BloomBloom Exploit Post-Mortem: 05.09.2024
The following article is meant to provide a technical post-mortem and analysis of the Bloom Rebasing Yield Exploit, taking place on May 9th, 2024.SummaryOn Thursday May 9th between 2:45AM to 7:00AM UTC, there was an attack made on Bloom where the attacker exploited a net of $539,000 USDB from vault contracts. The bug was identified and then remedied about one hour after discovery.Root CauseThe exploit was due to an issue with how Blast-native yields were handled when updating cash for a posit...
BloomAn Introduction to (simplified) perpetuals trading on Bloom
Perpetual Decentralized Exchanges (Perp DEXs) in DeFi often share common themes and design elements, forming an industry standard for trading platforms. At Bloom, we decided to take a different path, focusing on making perps trading fun and simple again. This fresh approach has welcomed many first-time perp traders to place their initial trades on Bloom, inspiring us to keep innovating and providing the best trading experience for our users. The Bloom trading guide encapsulates the trading ex...
https://bloom.trading/
BloomBloom Exploit Post-Mortem: 05.09.2024
The following article is meant to provide a technical post-mortem and analysis of the Bloom Rebasing Yield Exploit, taking place on May 9th, 2024.SummaryOn Thursday May 9th between 2:45AM to 7:00AM UTC, there was an attack made on Bloom where the attacker exploited a net of $539,000 USDB from vault contracts. The bug was identified and then remedied about one hour after discovery.Root CauseThe exploit was due to an issue with how Blast-native yields were handled when updating cash for a posit...
BloomAn Introduction to (simplified) perpetuals trading on Bloom
Perpetual Decentralized Exchanges (Perp DEXs) in DeFi often share common themes and design elements, forming an industry standard for trading platforms. At Bloom, we decided to take a different path, focusing on making perps trading fun and simple again. This fresh approach has welcomed many first-time perp traders to place their initial trades on Bloom, inspiring us to keep innovating and providing the best trading experience for our users. The Bloom trading guide encapsulates the trading ex...
https://bloom.trading/
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We’re now live on mainnet! Start earning here. The deadline to become an early LP is 3/31/24 at 12PM ET. In addition to a boost on capital for the locked duration, all early LP NFT holders will receive a free referral link boost, with 15% fee rebates / 15% fee discount once they generate a referral link on Bloom (by default everyone receives 5% only).
We’re excited to share details on how to participate in our early liquidity provider program. Community continues to be one of our core priorities, and early liquidity providers who align with our long-term vision and contribute to bootstrapping our protocol will be appropriately rewarded.
Early liquidity providers on Bloom will enjoy boosted rewards on their USDB stablecoins, access to 100% of our Blast airdrop, and a head start on Bloom points, a free referral link boost (15% fee rebates / 15% fee discounts), as well as 1:1 access to the Bloom core team and priority for any future roles or ambassador programs Bloom may launch in the future.
Additionally, we’ve implemented an NFT tier system for locked LPs that will enable you to earn extra perks and utility. The tiers are as follows:
Tier 0: No NFT
Earn 1x Blast Gold and Bloom points
Tier 1: Bloom Grinders
Deposit and lock 2.5k bUSDB for 30+ days
Earn 2x Blast Gold and Bloom points
Tier 2: Bloom Rebels
Deposit and lock 10k bUSDB for 30+ days
Earn 3x Blast Gold and Bloom points
Tier 3: Bloom Kick-flippers
Deposit and lock 25k bUSDB for 30+ days
Earn 4x Blast Gold and Bloom points
Tier 4: Bloom Overlords
Deposit and lock 50k bUSDB for 30+ days
Earn 5x Blast Gold and Bloom points
You can earn boosted points for as long as you lock, with a maximum of 180 days. Please note that to be eligible for tiers, you must lock the amount of bUSDB, not USDB. This is not necessarily at a 1:1 ratio, so carefully read how much you’re receiving in bUSDB before locking as shown on the frontend.
TL;DR - 1 USDB a day = 1 point. Locking USDB gives you up to 4x more points on the locked amount. Multipliers end after the lock expires. Here are some sample calculations on the hypothetical points and Blast Gold an LP could accumulate.
