Make a Lil CREAM this Week: Low-Risk Strategy

Since my last post about Cream Finance, CREAM has performed wonderfully. They are now listed in the top 10 on Defi Pulse for Total Value Locked and we saw the price surge to an all time high of $287+. They’ve also added several new reward incentives and features including a swap. IMO, one of the best farms out there.

The price has since now corrected, so your haven’t missed the float🍨 . It may actually be a perfect time to enter a new position or to double down on your holdings to pull some sweet gains this week.

Strategy

All we are going to do here is supply CREAM. There are lots of things ways to make plenty of CREAM on their app, this one is just easy.

If you don’t own any, it’s up to your whether or not you think it’s worth it. This isn’t just a farming coin and certainly shouldn’t be lumped in with “food coins” although it is tasty.

If you supply CREAM to Cream Finance from 9/15 to 9/21 here’s what you can hope to gain (highlighted in pink).

Not only will you be getting your supply and distribution APYs, which equate to around 35% on average, you will also be pulling in CREAM units from pool 1 and pool 1.5e. Distributions from those pools go out every Wednesday.

If CREAM gets a little pump between now and then, which I expect it might, you could be spooning in some delicious yields.

What’s Changed

If you want to supply CREAM but also want to pull in from the distribution pools, you will have to go through 1 extra step. When you supply CREAM you are given crCREAM tokens as a kind of “reciept” or IOU for your supply.

You will now have to supply those crCREAM tokens in the rewards section on the Cream app and you will not be able to borrow on that collateral.

Walkthrough

I’ll be using a Metamask wallet as it is generally what I recommend for farming.

  1. Launch the Cream app and find CREAM in the supply list. Click on it.

Here, I’m just going to supply the Max, and as you can see the supply and distribution APYs look pretty good. You click supply, pay a little gas, and you are now earning rewards in CREAM token as per those APYs.

Pro tip: If you are doing small amounts, pick low-gas (gwei) times of the day. My idea of low gas is <100 gwei, but sometimes you just gotta make moves. I recommend using Gas Tracker like a weather report.

2. That extra step I was talking about. You’re probably going to want to pull extra CREAM from those distribution pools, so you’ll need to know where your crCREAM is.

If you are using Metamask, you may have to add the contract address for crCREAM to see them. They are still there, but if you don’t see them in your wallet, you can always view the transaction on Etherscan, find Tokens Transferred on the page, and look for the little ice cream scoop. Or, just click here. Add the token to your Metamask with the button under assets, and you should see them show up. If you need help with that look here.

3. Go to the rewards section. Click on CREAM Swap

Scroll down and find crCREAM and click select.

You will see the screen below: Stake the max of your crCREAM tokens, unless you want a quicker exit, then keep some. Here, I just staked the max. When you stake on the left (and pay gas of course) you will see your staked balance in the middle and your rewards on the right. You can unstake and claim at any time.

When you go back to the Dashboard, it will look like this so don’t freak out. As you can see my supply balance is 0, but my net APY is still there, meaning I am getting my percentages and my asset is listed.

My collateral button is turned on, but yours doesn’t have to be in this case. That is only if you intending to borrow, so don’t pay the gas to switch that on if you aren’t going to borrow.

That’s it!

“It’s stake and bake and I helped!”

Disclaimer: Good luck and remember this is not financial advice, just something I am doing this week that I thought I might share with you.

Crypto enthusiast. Not a financial advisor. All puns are intentional. @TheRealShillbo (twitter)