- is??ProductsOutstanding Cream Finance
- October 021 –The Biggest Hacksting: Lost 130 Million021 Million USD
- Information About CREAM Token & TokenomicsCurrent Operational Situation (Updated 2025) Development TeamSummary
With the slogan "Crypto Rules Everything Around Me", Cream emphasizes its vision of creating a versatile DeFi ecosystem that supports multiple asset types and and focuses on long-term profit opportunities for users.
Cream previously owned Iron Bank, one of the largest protocol-to-protocol lending platforms. Iron Bank supported unsecured lending for whitelisted addresses like Yearn and Alpha, early 022 Bank has been operating independently.
[Rest of the translation follows the same professional and accurate approach, maintaining technical terminology and context]
February 2021 – Hacked for Over 37 Million USD
- Attack Method: Flash loan exploit.
- Hackers exploited vulnerabilities in the pricing mechanism of Cream and Alpha Homora to withdraw assets from the pool.
- This was one of the first DeFi hacks in 2021, causing significant damage and eroding trust in the protocol.
August 2021 – Attacked Again for Over 18 Million USD
- Attack Method: Vulnerability in AMP token collateral mechanism.
- Hackers exploited the pricing mechanism when depositing AMP as collateral, creating a series of fake value transactions to withdraw real money.
October 2021 – Largest Hack: Lost 130 Million USD
- Attack Method: Flash loan combined with complex techniques to exploit logic errors in the contract.
- This was the third-largest hack in DeFi history at that time, surpassing many other protocols and making Cream one of the most notorious projects.
- Hackers obtained tokens such as ETH, DAI, USDT, USDC,… and withdrew from the protocol in just a few blocks.
Information about CREAM Token & Tokenomics
Token data
- Ticker: CREAM
- Contract: 0x2ba592f78db6436527729929aaf6c908497cb200
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Type: Governance token
- Total Supply: 9,000,000 CREAM
- Circulating supply: 1,679,131 CREAM
Token Allocation
Token Utility
- Governance: Voting, proposing protocol parameter changes.
- Staking: Receive transaction fee rewards.
- Liquidity Mining: Rewards for liquidity providers.
- Accumulated Value: A portion of fees allocated to CREAM holders.
Current Operational Status (Updated 2025)
Currently, Cream Finance is still operating but has lost most of its liquidity and users compared to the 2020-2021 period. The CREAM token is trading at a low price (~$1.70) with a market capitalization of only around 3 million USD, clearly showing a significant weakness in financial and product development.
The project no longer has a specific Roadmap, and community activities are quite limited. However, the core smart contracts continue to operate and support users who want to use the protocol for lending/borrowing some less popular tokens.
Development Team
Jeffrey Huang (Machi Big Brother) – Cream's founder, a former entrepreneur and famous musician, and an influential figure in the NFT space (large BAYC holder).
Assessment
Cream Finance is one of the "veteran" DeFi projects that played a crucial role during the DeFi Summer of 2020. However, after multiple incidents (including hacks) and strong competition from more modern protocols, Cream has gradually fallen behind.
Currently, the project can still be used but is no longer a top choice in the lending sector. Users should carefully consider smart contract and liquidity risks before interacting.
Summary
Cream Finance was once a symbol of the first DeFi wave with a diverse ecosystem and innovative products. However, the project has clearly weakened and no longer holds a leading position. Although still usable, Cream should be viewed as an old project with little development momentum.
