Cream Finance company announced through a post on its Twitter account that $XVS and $CAKE were added to Cream on Binance Smart Chain; this means that users will now be able to provision and borrow XVS and CAKE in app.cream.finance.
“We have included XVS and CAKE on the CREAM Binance Smart Chain (BSC) platform. Users can now provision and borrow XVS and CAKE in app.cream.finance. Make sure to use a web3 wallet that supports BSC, such as Binance Chain Wallet or Metamask”, he indicated through a publication on the Medium platform.
The company explained that creating a marketplace for XVS and CAKE allows token holders to stay long in XVS and CAKE “while gaining leverage on the asset itself”. “For those who want to shorten XVS and CAKE, this allows an efficient way to do it”, he said.
The collateral factor for XVS and CAKE is 50%, Cream noted, meaning that for every $100 of XVS and CAKE supplied, users can borrow up to $ 50 in other tokens.
How to use CREAM in BSC?
1- The user must create a BSC wallet.
Now that you have a BSC wallet, you can supply and borrow BEP20 crypto assets in CREAM via app.cream.finance.
2- Get some assets from BEP20
The user must go to Binance.com to deposit their assets and withdraw the assets in BEP20 assets.
3- Supply assets
The user must choose the BEP20 asset that they want to provision.
Then write the amount and click on the “Offer” button.
The user will need around $ 0.05 – $ 0.5 worth of BEP20 BNB to pay the gas fee per transaction. In the transaction carried out as an example, the company explained that it paid 0.004652 BNB for gas tariff.
4- Asset loans
The user must choose the BEP20 asset that they have supplied and configure it as collateral.
After this, your supplied asset could now be used as collateral to borrow with other assets. You will be able to choose the asset you want to borrow.
Then you will need to type in the amount and click the “Borrow” button. Before, the user should review the settlement rules.
And, when the transaction is completed successfully, the user will be able to see the borrowed assets below.
It should be noted that CREAM in BSC now supports BTC, ETH, BNB, BUSD, USDT, LINK, XRP, BCH, LTC, DOT, CREAM, ADA, BAND, EOS, DAI, XTZ, FIL, YFI, UNI, ATOM, USDC, ALPHA, TWT, XVS and CAKE.