> For the complete documentation index, see [llms.txt](https://docs.bloom.garden/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bloom.garden/bloom-basics/participants.md). # 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 This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## 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, and the optional `goal` query parameter: ``` GET https://docs.bloom.garden/bloom-basics/participants.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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.