C.R.E.A.M. Finance becomes first DeFi protocol to support AXS and YGG tokens

on Sep 8, 2021
  • the protocol supports six major NFT and Metaverse tokens
  • users lend and borrow against these assets to increase capital efficiency
  • 50% of Axie customers have never used crypto before

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In the first stage of deployment of a comprehensive development strategy, decentralized lending protocol C.R.E.A.M. Finance is bringing NFTs and Metaverse to DeFi to bridge the gap between the different ecosystems. They have become the first borrowing/lending DeFi protocol to support the AXS and YGG tokens of Axie (AXS/USD) Infinity and Yield Guild Games respectively, in collaboration with Chainlink (LINK/USD).

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Leo Cheng, Co-Founder and Project Lead at C.R.E.A.M. Finance, said:  

“NFTs are an important onramp to bring mainstream users into the broader cryptocurrency ecosystem and ultimately, to DeFi. We are addressing this particular need for new growth allowing a new segment of crypto holders to benefit from their digital assets.  We’re excited to share the first stage in our NFT strategy as we continue to build the necessary bridges between the ecosystems.”

C.R.E.A.M. Finance supports six leading tokens

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Currently, the protocol supports six major NFT and Metaverse tokens, including Decentraland (MANA/USD). It lets users lend and borrow against these assets to increase capital efficiency and bring value to users and token holders within NFT ecosystems.

Jeffrey Jiho Zirlin, co-founder of Axie Infinity, commented:

“We’re proud of the impact Axie’s made in developing economies. 50% of our users have never used crypto before while 25% of our users don’t have a bank account. We’re excited to see this new AXS price oracle from Chainlink and C.R.E.A.M. Finance and we look forward to the empowering products it will enable.”

At the moment, support for the NFT ecosystem within the DeFi industry is inconsistent, creating issues with growth due to underutilization of assets. NFT token holders find themselves unable to leverage asset value and create growth. According to YGG co-founder Gabby Dizon:

“Our guild members are generating significant yield through play-to-earn games, and now, C.R.E.A.M. is helping them unlock greater utility for their assets in the metaverse. This is the democratization of finance in action, breaking down barriers to empower meaningful participation for a brand new segment of crypto users.”

First stage of strategy targets NFT asset growth

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This is the first phase of a large-scale strategy to provide new tools for Metaverse and NFT token holders, which will enable NFT holders and project developers to leverage their assets in an effort to achieve further growth.

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