C.R.E.A.M. Finance
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C.R.E.A.M. Finance

C.R.E.A.M. Finance Launches Boosted Savings with Automated Validator Delegation

Highlights

  • C.R.E.A.M. Finance launches it’s new feature for depositors: Boosted Savings
  • Starting from July 29 18pm UTC+8, users now earn a higher APY through automated delegation
  • Higher APY is comprised of lending interest and shared validator rewards
  • Launching first on BSC with BNB

We are excited to announce a first for the DeFi industry, the launch of our new Boosted Savings feature — available on select assets for C.R.E.A.M. Finance depositors.

With a single click, users on C.R.E.A.M. Finance are now able to earn validator rewards on top of the current supply APY. At launch, this is only available for users depositing BNB (on BSC), but we will be expanding this feature to additional chains over the coming months.

Boosted Savings is unique for the DeFi community because users just lend their BNB on BSC, as per normal, and earn Boosted Savings automatically. It’s that simple.

How does this work?

C.R.E.A.M. Finance is a validator on Binance Chain, and as such earns validator rewards in return for its services. Normally, our validator earns a reward of approximately 10% — 20% APR. With the addition of lending, users are now effectively loaning their BNB to C.R.E.A.M. Finance’s BC validator, and as a result earning a share of the validator rewards! The use of funds is being managed behind the scenes, enabling our users to earn Boosted Savings without any additional steps or complexity!

The added benefit for users is they are able to withdraw their funds at any time, and are not subject to the normal 7 day lock up period required for staking to a BSC validator. Additionally, users maintain the option to borrow up to 75% of their BNB position for whichever asset they choose.

To check the APY, users only need to click “BNB” on the Supply Assets section of the Lending page while connected to BSC. A new window will appear displaying both “Supply APY” as well as the validator reward expressed, which is expressed as the “Reward APY.”

Claiming the validator reward is done manually: For BNB, users will need to first connect to BSC and then navigate to the Portfolio page. If there are validator rewards that can be claimed, users will see this within the ‘claimable assets’ section, and users can click ‘Claim All’ to get the reward.

* Users who have supplied BNB before the Boosted Savings Program launch(July 30th 18pm UTC+8) will need to interact with the smart contract by supplying or withdrawing a little bit BNB to start getting the BNB reward.

Validator rewards must be claimed manually by the user

For more technical details, please see the following:
https://medium.com/cream-finance/cross-chain-delegation-on-bsc-99651552180f

Why we build this product?

We had two goals in mind:

  • How to increase value and yield for our users
  • How to increase the amount of BNB delegated to our validator node

With the launch of Boosted Savings, C.R.E.A.M. Finance is able to provide increased savings rate through the shared validator rewards — increasing value to our users without any change required from them! With this increased savings rate, in turn, we hope to drive more users to use BSC on C.R.E.A.M. Finance.

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C.R.E.A.M. Finance is a decentralized lending protocol for individual and institutional access to financial services. It is a permissionless and blockchain agnostic protocol existing on Ethereum, Binance Smart Chain and Fantom. Join us: https://linktr.ee/creamdotfinance

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