Cream (CREAM) is a decentralized lending protocol and decentralized exchange built on the Ethereum blockchain. It allows users to lend and borrow various cryptocurrencies, providing liquidity and earning interest. The CREAM token serves as a governance token, giving holders control over the protocol's direction. The project was founded by Jeffrey Huang and has evolved by incorporating features from other DeFi protocols like Yearn.Finance and Compound.
The crypto Cream (CREAM) is used in various ways within the Cream Finance ecosystem. Here are some key uses:
Governance: CREAM tokens enable holders to participate in governance, allowing them to vote on platform decisions and influence the direction of the project.
Staking: Users can stake their CREAM tokens to earn rewards. This staking period can last up to four years, and rewards are accrued during this time.
Lending and Borrowing: The CREAM token facilitates lending and borrowing activities within the platform. Users can lend and borrow supported assets, earning liquidity mining rewards in the form of CREAM tokens.
Accessing Services: The token is required to access various services within the platform, such as liquidity mining and other financial services.
Swap and Collateral: Users can use CREAM tokens to swap assets and provide collateral for borrowing activities.
These uses highlight the multifaceted role of the CREAM token in the Cream Finance ecosystem, which is designed to provide decentralized financial services and promote community engagement.
To store CREAM tokens, you can use any wallet that supports Ethereum-based ERC-20 assets. Popular options include:
- Hardware Wallets: Ledger Nano S, Trezor
- Software Wallets: Atomic Wallet, MetaMask
- Mobile Wallets: Mobile apps like MetaMask or WalleConnect
These wallets ensure the secure storage of your CREAM tokens. Always follow best security practices, such as using strong passwords, enabling two-factor authentication, and keeping your software up to date.
To buy Cream (CREAM) tokens, follow these steps:
Choose an Exchange: CREAM tokens can be traded on various centralized crypto exchanges. Popular options include Binance, BingX, and Bitrue. Compare the price of CREAM across exchanges to find the best deal.
Create an Account: If you don't already have an account on the chosen exchange, create one. Some exchanges may require you to complete Know-Your-Customer (KYC) requirements before you can trade or withdraw.
Deposit Funds: Deposit funds into your exchange account. Ensure you select the correct network and token you are depositing. Double-check wallet addresses to ensure your funds arrive safely.
Purchase CREAM: Once your funds are deposited, complete the purchase of CREAM tokens. Be aware of any fees associated with the transaction.
Store Your Tokens: After purchasing CREAM, decide how to store your tokens. You can keep them on the exchange, in a self-custodial wallet like MetaMask or TrustWallet, or in a secure cold storage wallet like Trezor or Ledger.
Remember to perform thorough due diligence on the project before investing, ensuring the smart contract is safe, audited, or renounced, and verifying the liquidity and team involvement.
