Announcing its support for the lending/borrowing services of AXS, SAND, YGG, MANA, RARI, and OGN, C.R.E.A.M. Finance stated that it is the first time that YGG and AXS have been supported by any protocol in the category of decentralized finance. According to cryptocurrency experts, this launch is a cog in the wheel of the broader expansion strategy that C.R.E.A.M. Finance is looking forward to pursuing in the future.
NFTs can be considered as the next growth engine for the cryptocurrency and blockchain sphere. It has provided a fair opportunity for creators and artists to claim their due in a transparent manner. This democratization of artistic creations is attracting stakeholders from across the globe. They are leveraging this opportunity to make money and enhance the potential of their creative abilities. Along with NFTs, metaverses also offer innovative ways for participants and creators to connect. All this takes place within the virtual space where there are no geographical boundaries to transact digital art.
Within the broader space of NFTs, there are three different types of users belonging to specific categories of participants, token holders, and DAOs/Projects. The real issue with all the categories is the absence of lucrative opportunities within the broader ecosystem of cryptocurrency. This problem is specifically pertinent in the segment of decentralized finance.
C.R.E.A.M. Finance is specifically working on creating a solution for these issues. As a part of their first step towards building a holistic ecosystem, the organization is happy to announce that it has integrated many utility tokens in the segment of NFT and Metaverse.
Of course, with this integration comes the challenge of finding reliable price feeds for these tokens. The platform has integrated Price Feed Oracle as a possible solution. The decentralized Oracle solution acts as a bridge between the network and the outside world by offering reliable information on the price feeds to the users in the system. This is specifically beneficial for the tokens of YGG and AXS because no oracle-based price feeds have been available for these tokens till now. With the newly added tokens, C.R.E.A.M. Finance has now been able to support a total of 6 NFT/Metaverse.
This listing will help both borrowers and lenders in several ways, including earning interest on the lending and borrowing against the value of these assets. These tokens can also be used for hedging against unpredictable price movements. Further, these assets can be used to borrow funds to power the growth story of the business.
In addition to extending support for the tokens, there are other opportunities on which C.R.E.A.M. Finance is focusing and intends to play a major role. The platform will integrate the popular wallets and Play-2-Earn games to expand its earning potential. Besides, combining the utility of the NFTs and DeFi to provide a superior and vast range of services to the entire blockchain and cryptocurrency ecosystem is also on the top of the company’s agenda.