Learn About the DeFiChain & Take a Short Quiz to Earn $DFI

Learn About the DeFiChain & Take a Short Quiz to Earn $DFI

Created 1yr ago, last updated 1yr ago

Learn about DeFiChain & take a short quiz to get rewarded for your newfound knowledge!

Learn About the DeFiChain & Take a Short Quiz to Earn $DFI

Table of Contents

CoinMarketCap users can learn about DeFiChain ($DFI) and take a short quiz to get rewarded! The DeFiChain ($DFI) rewards will be distributed randomly among the users who complete the quiz successfully before the campaign concludes.

The DeFiChain “Learn & Earn” Campaign's reward pool is 259,000 $DFI worth $150,000. Successful users will receive 25.9 $DFI (worth ~$15 on Feb 9th) as well as 50 Diamonds as a reward!

The DeFiChain “Learn & Earn” Campaign will run from Feb 10th, 2023 (12:00 PM UTC) to March 11th, 2023 (11:59:59 PM UTC). Make sure to take the following lessons to complete the quiz!

– Lesson 1: What is DeFiChain?
– Lesson 2: Everything you can do with DeFiChain
– Lesson 3: How to trade cryptocurrencies and decentralized assets on DeFiChain
– Lesson 4: How to make the most out of your assets on DeFiChain
– Lesson 5: How to create tokenized real-world assets on DeFiChain

CoinMarketCap DeFiChain Learn & Earn Quiz

DeFiChain Learn & Earn Quiz's Answers

1. DeFiChain is built on…? [Hint]
a) Ethereum
b) Bitcoin (Correct)
c) Solana

Reason & Explanation: Bitcoin is the most popular cryptocurrency in the world, but it lacks DeFi services. DeFiChain brings DeFi to Bitcoin to push the limits of what's possible on the most reliable and secure blockchain network out there.

2. What makes building on Bitcoin special? [Hint]
a) It adds security to the blockchain because of it being non-turing complete (Correct)
b) It is less secure since non-turing complete blockchains have more attack vectors
c) More people know Bitcoin that’s why it’s good

Reason & Explanation: Security is one of the core values of DeFiChain, hence it was built on the non-Turing complete and most secure blockchain in the world - Bitcoin.

3. How much Total Value locked does DeFiChain have? [Hint]
a) <$10 million
b) <$100 million
c) >$200 million (Correct)

Reason & Explanation: DeFiChain has a very strong and loyal community trusting in the long-term success of the project, which is one of the reasons why DeFiChain has one of the biggest TVL in DeFi and the biggest one in DeFi for Bitcoin.

4. What are dAssets? [Hint]
a) Another form of NFTs
b) Synthetic tokens that mimic the value of real-world assets like e.g. stocks (Correct)
c) It is just another name for cryptocurrencies

Reason & Explanation: dAssets offer the possibility to get price exposure to real-world assets in a fully decentralized way from anywhere in the world, without geographical or other restrictions, whilst offering many benefits compared to the real counterpart.

5. What kind of DeFi applications does the DeFiChain DEX offer? [Hint, Hint]
a) Trading, Loans, Liquidity mining, Minting of dAssets (Correct)

b) Just Trading
c) Nothing yet, it is currently being developed

Reason & Explanation: The DeFiChain DEX has been live for over two years, offering users a wide range of services. There are many ways to trade, get price exposure to real-world assets and generate passive income on DeFiChain.

6. What is DeFi Meta Chain? [Hint]
a) A native NFT platform for DeFiChain
b) A staking service provider
c) A sidechain of DeFiChain that offers full EVM and Web3 compatibility (Correct)

Reason & Explanation:
DeFi Meta Chain is a powerful EVM-compatible Layer 2 blockchain that brings additional flexibility to DeFiChain. It opens up the world of DeFiChain to any EVM compatible blockchain and protocol.

7. What can you do with $DFI? (Multiple-Choice) [Hint]
a) DFI is the native coin of DeFiChain. Users can stake their DFI to participate in governance and run a node to validate transactions. (Correct)
b) DFI is a utility token that can be used on DeFiChains decentralized exchange. You can earn DFI from Staking & Liquidity Mining. (Correct)
c) DFI can be used as collateral to mint dAssets and lend dUSD. (Correct)

Reason & Explanation:
DFI is DeFiChains native token that can be used in a variety of ways including governance, collaterals, staking and it will also be paid out as a reward on DeFiChain. It has a lot of utility and is an essential part of DeFiChain.

8. What is minting? [Hint]
a) The process of creating tokens (Correct)

b) A different word for collateral
c) A process that is needed to keep DeFiChain running

Reason & Explanation: Minting is the process of creating tokens/dAssets. To mint dAssets, you have to deposit dBTC, DFI, DUSD, dUSDT or dUSDC as collateral in the DeFiChain Vault. Nothing different than using your real estate as collateral for a loan at your local bank. At the same time, dLoans are the technical foundation of DeFiChain’s decentralized assets! All the dAssets are minted through dLoans and are therefore backed by cryptocurrencies.

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