To qualify to be an early LP (regardless of NFT), come join our Discord and meet the following criteria to be eligible for NFTs:
Deposit and lock your USDB for 30 days. Remember, locking additional capital will result in a higher multiplier on any earned Bloom points, up to 5x more points. See NFT tier system above.
Join our Discord.
The deadline to lock your funds is 3/31/24.
Please note that unlocking your funds early will forfeit your incentives in our early LP program. Additionally, current locks cannot be modified, so please choose lock duration and capital deposited carefully. Locks cannot be combined to attain a tier (ie locking 5k bUSDB in one transaction and locking 5k bUSDB in another transaction).
In collaboration with Blaze, we’re excited to offer a free NFT mint where early LPs will be able to mint the corresponding NFTs of their tier. All NFT holders will receive a free referral boost of 15% fee rebates / 15% fee discounts as soon as they generate a referral link on Bloom, compared to 5% for all other users. Stay tuned for mint details!
For more information on Bloom’s USDB Vault and how to deposit and earn, check out our documentation.
Stay updated by following us on X and make sure to join our Discord! Get ready to Bloom on Blast. 🍄
We’re now live on mainnet! Start earning here. The deadline to become an early LP is 3/31/24 at 12PM ET. In addition to a boost on capital for the locked duration, all early LP NFT holders will receive a free referral link boost, with 15% fee rebates / 15% fee discount once they generate a referral link on Bloom (by default everyone receives 5% only).
We’re excited to share details on how to participate in our early liquidity provider program. Community continues to be one of our core priorities, and early liquidity providers who align with our long-term vision and contribute to bootstrapping our protocol will be appropriately rewarded.
Early liquidity providers on Bloom will enjoy boosted rewards on their USDB stablecoins, access to 100% of our Blast airdrop, and a head start on Bloom points, a free referral link boost (15% fee rebates / 15% fee discounts), as well as 1:1 access to the Bloom core team and priority for any future roles or ambassador programs Bloom may launch in the future.
Additionally, we’ve implemented an NFT tier system for locked LPs that will enable you to earn extra perks and utility. The tiers are as follows:
Tier 0: No NFT
Earn 1x Blast Gold and Bloom points
Tier 1: Bloom Grinders
Deposit and lock 2.5k bUSDB for 30+ days
Earn 2x Blast Gold and Bloom points
Tier 2: Bloom Rebels
Deposit and lock 10k bUSDB for 30+ days
Earn 3x Blast Gold and Bloom points
Tier 3: Bloom Kick-flippers
Deposit and lock 25k bUSDB for 30+ days
Earn 4x Blast Gold and Bloom points
Tier 4: Bloom Overlords
Deposit and lock 50k bUSDB for 30+ days
Earn 5x Blast Gold and Bloom points
You can earn boosted points for as long as you lock, with a maximum of 180 days. Please note that to be eligible for tiers, you must lock the amount of bUSDB, not USDB. This is not necessarily at a 1:1 ratio, so carefully read how much you’re receiving in bUSDB before locking as shown on the frontend.
TL;DR - 1 USDB a day = 1 point. Locking USDB gives you up to 4x more points on the locked amount. Multipliers end after the lock expires. Here are some sample calculations on the hypothetical points and Blast Gold an LP could accumulate.
To qualify to be an early LP (regardless of NFT), come join our Discord and meet the following criteria to be eligible for NFTs:
Deposit and lock your USDB for 30 days. Remember, locking additional capital will result in a higher multiplier on any earned Bloom points, up to 5x more points. See NFT tier system above.
Join our Discord.
The deadline to lock your funds is 3/31/24.
Please note that unlocking your funds early will forfeit your incentives in our early LP program. Additionally, current locks cannot be modified, so please choose lock duration and capital deposited carefully. Locks cannot be combined to attain a tier (ie locking 5k bUSDB in one transaction and locking 5k bUSDB in another transaction).
In collaboration with Blaze, we’re excited to offer a free NFT mint where early LPs will be able to mint the corresponding NFTs of their tier. All NFT holders will receive a free referral boost of 15% fee rebates / 15% fee discounts as soon as they generate a referral link on Bloom, compared to 5% for all other users. Stay tuned for mint details!
For more information on Bloom’s USDB Vault and how to deposit and earn, check out our documentation.
Stay updated by following us on X and make sure to join our Discord! Get ready to Bloom on Blast. 🍄
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