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Cream Finance set to launch Swap automated market maker, CREAM token prices have surged 60% to ATH

General company DeFi Cream Finance is targeting Uniswap with a new automated market maker (AMM) called “Swap.” This is relatively “hot” news at the moment because CREAM tokens have risen at least 60% during the day to a new all-time high.

About Cream Finance and their plans for the future

In early August 2020, Cream Finance officially launched to the community in modest silence. The main goal of the project fosters an open and inclusive financial ecosystem, based on Compound Finance.

Initially, Cream Finance launched a P2P lending platform on the Ethereum network, similar to most other DeFi protocols. However, now Cream Finance had switched to Binance Smart Chain (BSC) when it officially went into operation on September 1.

Cream owns the governance token with a total supply of 9 million CREAM. The project began distributing tokens aimed at attracting liquidity providers into the platform since August and has total liquidity of $ 4.6 million. 10% of the CREAM total supply has been allocated to initiate the project, and it still works mostly under the guidance of founder Jeffrey Huang. At this point, the team has begun the process of ceding control to the community.

Launch SWAP Protocol Cream Token

The latest move from Cream Finance is the launch of an automated Swap marketplace creation app, allowing users of the lending platform to convert their collateral positions without leaving it.

Profitable farmers who create and deposit money into liquidity pools on the new Swap platform will receive a standard token called CRPT (Cream Pool Token). This operation is similar to how Balancer issues BPT and other liquidity pools with native tokens representing the amount that has been provided.

The fee structure is slightly lower than Uniswap, with all exchange fees set to 0.25% in the first place. Liquidity providers will receive 0.2%, while the remaining 0.05% will be transferred to the CREAM network. In addition to collateral from its tokens, Swap can also support tokens from Compound, Yearn, Aave, Balancer, Uniswap, and TokenSet.

There will be six starting groups, including CREAM / USDC, CREAM / WETH, crCREAM / crYFI, crYETH / crYYCRV, yETH / WETH, and yyCRV / USDC. Pairs with USDC and WETH allow users to trade, buy, and sell these two popular tokens. Whereas ‘creamed (cr)’ groups allow users to transact between CREAM and YFI or from ETH to stablecoins. The last two pairs that will allow users to swap Yearn’s tokens to other tokens easily are wETH and USDC.

To attract early liquidity, 3,000 CREAM tokens per day for CREAM pairs and 500 tokens per day for other pools will be distributed. Users need to stake CRPT – the tokens will be locked for three days – to be eligible for the rewards.

Swap launch date is scheduled for 22:00 (Vietnam time) on September 8. The incentive is currently only seven days long but could be adjusted for longer if attention is drawn from the user.

What sets Cream Finance apart from other DeFi brethren is that they chose the Binance network instead of Ethereum. The BSC can interact with Ethereum but operate on its blockchain. Therefore, the project will not incur dreadful network fees on ETH.

CREAM price increased by 60%

The platform’s native token has surged recently, reaching an all-time high of $ 163 after gaining 60% on the day. At launch, the CREAM price jumped to $ 100 during the first pump driven by FOMO.

cream-finance-set-to-launch-swap-automated-market-maker

Of course, the dumping incident did not ignore CREAM, causing it to drop quickly to around $ 14. But since then, it looks like CREAM has stabilized and started to yield higher. Today’s spike is clearly due to the new AMM launch and lucrative token distribution opportunities.

Uniswap also reported volume on the platform, hitting an all-time high of $ 6.7 million on September 7 with liquidity just under $ 5 million on the day. CREAM seemed to be the new breeze of DeFi at this point after the SushiSwap epic last weekend.

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