuring Leo Cheng
On May 13th, our Project Lead Leo Cheng spoke during 88mph Community Call II.
Leo provided very interesting details on our last treasury management decision, along with his views on the DeFi Lending market, and governance participation best practices. He provided some tips to make a protocol bear-market proof and ensure its longevity even through rainy days.
Feel free to listen to the full replay!
New C.R.E.A.M. Supported Assets
Ethereum
Iron Bank
C.R.E.A.M. Snapshot Votes
Ongoing Snapshot Votes
Approved Snapshot Votes
C.R.E.A.M. Improvement Proposals
What’s Ahead For C.R.E.A.M. Finance
UI / UX revamp
Thanks for reading - Feel free to follow us on Twitter and join our Discord to get in on the conversation.
-C.R.E.A.M. Finance