Bullish FARM Swap Pool and New crCREAM Staking Tonight; Long-Term CREAM Staking Tomorrow
We are happy to announce today that we are supporting our friends in the Harvest Finance community with the launch of a Bullish FARM Swap pool (80/20 FARM/ETH), migrating the crCREAM staking to a 7-day lock, and announcing a new long-term CREAM staking program tomorrow.
Bullish FARM Swap Pool
With the launch of the new FARM/ETH 80/20 Swap pool, we are helping FARM token holders stay bullish on FARM while providing liquidity. This new FARM liquidity provider option reduces the amount of impermanent loss that FARM liquidity providers experience. Please go to the Pools page at https://app.cream.finance/pools to add liquidity to this pool.
CREAM Supply ONLY (Pool 1.5e) Migrates to 7-Day Lock Tonight
As announced yesterday, we are bringing back the lockup for crCREAM stakers to be eligible for CREAM rewards. We are making this change in response to our community’s call for a lockup to ensure that these CREAM rewards go to true CREAM supporters. Migration to the new staking contract will be available shortly — please remember to migrate. Rewards for CREAM Supply ONLY will move to the new pool around September 22nd, 11:59pm UTC+8.
Long-Term CREAM Staking Starts Tomorrow
Concerns have been raised by the dolphins in our community regarding challenges in keeping up with the whales. They cite a lack of lockup, frequent migrations in incentive structures and pools, and gas costs required to supply, stake etc. as main reasons. Solutions suggested includes having more lockups, longer frequency reward programs, and lower gas fees. To address these concerns, we are rolling out a new set of long-term staking contracts, where CREAM token holders can choose to deposit into long-term staking contracts for 1, 2, 3, or 4 years and receive CREAM rewards from these pools. Sorry, we can’t do anything about high gas fees at this time.
In order to keep the rules simple and easy to understand, we are modifying the standard YFI staking contract to do the following:
1) Lock deposited CREAM until specified unlock date.
2) Distribute CREAM rewards linearly and proportionately per block between start and end dates.
3) Only upon the end date of the staking period will the smart contract allow for unstaking and withdrawing of both the reward and staked amount.
There will be no admin unlock capability. Once tokens are staked, they are locked until the unlock date is reached. Please be sure that you are ready to commit to the 1, 2, 3, or 4 year locks before you stake. Pools will open for deposit around September 23rd, 11pm UTC+8, with rewards starting an hour later, around 11:59pm UTC+8.
C.R.E.A.M. DAO
Crypto Rules Everything Around Me, C.R.E.A.M.
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