C.R.E.A.M. Finance, a decentralized lending protocol, is bringing NFTs and the Metaverse to DeFi with section one in all its bigger technique to construct the bridges between DeFi, NFT, and the Metaverse ecosystems.
In collaboration with Chainlink, C.R.E.A.M. Finance is now the primary borrowing/lending DeFi protocol to assist Axie Infinity’s AXS and Yield Guild Video games’ YGG tokens. After the additional addition of The Sandbox’s SAND and Decentralland’s MANA to their V1 Ethereum markets, it now helps the biggest variety of NFT and Metaverse governance tokens on a single DeFi lending platform.
“NFTs are an essential onramp to deliver mainstream customers into the broader crypto ecosystem and in the end, to DeFi. We’re addressing this specific want for brand spanking new progress permitting a brand new phase of crypto holders to profit from their digital belongings. We’re excited to share the primary stage in our NFT technique as we proceed to construct the mandatory bridges between the ecosystems.”
– Leo Cheng, Co-Founder & Undertaking Lead at C.R.E.A.M. Finance
C.R.E.A.M. Finance now helps six main NFT and Metaverse tokens (AXS, YGG, OGN, MANA, SAND, and RARI) and permits customers to borrow and lend in opposition to these belongings to additional bridge the hole between decentralized finance (DeFi) and enhance capital effectivity.
“We’re happy with the influence Axie’s made in growing economies. 50% of our customers have by no means used crypto earlier than whereas 25% of our customers don’t have a checking account. We’re excited to see this new AXS worth oracle from Chainlink and C.R.E.A.M. Finance and we sit up for the merchandise it’s going to allow.”
– Jeffrey Jiho Zirlin, Co-founder of Axie Infinity
At present, there’s sporadic assist for NFT tokens and the broader NFT ecosystem inside the DeFi business. This creates obstacles to progress as customers should not capable of totally make the most of their belongings: Composability of NFT tokens is proscribed, lowering capital effectivity, and NFT holders themselves are unable to leverage the worth of their asset to fund additional progress.
“Our guild members are producing important yield by way of play-to-earn video games, and now, C.R.E.A.M. helps them unlock higher utility for his or her belongings within the metaverse. That is the democratization of finance in motion, breaking down limitations to empower participation for a model new phase of crypto customers.”
– Gabby Dizon, Co-Founder, YGG
Rising assist for the borrowing/lending of NFT tokens performs a important position in rising the capital effectivity of these belongings and bringing worth to the customers and token holders inside these NFT ecosystems. Step one was decentralized worth oracles, which Chainlink constructed for each AXS and YGG enabling the itemizing of those belongings on C.R.E.A.M. Finance