# Tokens

## CREAM - 1:1 Pegged Token

![](/files/xdyXI0n5sM8PKYnD07Gu)

```
0x00
```

CREAM token is designed to be pegged to the Avalanche network native token. The built-in stability mechanism in the protocol aims to maintain Cream's peg to 1 $AVAX token in the long run. 

{% hint style="warning" %}
Note that CREAM **actively pegs via the algorithm**, it **does not mean** it will be valued at 1 $AVAX at all times as it is not collaterized . CREAM is not to be confused for a crypto or fiat-backed stablecoin.
{% endhint %}

## CSHARE - Cream Shares

![](/files/Ttg6Nonmych5VJvdh9Jl)

```
0x00
```

CREAM Shares (CSHARE) are one of the ways to measure the value of the IceCream Protocol and shareholder trust in its ability to maintain CREAM close to peg. During epoch expansions the protocol mints CREAM and distributes it proportionally to all CSHARE holders who have staked their tokens in the Creamery (boardroom).

CSHARE holders have voting rights (governance) on proposals to improve the protocol and future use cases within the IceCream finance ecosystem.

## CBOND - Cream Bonds

![](/files/ufrKRloUEwt3Wnl6poWh)

```
0x000
```

CREAM Bonds (CBOND) main job is to help incentivize changes in CREAM supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of CREAM falls below 1 AVAX,  CBONDs are issued and can be bought with CREAM at the current price. Exchanging CREAM for CBOND burns CREAM tokens, taking them out of circulation (deflation) and helping to get the price back up to 1 AVAX. These CBOND can be redeemed for CREAM when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for CREAM when it is above peg, helping to push it back toward 1 AVAX.

{% hint style="info" %}
Contrary to early algorithmic protocols, CBONDs do not have expiration dates. 
{% endhint %}

All holders are able to redeem their CBOND for CREAM tokens as long as the Treasury has a positive CREAM balance, which typically happens when the protocol is in epoch expansion periods.


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