How to use C.R.E.A.M. on Fantom
C.R.E.A.M. is now live on Fantom at https://app.cream.finance/.
C.R.E.A.M. is a decentralized money market, allowing users to lend and borrow assets that are supported on Fantom.
At launch, the following 19 tokens are supported:
wFTM, CREAM, WETH, wBTC, DAI, USDC, YFI, SUSHI, AAVE, CRV, BAND, KP3R, sUSD, COVER, HEGIC, LINK, SNX, SFI, FRAX.
Here’s how to use C.R.E.A.M. on Fantom.
Setting up Metamask
- Select network: Custom RPC
- Network Name: Fantom Opera
- New RPC Url: https://rpcapi.fantom.network
- ChainID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
After you added the custom network, make sure to select it in the dropdown menu. You can now connect your Fantom Metamask wallet to C.R.E.A.M.
How to use C.R.E.A.M.
To lend and borrow tokens on C.R.E.A.M. on Fantom, you’ll need one of the 19 tokens currently supported.
You can supply them for lending and earn interest and you can also use your supplied tokens as a collateral to borrow other tokens.
Supplying tokens for lending on C.R.E.A.M.
To supply tokens to the platform, select from the list the token you wish to supply. The first time you supply a token, you need to enable it first.
Click on Enable and confirm the transaction on Metamask. The transaction will be confirmed in a few seconds, costing a fraction of a cent.
Once you enabled the token you want to supply, you can decide the amount of tokens to supply to the system and click on Supply. Confirm the transaction on Metamask. The transaction will be confirmed in a few seconds, costing a fraction of a cent.
After you supply the tokens, the interface will show the net APY, the supply balance and it offers you the possibility to use the supplied tokens as collateral for borrowing.
Enabling your tokens as collateral
To use your supplied tokens as collateral, toggle the Collateral switch. After understanding the risks of liquidation, you can proceed.
Confirm the transaction on Metamask. The transaction will be confirmed in a few seconds, costing a fraction of a cent.
Your tokens are now supplied as collateral and you can borrow other assets.
Borrowing tokens on C.R.E.A.M.
To borrow tokens, select from the list the token you wish to borrow. Make sure it has enough liquidity, otherwise you won’t be able to borrow it.
Input the quantity you want to borrow and click on Borrow. Confirm the transaction on Metamask. The transaction will be confirmed in a few seconds, costing a fraction of a cent.
The main dashboard will now reflect the changes, showing you the borrowed amount and the net APY.
Repaying debt, disabling collateral and removing supply
To repay your debt, select the asset you wish to repay. If you haven’t done so for that specific asset, you’ll have to enable it first, confirming the transaction with Metamask.
You can then go ahead and repay the debt, in part or in full, by clicking on Repay.
To withdraw your supply, select the asset you wish to withdraw and click on Withdraw. Confirm the transaction on Metamask. The transaction will be confirmed in a few seconds, costing a fraction of a cent.
Wrapping FTM for lending
If you want to supply your FTM on C.R.E.A.M for lending, you’ll need Wrapped FTM (wFTM). You can wrap your FTM on SushiSwap or in your Fantom wallet. In SushiSwap, select FTM as input currency and wFTM as output currency and click Wrap. You’ll receive wFTM in a few seconds and it will cost a fraction of a cent in fees.
