Earn Quiz Solutions

Find out how well you did on the CMC Earn quizzes! See the answers for each campaign below:

Q1: What Terra Stablecoins Exist?

A - Korean Won
B - Mongolian Tögrög
C - IMF SDR
D - US Dollar
E - All of the Above

Q2: Can anyone propose to mint a new stablecoin pegged to a new currency?

A - Yes
B - No

Q3: How many users does the Chai app have?

A - 50,000
B - 500,000
C - 1,000,000
D - 2,000,000

Q4: Can you earn interest on your UST stablecoins using certain dApps?

A - Yes
B - No

Q5: How does the Anchor savings protocol give you interest?

A - yield farming
B - block rewards from other Proof-of-Stake networks
C - investment returns on protocol trading

Q6: What can you do with LUNA?

A - vote on proposals
B - stake and get returns from block rewards
C - swap with other Terra stablecoins
D - all of the above

Q7: Where does Terra rank in total accumulated transaction fees across all blockchains?

A - 50th
B - 20th
C - 10th
D - 3rd

Q1: Why is Band Protocol important for DeFi and smart contract use-cases?

A - Transactions are faster and more inexpensive
B - It’s limited by common layer-1 scalability issues
C - It reliably connects smart contracts to any external data-source or API
D - Prevents smart contracts from using outside data
E - It’s designed for transactional privacy

Q2: What is an example of decentralized finance (DeFi) using Band Oracle?

A - Lending protocol using Band’s BTC/USD to determine liquidation ratio
B - Stablecoin protocol using Band’s ETH/USD feed to determine amount of stablecoin being lent
C - Derivative asset using Band’s Apple stock feed to track asset price on chain
D - Conditional payments using a custom oracle script on BandChain to verify real-world events
E - All of the above

Q3: What does Band Protocol offer in comparison to native blockchain-based oracle services?

A - Pre-determined datasets, crypto price feeds, limited scalability
B - Low transaction speed, transaction per second, high throughput
C - Sidechain scalability solutions, customized decentralized applications, inflation
D - Centralized oracle solution, whitelisted data providers, delayed data feeds
E - Low cost, real-time data, support for any data type, customizability, scalability and cross-chain compatibility

Q4: How is the BandChain decentralized oracle network incentivized to fullfil oracle requests?

A - They’re not, this is a voluntary and open-source project
B - Everything is sponsored by partners, for now
C - The Band team is paying validators to run nodes
D - Validators and underlying stakers receive a data request fee and block reward
E - None of the above

Q5: Why are validators who fulfil data requests on BandChain required to stake BAND?

A - To bring utility to the BAND token
B - To make the oracle network faster
C - To decrease the decentralized and level of trustlessness
D - Align economic incentive for validators to secure the oracle network
E - None of the above

Q6: What can BAND token holders do to help secure the network and earn a portion of data request fees?

A - Trade BAND token for profit
B - Give BAND tokens to validators
C - Participate in the governance process
D - Delegate or stake BAND for chosen validator(s)
E - Ask questions in the community

Q7: The BAND token is used to pay for transaction fees on BandChain , similarly to ETH on Ethereum. If there is a higher usage of Band oracles

A - there is less participation in staking
B - there are more validators on the network
C - there are more community members
D - more fees are generated through the network, rewarding validators and stakers
E - there are stronger, more complex data requests