iceCREAM, proposed CREAM tokenomics

Summary (Phase I)

iceCREAM turns CREAM into a productive asset which earns protocol fees.

iceCREAM tokens will have the same three main use cases as CRV - voting, staking, and boosting.

How iceCREAM works:

  • Lock CREAM between 1 week to 4 years to receive iceCREAM.
  • iceCREAM becomes non-transferable and non-tradeable.
  • 50%+ of Protocol Reserves going forward will be distributed as ycrvIB tokens to iceCREAM stakers.
  • 1 iceCREAM = 1 vote in the future of C.R.E.A.M. Finance governance.
  • iceCREAM staked translates to voting power which can be used to determine allocation of CREAM token liquidity mining by chain and market (e.g.- Ethereum, ETH).

If liquidity mining is enabled on borrow markets (more on this as part of phase II)

  • Once you vote, your vote will remain directed at pools unless modified.
  • Users will have the ability to change their votes every week and will be able to allocate their iceCREAM to different pools.
  • iceCREAM allows the user to control CREAM emissions across all C.R.E.A.M. markets in the future.
  • iceCREAM increases emission from a base factor of 0.4 to a max of 2.5x, the more iceCREAM you stake, the more CREAM you earn.

Minting iceCREAM

Assuming 1000 CREAM vote-locked:

minted vote-locked
1000 4 years
250 1 year
127.4 6 month
63.7 3 month
21.23 1 month
4.79 1 week

Long-Term Staking CREAM can vote

For the early supporters of C.R.E.A.M. Finance who locked their CREAM in the long-term staking program, these token holders should be entitled to governance alongside iceCREAM holders, but will not be eligible for emission boosts.

Phased Implementation

We propose to implement this new tokenomics in a phased approach, where Phase 1 implements locking CREAM into iceCREAM, migration of voting from CREAM to iceCREAM, and distribution of protocol fees to iceCREAM stakers.

For

Move to CREAM as a productive earning asset

Against

“Do nothing”

References:

8 Likes

no brainer - wen snapshot

1 Like

Great to see that Andre is posting this and to see his still involed in cream. Great to have you with us <3.

This vote is an absolute no brainer. Lets lock even more of those cream tokens and get some protocol fees for that. Lets show them how undervalued this protocol is.

Great proposal! 100% for it.

As I have all my cream in the long term staking contract, I’m also interested in the proposed solution regarding protocol fees for stakers. I like that I would be allowed to vote and it makes sense, that I couldn’t use it for boost.

1 Like

What happens with the other 50% of protocol revenues? I’ve been thinking we should start a SAFU fund.

I’m in the same spot as someone with all Cream staked in the long-term staking contracts. I see the logic and value but as more Cream is released through the liquidity mining programs, it’s likely gonna lead to:

1.Dilution of our voting rights
2. Erosion of our reward APY as more newly released Cream is staked in the long-term contracts to take advantage of the high APY
3. Losing value as reserves leave the protocol and flow only to iceCREAM stakers

In summary thanks to Andre and the team, I’m sure this is well thought out. I only can’t see clearly yet where the value lies to current Cream holders and stakers.

2 Likes

Can someone explain to me the pros and cons of allowing pre existing CREAM stakers the right to increased emissions?

I don’t see why not allowing pre existing CREAM stakers this benefit was proposed…

Plz

I would love to see this posted and voted on asap :slight_smile:

I would love to see more elaboration on the value this proposal has for pre existing CREAM stakers. I currently can’t see any.

Some for core team operation and mostly for CREAM buy and make. That’s my plan but it’s up to DAO to decide.

A good question.

Protocol fee distribution is the major part of value added in iceCREAM tokenomics, and we aimed at targeting CREAM longterm holders who are willing to lock assets in iceCREAM.

Thanks for having faith in us.

1 Like

If you mean CREAM stakers in longterm pool, they are only provided with voting power not fee distribution.

With voting power in iceCREAM tokenomics, anyone can vote for CREAM emission in favor of itself in phase II that Andre mentioned above.

1 Like

What I’m wondering is,
What is the logic for not allowing pre existing CREAM long term stakers protocol fee distribution or emission boost?

I don’t see any logic. Please help

CREAM longterm stakers are already having CREAM APR. That’s the major reason.

And if the longterm pool can get protocol fee distribution AND earn CREAM at the same time, it becomes the dominant strategy and all CREAM holders will choose longterm pool instead of lock in iceCREAM.

Two reasons why we’d like to avoid situation above:

  1. Longterm pool APR will drop drastically
  2. It takes lots of efforts on building this mechanism

The voting has started
https://vote.cream.finance/#/cream-finance.eth/proposal/QmdS9VhXsBE8wRdLMqKCmYL8XfXcqNth1jgphhRxMhnxo8

Thanks for the answer. I agree that all things considered this proposal adds lots of value to all stakeholders eventually including us long-term stakers. Let’s hope it doesn’t rekt our staking APY too much :laughing: Thanks for the work on this it’s really a well thought out and awesome proposal.

Excellent proposal - I think $CREAM is going to have quite a bright future.

Love that the protocol is on Polygon, Fantom, and BSC in addition to Ethereum and the Iron Bank. I see AAVE as its only real competitor…and SUSHI too with their leveraged borrowing, but perhaps synergies can be formed. And there is room for a few winners too I think in this space.

A CRV, YFI, CREAM, SUSHI, AAVE mash up would be the unstoppable DeFi force.

All for this proposal, is there already a Phase 2 write up?

I there a way to migrate from cream classic to the new staking pool?