The ultimate guide to unlocking the potential of DeFi with Bloomify
Bloomify is a unique DeFi yield optimizer that allows users to conduct their staking through various strategies. What sets Bloomify apart from traditional yield optimizers is it enables users to select from easy-to-use pre-set options that focus on Accumulating, Profit-Taking, or more Advanced Strategies that include multi-protocol customization. This offers a higher level of flexibility and agility for users.
- What is Bloomify?
- Why is Bloomify unique?
- Traditional vs. Bloomify
- Bloomify’s tokenomics explained
- How to start using Bloomify?
- Is there a fee to use Bloomify?
Decentralized finance (DeFi) is ground-breaking technology that allows anyone with an internet connection to use financial services without needing approval. Notably, staking, yield farming, liquidity mining, and other DeFi products have greatly enriched the financial instruments available to users.
However, as DeFi users mature, they require more flexible and controllable investment vehicles and platforms to tackle more sophisticated investment demand. This is why Bloomify emerged.
What is Bloomify?
Bloomify is the next-generation DeFi yield optimizer platform. It enables users to execute complex DeFi strategies and construct a flexible portfolio of DeFi assets. So how does Bloomify empower users to do this?
Briefly speaking, it allows users to select from (and eventually create their own) multi-layer profit-taking and reinvestment strategies in anything from liquidity pools (LPs), farms, and more. In later chapters, we will describe how Bloomify’s multi-layer profit-taking and reinvestment strategies work.
For those unfamiliar with DeFi, you can read DappRadar’s step-by-step guide to learn how to get started with DeFi.
Why is Bloomify unique?
Bloomify allows users to invest in multi-layered strategies instead of simple auto-compounding. What does this mean?
The Bloomify platform equips users with the ability to take a percentage of their yield on a liquidity pool (LP) as profit back to their wallet, reinvest a portion back into that LP, and then deposit the remainder into another farm or a different LP.
There are two important parts at play in the execution of the mechanism above, the Accumulator and the Profit-taker. These features can help users accumulate their profit, take out such “free money”, and auto-compound into more tokens. The whole process is fully automated with shared gas costs.
Thanks to Bloomify, users now have control over how they allocate their returns, enabling a more versatile investment strategy. Furthermore, once complex strategies are set up, users can run them as often as they like. Once again, it shows the user-friendly nature and flexibility of the Bloomify DeFi platform.
Traditional vs. Bloomify
Traditional yield optimizers earn profits by investing in a token or LP. Afterward, they reinvest 100% of the principal and interest compounded into the initial investment, as shown below.
Such an inflexible strategy prevents users from freely capturing profits from their investments. Furthermore, users can only invest in one token or LP at a time. However, it is worth noting that responsible profit-taking keeps the ecosystem healthy and motivates users to invest wisely.
What makes Bloomify stand out from other DeFi platforms? Innovative DeFi products such as Accumulators and Profit-takers on Bloomify can largely flatten users’ learning curve while boosting their earning efficiency.
Accumulators are a feature that helps users to turn their “free money” (profit) into more yields. After users deposit their LP1 tokens, Accumulators will use the yield from LP1 to accumulate LP2. Then the accumulated LP2 autocompounds regularly to help users gain a position in the rewarded LP without using fresh funds.
Another feature that streamlines the DeFi experience for users is the Profit-takers. Briefly speaking, they automatically take yield from LP out and put it into a stable LP in a bank. From there, it autocompounds into more stables. This is akin to a bank’s time deposit, safeguarding funds while providing users with a stable return.
Furthermore, Bloomify brings great freedom and flexibility to the DeFi experience, thanks to Advanced Strategies. Specifically, this feature allows users to split profits from their investments in customized percentages, such as sending profit back to their wallet and reinvesting in the initial token or LP. Plus, it also allows users to invest with their profit captured into a second token or LP.
On top of that, Bloomify lets users decide on the investment cycle, allowing them to choose when and how often to run their strategy according to their preferences. The system packages the user’s strategies into “blocks”.
This way, users can customize the number of repeats for these strategy blocks rather than just letting them run in a closed loop. Furthermore, as shown in the diagram below, users can apply this mechanism to multiple projects and investment products.
Bloomify’s tokenomics explained
Bloomify tokenomics boasts a dual-token economy, Charge, and Static. Charge is a platform token with a limited supply of 200,000 across all chains. Users can hold Charge tokens and stake them to earn a portion of the platform’s revenue.
Static is a utility token with a max supply of 529,028.67. Users can spend Static in paying discounted fees on Advanced Strategies, strategies usually set by users with more DeFi experience.
Users can earn Charge tokens by farming on Bloomify. In addition, users can stake Charge to earn Static tokens, the only way to gain Static currently.
Both tokens can be acquired directly from PancakeSwap and SpookySwap. The chart below provides an intuitive overview of Bloomify’s tokenomics.
How to start using Bloomify?
To start experiencing Bloomify’s features, users must navigate the Bloomify website and click on “Connect Wallet”. Before selecting a strategy, users should note the different assets, platforms, and earning tags on each of them. Then, users can adjust sliders to change profit-taking, reinvesting back into the initial farm, and/or splitting profits into another farm.
For detailed instructions and frequently asked questions, users can find more about how to use Bloomify on this page. In addition, users can contact the Bloomify team via Telegram and Discord for further support.
Is there a fee to use Bloomify?
As Bloomify is an application running on blockchains, gas fees are paid to these blockchains for transactions. This includes approving tokens, creating contracts, approving transactions, etc. These are standard costs paid with the native tokens on the chain (BSC uses BNB, Fantom uses FTM), and the gas cost varies depending on the network’s traffic.
In addition to participating in the strategy on Bloomify, the platform charges users a Performance Fee, around 4.25%. However, this can vary depending on specific conditions. Finally, there is no fee for users to deposit, but there is a 0.1% fee for withdrawals.
Users wishing to gain more insight into the Bloomify DeFi experience can also visit the following channels.
Disclaimer — This is a sponsored article. DappRadar does not endorse any content or product on this page. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.