Transform the Existing Fantom Markets to Fantom Iron Bank

Summary

As the lending arm of Yearn, C.R.E.A.M. Finance will transit the existing Fantom markets from app.cream.finance to Yearn frontend, and it will become the Fantom Iron Bank at launch.

The right of the listing decision will also be transferred from Listing Committee to the Iron Bank team, which is consistent with the current practice of Ethereum Iron Bank.

For

Approve the transition

Against

Do nothing

Motivation

Iron Bank on Ethereum has reached $1B total supply, and the credit limit / whitelisted borrowing has been proven capital efficient with our partners Yearn and Alpha Homora. With Iron Bank launching on Fantom, we can extend the same practice to Fantom, and work with Yearn for the greater market.

Specification

Once the voting has passed, the team will begin the transition to Fantom Iron Bank.

During the transition, user can access Fantom Iron Bank through both C.R.E.A.M. Finance and Yearn frontend. It will be a roughly four weeks transition period, with start date and end date to be announced. This allows user to get familiar with the new entrance to Fantom Iron Bank.

3 Likes

Strongly approve. Continuing to align ourselves as best we can with Yearn’s goals is good business, and excited for Iron Bank going multi-chain.

That being said, I’d like to understand the motivation of transiting existing fantom markets rather than creating a new one. These are the explanations I came up with, please confirm if these are accurate:

  1. Seed Fantom IB with some initial liquidity
  2. Need to roll it out quickly
  3. Dev team bandwidth is low at the moment
  4. Decrease amount of dev work / protocol risk maintaining somewhat redundant Fantom work.

I guess because scream has so much more liquidity on FTM, Cream wants to focus on IB on FTM instead of an open money market!?

Hi quik, not sure if your comment was made in good faith but if genuine then i’m curious about what you mean about Iron Bank not being an “open” money market since you can still lend/borrow in the same permission-less fashion as before.

To my understanding the Iron Bank team is more cautious with listing, so is your disappointment a result of Fantom IB unlikely to list many more tokens you were hoping they would add?

OK, I thought IB is only for approved protocols, so I can’t access IB myself, only Yearn, Alpha etc can access liquidity from IB. Maybe my choice of words was wrong

https://beta.yearn.finance/#/ironbank

https://yearn.fi/lend

:dragon:

1 Like

Cool, thanks. So I got all of it wrong i guess :see_no_evil:

1 Like

No worries at all! Appreciate you asking a good question about Iron Bank and probably points out how C.R.E.A.M. could emphasize more that anyone can use it.

Good observation! I think 1&4 are the most important reasons that position us better strategically and utilize resources more efficiently.

1 Like

The voting has started.

https://vote.cream.finance/#/proposal/QmcXd2RbTZ4E5X5FU957XfPb9x7QjyiZWQ215BQWi9qJDA

1 Like