FAQ
Commonly asked questions about Bloom.
How can I get started using Bloom?
Get started at https://www.bloom.trading/! Our trade page and vaults are now fully accesible by the public.
What trading pairs will be offered at launch?
At launch, BTC-USD, ETH-USD, SOL-USD, BLUR-USD, will be offered for trading with up to 50x leverage. We plan to expand to 100+ pairs by the end of 2024. Coins and assets are listed when we can provide a reliable trading experience for them, based on the availability of sufficient price sources as well as trading volume and liquidity.
What can I use as collateral on Bloom?
Traders and liquidity providers can use USDB, Blast's native stablecoin.
Where does the collateral go when I close for a profit / loss?
Closing in profit guarantees that you will always be paid out. Winning bets are paid out from our USDB vault, which bears the risk as the counter-party to traders on Bloom. If your bet is closed at a loss, you are paid out the remaining portion of your collateral from the contract, and the portion which is your loss goes to the vault. If your bet has been liquidated, all collateral goes to the vault.
Where do liquidity rewards come from? Can I lock my bUSDB to earn additional rewards?
Liquidity providers earn rewards from 100% of the protocol fees, as well as distribution of any Blast airdrop that the protocol receives. You can "soft-lock" your bUSDB to earn additional rewards by utilizing leverage - learn more on our Leverage for LPs page.
What do TP/SL/LIQ mean?
TP stands for take-profit, or the ability to close out your trade position at a certain profit % (or at a certain price). SL stands for stop-loss, which is the opposite of take profit (i.e., preventing any further downside from your trade position), and LIQ stands for liquidation price.
You can set TP or SL by clicking on "Triggers" when placing a bet.
Who has Bloom been audited by?
We have been audited by Zellic, and our audit report is available on our Security page.
What happens if USDB depegs?
Collateral is held as USDB on Bloom. The notional value of a position, collateral pools and funding payments are all measured in USDB. Thus, in the event of a USDB depeg, Bloom will continue to function as normal, but all user positions, collateral, funding payments etc will all be worth less in USD, proportional to the change in USDB-USD price. Leverage and liquidation status will not change as a result of USDB-USD price changes. Bloom will function as described regardless of any depeg !
Users can always bridge back USDB from Blast to mainnet (Ethereum) and redeem their tokens 1:1, given USDB is backed by stablecoins such as USDC, USDT and DAI.
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