# Participants ### Lenders Lenders are non-kyced, non-permissioned participants who lend USDC to borrowers for short-dated 6 month maturity receipt tokens, called Term Bound Yield tokens or `TBYs` for short. At the end of the token's maturity the lender will have the ability to redeem their `TBY` for their original principal amount plus any yield that is generated during the 6-month time period. ### Borrowers Borrowers are fully KYCed and permissioned users who borrow lender's funds in order to facilitate the purchase of Backed Finance's bIb01 tracker token which derives it's price based on the [Blackrocks ib01 Treasury Bond ETF ](https://www.blackrock.com/americas-offshore/en/products/307243/ishares-treasury-bond-0-1yr-ucits-etf). ### Market Makers Market Makers are fully KYCed and permissioned users who swap Backed's `bIb01` token and USDC in and out of the `BloomPool` in order to kickstart the yield generating process of `TBY`s. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.bloom.garden/bloom-basics/participants.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.