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What is Cream Finance ( CREAM)?

C.R.E.A.M Finance functions as a decentralized lending protocol within the domain of decentralized finance (DeFi), catering to individuals, institutions, and protocols seeking access to financial services. As an integral part of the yearn finance ecosystem, C.R.E.A.M. Finance stands as a permissionless, open-source protocol that extends its services across multiple blockchains, including Ethereum, Binance Smart Chain, Polygon, and Fantom.

Users who hold Ether or wBTC in a passive capacity have the opportunity to deposit their assets within the C.R.E.A.M. platform, thereby earning yields akin to those attainable through conventional savings accounts. Notably, the inception of the C.R.E.A.M. Finance protocol took place through a Compound Finance fork.

Prominent attributes of C.R.E.A.M Finance include its open-source nature, its permissionless structure, and its blockchain-agnostic design. The protocol further incentivizes users with yield farming rewards, fostering an inclusive approach to the network's growth and development.

The initiative, aptly named "Crypto Runs Everything Around Me," was introduced unexpectedly on the Ethereum network on August 3, 2020, courtesy of the YOLO liquidity pool. Subsequently, in September 2020, the protocol's expansion encompassed the Binance Smart Chain (BSC).

Empowering users in various ways, the CREAM token enables lending, borrowing, and asset staking, in addition to facilitating participation in network governance. This governance role empowers users to vote on the support or removal of specific assets, solidifying their engagement in the protocol's decision-making processes.

Who is the founder of Cream Finance?

Jeffrey Huang, a Taiwanese entrepreneur, is the driving force behind the establishment of C.R.E.A.M. Finance. He introduced himself with the tongue-in-cheek title of the "semi-benevolent dictator of CREAM" during the platform's launch. This playful moniker suggests his central role in guiding the project's direction while acknowledging a sense of authority tempered with humor.

Beyond his involvement with C.R.E.A.M. Finance, Huang is renowned as the founder of Mithril (MITH), an Ethereum-based social media platform. Mithril was designed to revolutionize social media interactions by rewarding users for their content contributions using blockchain technology. The platform allows users to mine MITH tokens based on the content they generate, effectively intertwining social engagement with cryptocurrency incentives.

Huang's ventures within the blockchain and cryptocurrency space demonstrate his innovative approach to leveraging emerging technologies to reshape traditional paradigms. His involvement with both C.R.E.A.M. Finance and Mithril underscores his commitment to pioneering novel solutions within the decentralized landscape.

What makes Cream Finance unique?

C.R.E.A.M. Finance helps provide liquidity to important DeFi assets through automated market making (AMM), allowing users to borrow and lend supported assets and earn liquidity mining rewards in the form of its CREAM token by supplying any supported asset as collateral. In return, it collects swap, lending, and borrowing fees from users.

The platform aims to list and support tokens important to the DeFi sector, for example, the biggest stablecoins (USDT, USDC, BUSD, YCRV, etc.), governance tokens (COMP, BAL, YFI, LEND, CRV, CREAM, etc.), and other leading cryptocurrencies such as ETH, renBTC, and LINK.

As an ERC20 token on the Ethereum network, CREAM can run Ethereum Virtual Machines through smart contracts, while users can create DAoos for its community, thus resulting in better composability, i.e. plugging different financial services into each other.

CREAM tokens can be staked for a period of up to four years in order to accrue rewards; however, it is important to note that there is no admin unlock available. Therefore, you will only receive your rewards at the end of your staking period.

Explain the network security of Cream Finance.

C.R.E.A.M. Finance employs a comprehensive array of network security mechanisms to ensure the integrity of its decentralized finance (DeFi) ecosystem. These measures, commonly employed within the DeFi space, include regular security audits performed by reputable blockchain security firms to identify and address vulnerabilities in the protocol's codebase. The platform also undergoes rigorous code review processes led by experienced developers and security experts. Additionally, bug bounty programs incentivize external researchers to uncover vulnerabilities before malicious actors exploit them, thereby fostering a proactive security approach. By adhering to smart contract best practices, following decentralized governance principles, staying updated with security patches, and forging partnerships with established security firms, C.R.E.A.M. Finance strengthens its network security. Implementation of multi-signature wallets, meticulous evaluation of third-party integrations, user education on security best practices, and economic incentives that promote responsible behavior collectively contribute to safeguarding the protocol's users and assets. As the DeFi landscape evolves, C.R.E.A.M. Finance remains dedicated to enhancing its security measures while aligning with industry standards and community expectations. Users seeking specific details on the protocol's security mechanisms should consult official documentation and communications provided by C.R.E.A.M. Finance.

What are the recent developments of Cream Finance?

On January 1, 2023, Cream Finance introduced flash loans to its ecosystem, encompassing CREAM v1, Iron Bank, CREAM BSC, and CREAM Fantom platforms. Flash loans empower developers with the ability to access loans without collateral, on the condition that the borrowed amount, along with a fee, is returned within a single transaction block. These flash loans offer a wide spectrum of applications, including democratized liquidations, arbitrage opportunities, collateral swaps, and interest rate adjustments. The implementation of flash loans in Cream Finance closely resembles AAVE Flash Loans V1, but C.R.E.A.M. Flash Loans operate on the crToken protocol. Notably, there are three notable distinctions between C.R.E.A.M. Flash Loans and AAVE v1 Flash Loans. Firstly, developers interact with the flashLoanLender contract instead of the lending pool when utilizing C.R.E.A.M. Flash Loans. Secondly, C.R.E.A.M. has deployed two flashLoanLenders aligned with the EIP-3156 standard: one for Lending and another for IronBank. Lastly, the fee associated with C.R.E.A.M. Flash Loans is set at 0.03%, which is lower than the fee in AAVE v1 Flash Loans. However, it's imperative to highlight that Cream Finance has faced attacks from malicious actors in the past, often exploiting flash loans as a method of attack.

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