The expansion of Creams’ BSC money markets to include CAKE LP tokens allows the DeFi ecosystem to generate more liquidity and earnings for all participants.
Cream has announced that it is expanding its collateral options to include four PancakeSwap LP tokens. The tokens will serve as collateral for lending and borrowing and on C.R.E.A.M. When allocated for multiple purposes at the same time, the added assets will lead to more liquidity, effective capital allocation, and a lower cost of borrowing. With the new listing, users will be able to borrow the following Pancakeswap LP positions Cake/BNB, BNB/BUSD, BTCB/BNB, ETH/BNB. Users will however have to utilize a Binance Smart Chain (BSC) web3 supported wallet, such as Binance Chain Wallet or Metamask to assess the LPs.
Cream Finance was initially launched on the Ethereum Platform but in September of 2020, it was deployed on the BSC. Cream is a social media platform with over 42 million users across its various apps and websites. Cream Finance is focused on its goal to expand the reach and boundaries of DeFi and to achieve this goal. The protocol utilizes the source code from the likes of Compound Finance, Balancer, Curve Finance, Uniswap, and Blackholeswap on its protocol.
Since Cream is focused on creating new dimensions to DeFi, its protocol features updates almost every other week since its launch. Currently, Cream Finance is in the process of transitioning to a decentralized autonomous organization (DAO) governed by its community. The first dimension to Cream is its decentralized lending and borrowing services. Lenders are incentivized to supply their cryptocurrency assets into different lending pools. Lenders earn interest on deposited funds and borrowers owe interest on borrowed funds. These rates depend on the supply and demand for that asset. Withdrawals can also be made from the lender’s end at any time. Other dimensions to Cream include governance, liquidity mining, and DEX services. Most of the dimensions to Cream mirror the protocol to which they are forked from. For instance, the Lending and Borrowing Dimensions of Cream Finance mirrors Compound Finance.
The expansion of Creams’ BSC money markets to include CAKE LP tokens allows the DeFi ecosystem to generate more liquidity and earnings for all participants. Depositors using PancakeSwap LPs as collateral earn interest, CAKE rewards, and LP trading fees. Cream on BSC will give you access to the following tokens: Cream, ADA, ATOM, ALPHA AUTO, BAND, BCH, BTC, BNB. BUSD, BETH, DOT, EOS, ETH, LINK, XRP, LTC, DAI, XTZ, FIL, YFI, UNI, ATOM, USDC, ALPHA, TWT, XVS, CAKE, BAT, VAI, AUTO, renBTC, renZEC, BETH, IOTX, SXP, SUSHI and PancakeSwap LP Tokens.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.