C.R.E.A.M. February Treasury Management — Get stablecoins, CREAM Buyback & Make on Sushiswap
Since inception, C.R.E.A.M. has been able to accrue protocol revenues from lending activity across both Ethereum and Binance smart chain. To secure the health and longevity of the C.R.E.A.M. project, between February17 and February 22, we converted various crypto assets into ~$5-million USD of yield-generating stablecoins . Also, we executed on the CREAM buyback and make on Sushiswap.
The team removed the crToken-denominated revenues and proceeded to convert 80 percent of the protocol revenues into interest bearing stablecoin holdings. In support of the greater Yearn ecosystem, these stable coins have been deposited into our own ecosystems.
On Ethereum, we converted revenues from over 25 assets into USDT, USDC, DAI, and yUSD, and then proceeded to split these funds into depositing into C.R.E.A.M. V1, C.R.E.A.M. V2 Iron Bank, and Curve 3pool. This amount totaled over $4 million USD on Ethereum mainnet, which we have locked in to stable holdings to protect the C.R.E.A.M. treasury against price fluctuations in the fees generated, increase capital efficiency in its holdings (deploying these funds back to earn interest), and secure the longevity of the C.R.E.A.M. project.
On BSC, another $750k BUSD in fees were accrued and converted, with $100k USD transferred to our Ethereum wallet and the majority redeposited into C.R.E.A.M. v1 to earn yield.
Previously, the C.R.E.A.M. DAO passed a proposal regarding the use of $1.4 million USD — $1 million for continued protocol development and $400k for the CREAM buyback and make. On February 24, we converted total $400k value of USDT, TUSD, BUSD, USDC into CREAM and ETH to add liquidity to Sushiswap CREAM/ETH pair and deposit the SLP (Sushiswap Liquidity Provider token) into Sushiswap Onsen Master Chef LP Staking Pools to earn further $SUSHI rewards. We believe this makes C.R.E.A.M. the first protocol to execute on Joel Monegro’s vision to utilize buybacks for market-making rather than burning tokens.
In total, C.R.E.A.M. now has ~$6.4 million dollars in our treasury derived from protocol fees. Additionally, the 20% of fees generated so far from Ethereum and BSC lending platforms continue to serve as a liquidity and reserve fee in our markets. We look forward to further growing C.R.E.A.M.’s user base in a multi-chain ecosystem.
C.R.E.A.M. Finance
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