Binance DeFi Deep Dive Quiz Answers

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This guide contains all of the Binance DeFi Deep Dive quiz answers for the intermediate track (course 4).

Binance DeFi Deep Dive Quiz Answers

Question: Which of the following statements are correct about TradFi, DeFi, and CeFi? Choose all the correct answers.

Answer: TradFi includes the bank branches we visit and the banking apps we use.

DeFi has the potential to bring financial inclusion and freedom to more people.

Question: Which of the following statements is/are NOT correct? Choose all that apply.

Answer: The launch of the Bitcoin network in 2009 could be considered the birth of DeFi.

SushiSwap’s “vampire attack” on Uniswap drained nearly billions of dollars from Uniswap.

Question: Which of the following are correct? Choose all correct answers.

Answer: Total value locked is an aggregate amount of funds locked into a DeFi protocol.

Market cap is circulating supply times current token price.

Question: Which of the following is/are stablecoin pegging mechanisms? Choose all that apply.

Answer: Fiat-backed stablecoins.

Crypto-backed stablecoins.

Algorithmic stablecoins.

Question: What is not a feature of “flash loans” in crypto lending?

Answer: They require collateral.

Question: What are the typical differences between a centralized exchange and a DEX? Choose all the correct answers.

Answer: Centralized exchanges take custody of user funds.

DEX trades are usually recorded on-chain.

Question: What’s the difference between yield farming and staking? Choose all that apply.

Answer: Staking is part of a network’s consensus mechanism; while yield farming is not.

Staking requires performing certain network validation tasks, while yield farming doesn’t require it.

Question: How can we minimize impermanent loss? Choose all that apply.

Answer: Choose pairs with lower price volatility.

Join larger, more liquid trading pools.

Set a narrow price range when providing liquidity.

Question: What are the opportunities of DeFi? Choose all that apply.

Answer: Financial inclusion.

Greater transparency.

Lower cost and more convenience.

Question: What are the recommended strategies to safeguard your DeFi journey? Choose all that apply.

Answer: Use reputable audited DeFi platforms with a track record of security.

Stay informed about market trends, new projects, and changes in protocols.

Enable multi-factor authentication on your accounts and wallets.

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