C.R.E.A.M. Finance and PleasrDAO Partnership
Highlights
- The first DAO-to-DAO loan in DeFi, backed by a NFT collection of historical value.
- C.R.E.A.M. Finance has provided a $3.5mm USD credit line from the Iron Bank to PleasrDAO.
- Credit line collateralized by PleasrDAO’s Foundation NFTs, which had a combined purchase price of ~$10.1mm USD.
- To be used to fund further high-end NFT investments by PleasrDAO.
When Cream Finance launched the Iron Bank in January 2021, it was the first Protocol-to-Protocol lending platform and liquidity backstop for the DeFi ecosystem. Cream continue that spirit of innovation in its partnership with PleasrDAO, another Defi first:
The first DAO-to-DAO loan
Today’s DeFi landscape is based on a peer-to-peer lending model, and Cream believe that the real potential for DeFi will be unlocked with the expansion into the business-to-business market. At the end of 2020, the difference in market size for the two within the trade-fi world was remarkable: $70 billion in outstanding loans within the peer-to-peer market versus $10 trillion within the corporate debt market.
Yearn Finance and C.R.E.A.M. Finance built the Iron Bank to capitalize and position themselves as the first mover to service what they believe to be a natural growth path for today’s DeFi ecosystem.
Today is that next step
Iron Bank is expanding from protocol-to-protocol lending to DAO-to-DAO. As a result, PleasrDAO can now leverage its own assets as the engine to their growth.
PleasrDAO has now transferred 4 of it’s blue-chip Foundation NFTs to a 2 of 3 multisig wallet. The signers are the PleasrDAO multisig, C.R.E.A.M. Finance multisig and Yearn Deployer. Those NFTs, and their value at time of purchase, in USD are as follows:
- Snowden — $5.44mm
- Dreaming at Dusk — $4mm
- x*y=k — $545k
- Apes Together Strong $127k
- They can be viewed here: https://foundation.app/@IronBankVault
This is just the start: NFTs today are largely viewed through the lens of digital collectibles or art. Cream see a future where NFTs represent real world assets. C.R.E.A.M. Finance is positioned to be the DeFi leader in allowing owners of those NFTS the ability to unlock the liquidity in their assets.
Cream Finance believe that adoption of the DAO format of organization will continue to grow, an expansion of DAO-to-DAO loans will be inevitable; C.R.E.A.M. Finance is excited to lead this trend with PleasrDAO.
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