Cream Finance (CREAM) has announced that they will be destroying 67.5% of the token supply on September 20. A total of 6,075,000 CREAM tokens will be destroyed and will include 100% of the ‘governance’ tokens and 75% of the seed tokens.
This burn will include 100% of the “governance” tokens, and 75% of the Seed tokens. We believe that this action will provide greater certainty to the current token holders while creating a stronger foundation for long-term success of the project, the project’s blog said.
New Token Structure + emission schedule; Treasury TBD.
Of the CREAM tokens to be burned, none will come from the current circulating supply of 149,928 CREAM. All will be from governance and seed tokens. As earlier mentioned, the burn is meant to reassure current CREAM holders that the value of the token will not be diluted by excess supply.
CREAM Finance is a DeFi ecosystem focused on providing lending, exchange, payment, and asset tokenization services. Created as a fork of Compound Finance, it also claims to operate a permissionless and open-source protocol so any other internet participant can be a part of the development of the network, instead of just using it or locking up funds in smart contracts for staking rewards.
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