- What is a wallet?A Web3 wallet is a digital wallet used to access and store cryptocurrencies. They also allow you to interact with Decentralised Finance protocols like Blüm Finance. These wallets allow you to take control of your assets through self–custody. This means no one can access your funds without your approval. Self–custody is very empowering but means you are fully responsible for the safe keeping of your wallet.
- How do I create a wallet to use Blüm Finance?The easiest way to create a wallet is to use your current social logins such as Google, Twitter, Facebook, and Discord. You can also simply use your current email address and create a new password. For full details on creating a wallet and using Blüm Finance, check out this short step-by-step instructional video.
- What is a Stake Position?A stake position is created when you select an amount of crypto to invest along with a duration to invest it for. The stake position is then locked for the duration you select as it earns a set APR. After the lock duration, you can then redeem your initial investment plus the amount earned during the stake period. For example, if you create a stake position with 1 Bitcoin for 360 days at 23.32% APR, your 1 Bitcoin would be locked for 360 days as it earns 23.32% APR. After 360 days, you would then be able to redeem your initial 1 Bitcoin PLUS the 23.32% APR earned (approximately 0.2332 Bitcoin) for a total of ~1.2332 Bitcoin. Once you create a stake position you cannot redeem it before the end of the lock period unless you pay a 50% early redemption fee. For more information on staking read our Terms of Service.
- How do I create a Stake Position?Click on the “Earn” tab and you will be shown a list of available staking options. Then simply select the crypto you’d like to stake, input the amount, and select the duration (90, 180, 270, or 360 days). Voila, your stake has been created and you are now earning high yields on your selected crypto! Note that the first time you create a stake, you will need to click “Approve” and approve the transaction in your wallet. This is required the first time you interact with any DeFi (Decentralised Finance) application with a Web3 Wallet.
- What cryptocurrencies can I stake and how much will I earn?With Blüm Finance, you can earn high yields on Bitcoin, Ethereum, Binance Coin, Polygon, and Avalanche. We continue to expand our offerings and will have more tokens available soon! The longer the duration of your stake period, the more you will earn on your selected crypto. For the most current rates, visit our rates page.
- Why is it asking me to “Approve” something when I create a stake?Blüm Finance is powered by smart contracts on BOMB Chain, our custom-built blockchain. This provides full transparency into everything occurring within the app and with the funds being staked. As a result, you need to approve your wallet to interact with the smart contract in order to create the stake position and earn high yields. Note that this is only required once per wallet per coin, so creating additional stake positions will not require approving again.
- Are there any risks?Blüm Finance is a decentralized finance (De-Fi) cryptocurrency staking service that operates on blockchain technology. We do everything we can to protect users but as with all blockchain-based applications Blüm Finance comes with certain risks that users should be aware of before using the service, including volatility of cryptocurrency prices, the risk of unidentified smart contract vulnerabilities, regulatory uncertainty, market liquidity and risks associated with generating rewards. Our Terms of Service provide lots of helpful and important information regarding these risks so please make sure to familiarise yourself with these before getting started.
- How long do I need to stake my crypto for?We offer varying stake durations including 90 days, 180 days, 270 days, and 360 days. You can select any duration you want, but note that the longer stake durations generally offer high APRs.
- How much can I earn on my stake positions?We offer different APRs depending on the crypto you choose to stake and the stake duration selected.For the most current rates on all of the cryptocurrencies we offer please visit our rates page.
- Can I end my stake position before the maturity date?You can end your stake early but it’s important to note you will forfeit half of your stake position and all rewards accrued. For example if you staked 0.1 BTC and ended your stake early, you would only receive 0.05BTC.
Free Stake Position
- What is a Blüm Finance Free Stake Position?The Free Stake Position is an introductory offer for new Blüm Finance users. Simply provide your email address at this page and you will automatically receive a Free Stake Position of your choice into your wallet. You can select the amount and cryptocurrency of your Free Stake Position up to a $1,000 USD value. The Free Stake Position will appear in your wallet and begin earning yields immediately! As long as you meet the eligibility criteria within 90 days you’ll then be able to redeem your Free Stake Position at the end of its 180 day staking term.
- How much of a Free Stake Position can I earn?You can earn up to $1,000 on your Free Stake Position and it will begin earning yields as soon as you create it. Simply enter your email address, select the cryptocurrency you want, and chose your Free Stake Position amount.
- What criteria do I need to meet to withdraw my Free Stake Position?In order to withdraw your Free Stake Position, you must create new stake positions 10 times the Free Stake Position amount in the same cryptocurrency you selected for, within 90 days. Your Free Stake Position is a 180 day fixed term stake which means it benefits from earning rewards immediately. In the 90 days following creation, you need to create staking positions in the same asset 10 times the initial Free Stake Position value in order to redeem it at the end of the 180 day period. If you do not meet the eligibility criteria within 90 days of the Free Stake Position being created, you will not be entitled to claim any of the Free Stake Position or any rewards accrued on it. For example, if you chose a Free Stake Position of 0.1 ETH you would need create 1 ETH in stake positions within 90 days on the Blüm Finance app (the Free Stake Position does NOT count towards this). You will then be able to redeem your Free Stake Position 180 days after you created it. Please read our terms of service for further information.
- Does my Free Stake Position expire?You have 3 months from the creation of the Free Stake Position to make create eligible staking positions equivalent to 10 times the value of your Free Stake Position, otherwise the Free Stake Position will expire worthless. In order to redeem your Free Stake Position, you must create new stake positions 10 times the Free Stake Position amount in the currency you selected.
- What's the duration of my Free Stake Position?Free Stake Positions are delivered as a 180 day staking position. This means it will benefit from earning rewards with our great rates.