Crypto News– Cream Finance increase; On September 24, Spot On Chain, a cryptocurrency news outlet, reported a significant token distribution event involving Cream Finance. During the preceding 10 hours, Cream Finance disbursed a substantial sum of 241,415 CREAM tokens, with an estimated total value of approximately $4.27 million. These tokens found their way to a total of 19 distinct wallet addresses, marking a noteworthy development within the crypto community.
Cream Finance Increase; Soars 80% Following Launch of 3-Year Staking Contract
Remarkably, one prominent figure, known as Huang Licheng, who also goes by the moniker “Machi Big Brother,” received the lion’s share of this distribution. Huang Licheng acquired a staggering 215,236 CREAM tokens, equating to an approximate value of $3.8 million, and subsequently chose to stake these tokens. This significant acquisition by Huang Licheng has sparked considerable interest and discussion within the crypto sphere.
In addition to Huang’s involvement, the distribution included 13 other wallet addresses, which collectively sold 5,409 CREAM tokens. These sales amounted to a total value of around $99,200, and they occurred through various platforms, including well-known exchanges like Binance and Gate, as well as decentralized exchanges (DEXs). The diversification of recipients and distribution channels adds complexity to this token distribution event.
The upsurge in distribution should not be misconstrued as an indicator of enduring viability
Cream Finance, operating as an integral part of the rapidly expanding decentralized financial ecosystem, positions itself as an open-source, permissionless, and blockchain-agnostic protocol. Its primary objective is to facilitate access to financial services, extending its offerings to institutions, individuals, and other blockchain protocols alike.
Nonetheless, it’s crucial for market participants to exercise caution and remain mindful of the inherent volatility associated with cryptocurrencies. Short-term price fluctuations, such as the recent surge in CREAM token distribution, may not necessarily indicate sustainable growth or stability in the market.
Furthermore, it’s worth noting that Huang Licheng, a central figure in this distribution, has recently withdrawn from a legal dispute involving the crypto investigator ZachXBT. This lawsuit brought to light allegations of embezzlement concerning Huang’s prior involvement in crypto projects. It’s important to emphasize that Huang Licheng has vehemently denied these allegations, and the situation remains legally unresolved.
As Cream Finance continues to garner attention and make waves within the cryptocurrency space, it is imperative for investors and observers to exercise prudence, keeping an eye on market dynamics, potential controversies, and the broader context surrounding figures like Huang Licheng.
About Cream Finance
CREAM is a decentralized lending protocol that facilitates financial services for individuals, institutions, and other protocols. It operates as part of the “new” financial ecosystem and serves users on Ethereum, Binance Smart Chain, and Fantom, functioning as a permissionless, open-source blockchain protocol. Cream Finance emerged as a versatile DeFi (Decentralized Finance) protocol that forked from Compound Finance (COMP). Primarily, Cream Finance acts as a peer-to-peer cryptocurrency exchange and lending platform, operating on the principle of liquidity mining.
The native token of Cream Finance is Cream Coin. With a total supply of 2.9 billion tokens, out of which 616 million are currently in circulation, CREAM is an ERC-20 standard token through which holders can exercise certain governance and economic rights within the network. Users holding CREAM can participate in network governance decisions and receive a percentage of fees (0.05% of the 0.25% fee) generated from token swaps on decentralized exchanges (DEXs).
Delving into the details of the Cream Coin project, Cream Finance was initially launched on Ethereum (ETH) on August 3, 2020, with a mining pool called YOLO Alpha. The protocol’s second version was introduced on Binance Smart Chain (BSC) on September 11, 2020. In March 2021, Cream Finance expanded its reach by entering the digital realm of Fantom (FTM), offering a swift and highly efficient open-source smart contract platform. Users looking to transact can choose to access Cream Finance by bridging their assets via Fantom or Binance Smart Chain, which supports various cryptocurrencies.
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