Proposal: Add CREAM to yVault to create yCREAM Delegated Vault

Proposals Vaults
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Summary:
Propose to add C.R.E.A.M. Finance (CREAM) into yVault to create yCREAM Delegated Vault.

Background:
C.R.E.A.M. Finance has quickly become a useful lego piece to DeFi, providing additional liquidity, leverage options, and yield for DeFi-relevant tokens such as YFI, yCRV, CRV, LEND, LINK, COMP, BAL, renBTC, USDC, USDT, ETH, BUSD with more coming up on the roadmap. Many of these tokens have become yieldfarming seed tokens, with potential for yield.

Possible Strategies - CREAM Vault would accept CREAM deposits and use this liquidity in a few ways, including using CREAM as collateral to directly farm other tokens (similar to SHRIMP), or for borrowing seed tokens to farm other tokens (similar to YFV). Any yield earned above the debt is sold for CREAM and returned to the vault, increasing yield in CREAM.

CREAM has become a part of the YFI ecosystem through the StrategyCreamYFI v1 VAULT strategy, and is also part of the proposed yRenBTC Delegated Vault strategy. Through CREAM Vault, this would create sustainable yield for both YFI and CREAM.

Standard fees apply (0.5% withdrawal and 5% performance)

For:
Add CREAM to yVault to create CREAM Vault, ensuring sustainable yield for both YFI and CREAM.

Against:
Don’t add CREAM Vault

Poll:

1 Like
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Poll:

  • FOR: Add CREAM to yVault to create CREAM Vault, ensuring sustainable yield for both YFI and CREAM.
  • Against: Don’t add CREAM Vault

0 voters

3

There’s like 10 request for yVaults right now, lets focus on the things that will warrant more use and whom can capture more polished communities

7 Likes
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Yearn - Let’s please support CREAM Finance. Jeffery and the team have done a great job in bringing the COMP group in with Robert Leshner to help get this up and running as well as Andrew Kang who is well respected within the community.

Cream have given YFI an opportunity to use the token as collateral allowing holders to use gain advantages in the market without the loss of their YFI token.

To me this seems to be a great way we can show we work with those that support us, alah CRV with the recent voting and Aave with their delegated credit.

IF the yVAULT is easy to create and there is a basic strategy then this makes a lot of sense.

Ted

4 Likes
5

can we use the new on-chain msg voting system for this?

1 Like
6

Sure - can’t see why not

7

I agree, let’s get this rolling.

2 Likes
8

don’t even have enough CREAM liquidity in your own system, and now you want to have cream vault?

Liquidity crunch right now in CREAM, nobody can withdraw their CREAM

9

Cream has really crappy liquidity. Currently only 11 cream in supply. Cream treasury is not doing their job to manage the gridlock and lubricate the flows. is there even a treasury to begin with? what a jokegridlock

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Wouldn’t the additional of this vault drive buying of CREAM from the current pools to be placed in the VAULT that would then deposit into CREAM to earn the IR% and CREAM rewards, further compounding the amount of CREAM in supply?

Seems to me that we can help here.

1 Like
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This is available for voting: https://vote.yearn.finance/yearn/proposal/QmVfN2osdCsDZctfJyG94JAE6r9fQaerr7L8NELe9ZHtCf

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Edit: Supposedly, this is old info, and is no longer up-to-date:

Original:

@DeFi_Ted Not necessarily opposed to CREAM being added, but I think they’ve inflated their “partnership” with Compound / Leshner:

1 Like
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This is August 5th before Robert became one of our Multisig signers and Compound became our technical and security advisor. No brrrr inflation.

3 Likes
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Interesting! I knew it was old, surprised I haven’t seen anything publicly from him / Compound regarding it. But thanks for info.

15

Even though this may be true, this information can be misleading. For context: This is not a new issue that Cream introduced. As it is derived from the Compound code, the exact same thing can happen there as well.

One needs to inspect what the borrowing rate is in order to asses the risk of getting stuck (not being able to withdraw supply). There is a dedicated channel for that in the Cream discord that publishes the supplied and borrowed liquidity on a frequent basis.

Having said that, one needs to do proper research “before” using a lending protocol.

Keep in mind that this project is young. The team is quickly reacting to challenges and is iterating fast.

1 Like
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This can be very misleading to readers of the original post without having the right context.

There is certainly significantly more Cream in circulation than “11 tokens”. See in Coingecko and check the Balancer, Uniswap pool and the supply of Cream on the product itself.

Can you elaborate what is the contract you are looking at exactly ? so that people have a better idea what you are actually talking about. thx

17

if the ability to achieve higher apy is to deploy cream elsewhere rather than deposit into cream.finance directly as seen currently, amid treasury mechanism being so reactive and little urgency to address the liquidity crunch (no injection of cream or monetary adjustments even after
hours of gridlock), not sure if it would do VAULT justice to be the one playing the treasury function providing and locking our liquidity in there.

1 Like
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gridlock2
gridlock2578Ă—560 45.3 KB

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We are already providing out YFI as liquidity so I am not sure what the issue is here.,

Let’s get serious for a second. This is a protocol that has given YFI holders the ability to use their YFI without selling it.

They have been working with the YFI community and in return YFI holders have been getting compounding benefits. The decisions that have been made to make sure that there is trust and a want to succeed in the future is there, extending the vesting, having Robert become a technical advisor and asking Andrew Kang from Mechanism Capital to be a multisig signer and a strong move imo.

There is a large vote for no right now and I think that is purely driven out of the idea that this could be bad. Given the most profitable strategy fro CREAM is to park in CREAM, then this to me would assist them with their asset.

It is a vault that can be put together quite quickly, and we can be seen to work with everyone. The decision you make today will be remembered tomorrow, let’s not be the ones to decline a group that gave YFI holders a product to use in the early days to not have to sell our YFI.

CREAM have a new interest rate structure that takes place in the next 24 hours or so that would be hugely beneficial to the CREAM holders that would use the vault.

Not to mention we have a vote in place for giving funds for public goods, to grow the community, this additionally will drive more funds to this and show we are a community orientated. The big threat that is discussed today is can Yearn be coded out, seen as a destroyer of governance distributions and price.

4 Likes
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liquidity crunch is a gridlock where funds even small in this case, are trapped. you lose money on interest rate risk but you get killed on liquidity risk from lack of confidence spiral. few understand that. if no one bothers to manage liquidity proacitvely at this early stage, it is a run on bank - simple as that. perhaps it isl way too premature at this stage for cream to be considered for for a vault. maybe later who knows. let the community decide. i have

2 Likes