C.R.E.A.M. Project Update
It hasn’t been a month since we launched our YOLO Alpha on August 3rd. As we review our progress in hitting $190-million TVL, we wanted to share with the community insights on our journey, learnings, and answers to some of the most commonly asked questions.
Funding
We’ve allocated 10% of the CREAM tokens to seed this project. As previously announced, this seed round has a 2-year vesting schedule with a 6-month cliff. With the funding from this seed round, we have sufficient runway to complete migration to community governance. If there is ever a future fundraise, we anticipate that any future round of fundraising will be decided by the community through governance.
Change to seed vesting — we have reviewed our progress with our seed token holders, and they have agreed to further support our project by doubling the vesting schedule from 2-year vesting with a 6-month cliff to a 4-year vesting with a 1-year cliff. As fans of Kobe, this 1-year cliff will occur on August 24th, 2021. This move by our seed token holders shows their commitment to our long-term vision.
Team
We are very proud of our talented core team, and would like to take this opportunity to introduce our core engineers:
Jeremy Yang, Technical Lead
Jeremy is a full stack developer with over 4 years of experience in the blockchain space. He was the first to implement and deploy a DApp for the Ministry of Justice Investigation Bureau During his military service in Taiwan. Jeremy received his BS and MS in Computer Science from National Taiwan University.
Bun Hsu, Senior Engineer
Bun is a blockchain developer, believer, and enthusiast. He received his BS and MS from National Taiwan University in Computer Science. After graduation, he developed one of the first Plasma implementations in the world and joined the first wave of grantees from the Ethereum Foundation. After the EF grant, Bun continued to research Plasma at OmiseGo.
Stanley Ding, Senior Engineer
Stanley is a dedicated and enthusiastic developer in crypto trading system and blockchain technology. He received his BS in Computer Science from National Cheng Kung University and MS in Computer Science from National Taiwan University.
Security
Some have asked us about security and smart contract audits. We’re fortunate to have Compound Finance as our technology and security advisor. Cream is a fork of Compound without changes in the smart contract code. We do not believe that any auditors understand Compound code better than the Compound team.
Admin keys and CREAM contract ownership have moved to the multisig controlled by community leaders discussed here.
Governance
In the near-term, I will continue to operate as a semi-benevolent dictator for C.R.E.A.M. so that we can iterate quickly. We are also looking at how to begin our process to cede control to the community. In terms of infrastructure, we are evaluating the Compound governance system, and also looking at fascinating startup options such as Boardroom, catering exactly to needs like ours. I am the Founder, not CEO of C.R.E.A.M., without a key to the multisig. Just like how Vitalik is not the CEO of Ethereum, and Andre is not the CEO of Yearn.
Token Listing Strategy
Our strategy in token listings is simple: List tokens that are valuable but have little to no yield. This has led us to list yieldfarming seeds such as LINK, YFI, COMP, yCRV, LEND etc. Also, we have seen success in listing tokens from communities that are active but not yet well-served within the current lending platforms, such as renBTC. We will continue to follow this strategy as it has served us well.
DeFi Roadmap
As a blockchain-agnostic protocol, our next move is to launch on Binance Smart Chain (BSC) in September. We want to thank the Binance Chain team for their help in preparing us for launch onto BSC.
In addition to BSC we are also evaluating other scaling solutions. Kyle at Multicoin provided insights to Solana; Peter from MetaCartel Ventures informed us of the progress at XDAI; Darius at QCP suggested that we look into Algorand. Given all the scaling options in development, we are hopeful that DeFi will continue to flourish despite today’s scaling challenges.
I’d like to personally thank Robert and the team at Compound for making C.R.E.A.M. possible.
Jeffrey Huang, Founder
Crypto Rules Everything Around Me, C.R.E.A.M.
Join us on Discord, follow us on Twitter, or visit us at cream.finance.
