DeFi lending protocol, CREAM Finance is introducing protocol-to-protocol flash loans through Iron Bank.
There’s a reason decentralized finance (DeFi) is one of the hottest phenomena in the crypto sphere. It presents a myriad of seemingly endless opportunities that make up this new frontier in finance. The latest to strike another goldmine is the popular lending platform, CREAM Finance.
Its Iron Bank will introduce protocol-to-protocol flash loans to DeFi. The concept is an industry’s first of its kind and will open a new chapter in the booming market.
CREAM Finance expects protocol-to-protocol lending to burgeon in the coming months, beyond the traditional peer-to-peer market. It also expects cross-protocol corporate lending soon as DeFi continues to stake claims in global finance. Iron Bank aims to meet these prospective needs in the fast-changing business world.
CREAM Finance Co-Founder and Project Lead, Leo Cheng said on the latest service:
“Bringing protocol-to-protocol flash loans to DeFi will increase capital efficiency and provide deeper liquidity for traders looking to access more lucrative lending services across a wider variety of digital assets.”
Iron Bank Introduces Low-Cost Flash Loans
CREAM Finance’s Iron Bank will introduce cost-effective flash loans without collateral. It’s also significantly cheaper compared to similar alternatives. Flash loans on CREAM cost 0.03% compared to 0.09% on AAVE and 0.3% on Uniswap.
It has automated the entire process through smart contracts to prevent lenders from defaulting.
At press time, Iron Bank had recorded $435 million in total value locked (TVL).
CREAM Finance Recovering from DNS Attack
A DNS attack recently hit the DeFi lending platform. The raid affected several protocols on Binance Smart Chain, including Pancake Swap.
CREAM Finance explained that its DNS was compromised. However, the breach didn’t affect funds or smart contracts. It blamed its domain service provider, GoDaddy, for the attack.