According to Coincu, Cream Finance, a decentralized lending protocol, has seen its token, CREAM, surge by 82% following the release of its 3-Year Staking contract. On September 24, Spot On Chain reported that Cream Finance disbursed 241,415 CREAM tokens, valued at $4.27 million, to 19 different addresses over the past 10 hours. Prominent figure Huang Licheng, also known as Machi Big Brother, received the majority of the tokens, obtaining 215,236 CREAM tokens worth $3.8 million, and subsequently staked them.
In addition to Huang's involvement, 13 other addresses have sold 5,409 CREAM tokens, valued at $99,200, through various platforms such as Binance, Gate, or decentralized exchanges (DEX). Cream Finance is part of the expanding decentralized financial ecosystem and is positioned as an open-source, permissionless, and blockchain-agnostic protocol. It aims to provide access to financial services for institutions, individuals, and other protocols.
However, caution is advised, as short-term price fluctuations may not signify sustainable growth. Huang Licheng recently withdrew from a lawsuit involving on-chain detective ZachXBT, which brought to light allegations of embezzlement related to Huang's previous involvement in crypto projects. Huang has vehemently denied these accusations. As Cream Finance continues to make waves in the crypto space, investors are advised to exercise prudence in response to volatile price movements and ongoing controversies surrounding key figures like Huang Licheng.
