With so much happening across the Decentralized Finance industry, newer projects are mushrooming, and existing ones are gearing up for major advancements. The cream project which forked out of Compound has now garnered momentum ever since Yearn.Finance integration and further gained due to the announcement of the Iron bank feature.
CREAM token has surged by more than 40 percent in a matter of the past 24 hours.
CREAM Surges after announcing the Iron Bank feature
Yield. Finance integration of Cream money market in its ecosystem catapulted the market activity for CREAM token. CREAM is the native token of the Cream project that has gained immensely after the Yearn Finance merger, and now the project has announced another attractive feature to strengthen its stakes in crypto markets. The Iron Bank feature attempts to establish a decentralized version of corporate debt, creating a newer industry where the other protocols can borrow funds without any collateral. The peer to peer lending model of traditional finance is compared to corporate credit by Cream. The firm presses the need to create a model similar to corporate debt in decentralized finance for higher growth of the industry.
The Iron Bank system would not be permissionless, and the protocols participating in the program must be listed on the Cream protocol for a line of credit. The whitelisted protocol can borrow seamlessly on the platform within the credit limit set by the Cream protocol.
Cream would allow borrowing Ethereum. y3crv and Dai on the platform; however, in the future, the plan is to include Tether, sUSD, mStable, and DefiDollar along with Chainlink., Synthetix Token(SNX), and wrapped Bitcoin.
Iron Bank feature would be highly useful in increasing the efficiency and impact of the yield farming activities on Yearn. Finance . Undercollateralized loans on the Yearn ecosystem would give a boost to Yearn business as they increase business possibilities. With Cream and Yield Coming together, the Iron bank feature can boost the yields and enhance the overall customer experience. The market watchers attribute the Iron bank feature as a major catalyst for the growth of Cream protocol and believe that it will bring higher value for CREAM holders as a whole.
CREAM is currently trading at $101.31 and has a total locked value of $300,387,389, as per data shown by Coingecko.com.
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