In a few months, Polygon (formerly Matic) has become one of the most popular blockchains, attracting DeFi users. Faced with this exodus of users, the protocols themselves are now making the choice to migrate to the Ethereum commit chain.
Cream Finance is reborn thanks to Polygon
Cream Finance is a DeFi protocol, originally launched on Ethereum, that offers a loan and savings service. After migrating to other blockchains, such as Binance Smart Chain or Fantom, the protocol is now preparing to take off towards Polygon.
In an announcement dated June 30, the protocol teams unveiled the launch of Cream Finance on the Ethereum commit chain.
To begin with, the Polygon version of the DeFi protocol will support 10 cryptocurrencies, both for saving and borrowing. Its offering will consist of
- 3 stablecoins: USDC, USDT and DAI;
- 7 other tokens: WMATIC, WETH, WBTC, LINK, SUSHI, CRV and QUICK.
In order to attract more users to Polygon, which also has lower fees, Cream Finance teams have started a liquidity mining program. This one helps to encourage users to deposit cryptocurrencies, offering an additional return.
Polygon: the new DeFi Eldorado
Although just launched, Cream Finance already shows more than 320,000 dollars deposited across 3 savings pools.
In total, Polygon’s DeFi ecosystem has more than $8 billion in assets deposited, across some 20 protocols. This figure is down slightly from the record $11.84 billion set on June 15.
Aave remains the most requested protocol so far with $2 billion deposited, followed by DEX QuickSwap and SushiSwap, which have $995 million and $670 million in their liquidity pools respectively.
Unfortunately, users aren’t the only ones migrating to Polygon to track liquidity and take advantage of the lower fees. Indeed, malicious hackers have also started to attack the network, some of them having already found loopholes to exploit, as it was the case with the SafeDollar protocol attack.
