C.R.E.A.M. Finance Initiates Governance Proposal to Mint a New Revenue Sharing Token, iceCREAM

C.R.E.A.M. Finance looks to add a powerful tokenomics update to their protocol with their iceCREAM, tokenomics proposal.

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C.R.E.A.M. Finance Looks to Add Governance Tokenomics 

The lending protocol C.R.E.A.M. Finance is actively hosting a voting proposal to update its tokenomics. The new token will be derived from the protocol’s native asset, CREAM token. The update was announced on July 15th via a Tweet from C.R.E.A.M. Finance. 

iceCream will also develop into a productive asset that earns protocol fees. If the community passes the update, C.R.E.A.M. Finance will create a governance token called iceCREAM. 

Currently, the community has shown an overwhelming desire to implement the new tokenomics update. Voting ends July 26th at 13:00 UTC. 

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What is iceCREAM and How Does It Work? 

The iceCREAM token is a governance token, meaning that users will be able to use iceCREAM to vote on upcoming protocol proposals. Proposals are updates to a platform voted on by their crypto community. 

According to C.R.E.A.M. Finance, the proposal would let users lock their CREAM tokens for one week to four years in exchange for iceCREAM tokens. The amount of iceCream distributed to the user is dependent on the quantity and length of CREAM staked.

One interesting piece of information about iceCREAM token is that the token becomes non-transferable and non-tradable. One iceCREAM token will equal one vote for future C.R.E.A.M. Finance proposals. 

With iceCREAM, users can utilize the token for staking, boosting and, of course, voting. Fifty percent or more of the protocol reserves will be distributed as ycrvIB tokens to iceCREAM stakers. 

Users can change their vote each week with iceCREAM and are able to modify the CREAM emissions(base at .4 to a max of 2.5x)across C.R.E.A.M. Finance markets. The more iceCREAM one stakes, the more CREAM one earns. 

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Further Update Notes to Keep in Mind

CREAM holders have the opportunity to lock their tokens in exchange for iceCREAM. With a locked vote of 1000 CREAM, users can expect 4.79 iceCREAM per week; this will eventually equal 1000 new tokens when staked for four years.

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The project rewards governance privileges to early-stakers who have locked their CREAM long-term. However, they will not be entitled to emission boosts. 

Implementation 

The proposal is expected to pass. As of 01:00 UTC on July 26, almost 100% of the votes are in favor.  

Implementation is as follows:

Users will first lock CREAM into iceCREAM. 

Second, the migration of voting from CREAM to iceCREAM begins. 

Finally, protocol fees will be distributed to iceCREAM stakers. 

Users should expect news on Phase II once the update passes.

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What is C.R.E.A.M. Finance?

‍C.R.E.A.M. Finance is a decentralized finance platform run on the Ethereum blockchain. According to CoinMarketCap, the protocol was created as aCompound Finance’s fork while their C.R.E.A.M. SWAP is based on Balancer Labs’ coding.

The protocol allows investors and users to engage in services including borrowing, lending, yield farming, token swapping, and payment. In September 2020, the platform went live on Binance Smart Chain (BSC). The protocol’s native token is CREAM, where users can borrow, stake, or participate in governance. 

‍Source : bsc.news