DeFi Exchanges

Cream Finance: Crypto Rules Everything Around Me

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Crypto Rules Everything Around Me, or “CREAM” is a DeFi project that enables users to lend, borrow, and exchange cryptocurrencies on Ethereum. Jeffrey Huang launched the project as an algorithmic money market protocol on Binance Smart Chain on July 16th, 2020.

However, since its launch, Cream has gone a long way ahead. At the time of writing, it is a standalone website that leverages Compound and Balancer solutions to create another lego piece of the DeFi money puzzle. 

Getting Started with C.R.E.A.M.

One of the major drawbacks of Cream.Finance is the fact that there is barely any documentation or feature explanations. Do not use this platform if you are new to DeFi. Start with something simpler, like Compound or Aave. 

The current version of C.R.E.A.M. is difficult to navigate and understand, and there is no guidance along the way to help you. There is no technical documentation, and the only way to learn about CREAM is to use it, read their Medium blog posts, or engage with the community on Telegram. 

However, if everything goes to plan, CREAM stands a decent chance to become the first cheap DeFi project, potentially attracting many retail investors through the use of Binance Smart Chain. According to Cream developers, gas fees will no longer be an issue, as transactions on B.S.C. only cost $0.05-0.10. 

Until then, the project uses Ethereum.

Earning CREAM

$CREAM rewards can be earned by providing collateral, staking Balancer, Uniswap, or CREAM swap liquidity provider tokens, swapping, and providing liquidity to pools. In general, if you are familiar with Balancer Labs and Compound, you will quickly understand how CREAM works. 

Activating Gas Limits

To user CREAM, you will need to activate the feature and cryptocurrency you want to use. Each cryptocurrency/pool requires a new transaction. Here are the gas limits for these basic actions.

  • Activating Collateral – 140,215 gas limit (per cryptocurrency)
  • Supply Activation – 75,229 gas limit (per cryptocurrency)
  • Enable Balancer LP Staking – 66,504 gas limit 
  • Enable UniswapV2 LP Staking – 66,429 gas limit
  • Enable CreamSWAP Staking – 66,552 gas limit

Supported Assets

The majority of supported assets are DeFi tokens; however, Cream also supports ETH and stable coins.

Supply/Borrow: ETH, USDT, USDC, COMP, BAL, YFI, yCRV, LINK, CREAM, LEND, CRV, renBTC, BUSD, MTA, yyCRV, SUSHI, FTT, yETH & S.R.M.

Swap: The choice for swaps is much smaller. Most pairs do not have enough liquidity, meaning that the community rarely uses this feature: Cream, USDC, WETH, crCream, crYFI, crYETH, crYYCRV, yETH, yyCRV & Y.F.I.

Conclusion

CREAM is actively being developed and continuously changes, but until it is fully integrated with B.S.C., the platform will remain relatively expensive due to gas fees. However, they have an active community of 2500+ members on Telegram, which is excellent for the project. 

Unfortunately, until these goals are met, it does not provide anything unique for the ecosystem. It’s just another copy and amalgamation of different projects, meshed into one in the name of financial experimentation.

Guest post by Zoran Spirkovski

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