Cream Finance has burned 67.5 of its 9 million CREAM token supply on September 20, as initially announced in a blog post published on September 19.
- The team has burnt 6.075 million of its governance token CREAM; the burnt tokens include both 100% of the governance tokens and 75% of its seed tokens
- The tokens were burnt to “reduce future uncertainty and remove the overhang” of a large portion of non-circulating tokens
- Cream Finance is a lending platform that forked from Compound Finance (COMP) and currently has roughly 150,000 tokens in circulation
- At the time of publishing, Cream Finance has $257.5 million locked in, making it the 11th most valuable DeFi project, according to DeFiPulse
- CREAM pumped from $72 to $150 in the hours leading up to the burn, following which it dropped at $100.8 (at the time of publishing)