Phase 1 of the new tokenomics have been integrated and are live.
Stake/Vest CREAM tokens for iceCREAM (vested CREAM), iceCREAM allows users to earn protocol fees and participate in governance.
BEFORE: Prior to the new tokenomics, the governance token was CREAM.
AFTER: Vested CREAM (or iceCREAM) becomes the new governance token.
Differences between CREAM and iceCREAM tokens
BEFORE: CREAM tokens are normal ERC20 tokens, and fully transferable and tradeable.
AFTER: There is no change in the CREAM token’s ability to be transferred or traded. However, the new iceCREAM tokens are non-transferable and non-tradeable.
BEFORE: The original use case for the CREAM token was 2-fold: Staking and Governance
AFTER: CREAM tokens can still be staked, however, voting rights now belong to iceCREAM token holders. Additionally, iceCREAM token holders will earn ycrvIB tokens based on protocol fees. As per the proposal, a separate Phase 2 is anticipated where - if successfully voted in by the community - iceCREAM tokens will also be eligible for emissions boosting. This is the same main use case as veCRV.
BEFORE: CREAM token holders voted on protocol proposals. 1 CREAM = 1 vote.
AFTER: Only iceCREAM holders hold voting rights. 1 iceCREAM = 1 vote.
EXCEPTION: Early supporters of C.R.E.A.M. Finance who locked their CREAM in the long-term staking program are still entitled to governance alongside iceCREAM holders, but will not be eligible for emission boosts, should phase 2 pass.