Crypto Newcomer Erupts After Receiving Boost From DeFi Darling Andre Cronje

Crypto Newcomer Erupts After Receiving Boost From DeFi Darling Andre Cronje

A decentralized money market project supported by (YFI) creator Andre Cronje is seeing some major price action after announcing further integration with the Yearn ecosystem.

Cream Finance (CREAM), which launched in August of 2020, is rolling out a new feature called the Iron Bank, which is designed to offer fully decentralized zero-collateral lending.

Previously, Cream exclusively offered access to peer-to-peer lending, which in traditional finance takes up a market share of roughly $70 billion.

This, the team notes, is small potatoes compared to the $10 trillion estimated to exist in the corporate debt market. The team believes that, in due time, this capital will flow out of the traditional financial sector into protocols. With its new protocol lending feature, the team aims to give users access to that huge corporate lending bucket.

Cronje tweeted in support of Cream’s advancement to his 100,000 followers on Thursday. After the announcement and Cronje’s spotlight of the team’s plans, the CREAM token soared from a low of around $67 on Tuesday to a high of $134 on Thursday, according to CoinGecko.

Cream users can currently borrow wETH, DAI, and y3Crv, but will eventually be able to borrow USDT, USDC, sUSD, mUSD, DUSD, LINK, YFI, SNX, WBTC as well.

As Yearn and Cream push forward in their efforts to launch their v2 layers, the teams expect users to be able to “obtain 90x leverage on stablecoins or 80x leverage on ETH to farm SUSHI, CRV, ALPHA.”

This is not the first time the YFI creator, whose own project soared from a low of $31.65 to a high of $43,678 this year, has helped an asset gain some traction.

Back in October, the Cronje-backed project KP3R surged by 31,600% at its highly anticipated launch.

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Featured Image: Shutterstock/solarseven

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