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

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

Aug 22,2022,20:24
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.
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