Cream Finance: Liquidity Crunch on BSC C.R.E.A.M. Markets Caused by Boosted Savings Program

DeFi lending protocol Cream Finance tweeted in response to the liquidity crunch on BSC C.R.E.A.M. markets, saying that the incident was caused by the Boosted Savings program launched last year. At the time, Cream Finance served as a validator for BNB Chain, allowing depositors to participate in validator rewards while not subject to the 7 day lockup, but recently Binance removed support of the program by undelegating BNB from the C.R.E.A.M. validator node. Cream Finance said it is currently unwinding the boosted savings program to restore protocol health. This process will take approximately 7 days to complete.
Source

BNB Chain

Lending

DeFi

Security Incidents

In This Article

Related News
North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
Term Finance recovers $1 million of $1.6 million loss to oracle configuration error Term Finance recovers $1 million of $1.6 million loss to oracle configuration error
Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain
Foresight Ventures Pours Up to $25M into BNB Chain’s Incubation Alliance for 2025 Foresight Ventures Pours Up to $25M into BNB Chain’s Incubation Alliance for 2025
Stablecoin neobank Infini exploited for $49 million: security analysts Stablecoin neobank Infini exploited for $49 million: security analysts
Latest News More More
13 Hours Ago Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
3 Days Ago TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
6 Days Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
July 3 JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
June 30 Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open