In this article, we are going to be covering TrueFi Binance quiz answers, so you can earn 10 TRU coins for free while you are learning more about crypto.
Binance, a renowned cryptocurrency exchange, is well-known for its eagerness to experiment with new ideas and extend its products. Binance’s recent cryptocurrency-earning initiatives include the Binance Bitcoin Button and the Binance WODL games. Learn and Earn, often known as Binance’s quiz product and abbreviated “learn,” is one of the oldest and most popular, giving a wide range of questions to Binance customers in order for them to earn bitcoin. Let us go on with TrueFi Binance quiz answers.
TrueFi Binance quiz answers
- Q1 Answer: The world’s most transparent and effective financial infrastructure to support the global credit market
- Q2 Answer: All are correct
- Q3 Answer: Collateralized lending
- Q4 Answer: $2 billion
- Q5 Answer: TRU
- Q6 Answer: All are correct
- Q7 Answer: All are correct
- Q8 Answer: All are correct
- Q9 Answer: Each pool and portfolio has its own lender selection criteria, set by the manager
- Q10 Answer: All are correct
- Q11 Answer: Optimism
- Q12 Answer: Exit liquidity differs depending on the opportunity, based on specifications set by the manager
- Q13 Answer: All are correct
What is Binance Learn And Earn Quiz?
Binance developed the Learn and Earn Program to assist its consumers in better-grasping cryptocurrencies and blockchain technology. Users are advised to study articles and watch training videos to understand more about cryptocurrency. They will then apply their expertise to earn cryptocurrencies by taking examinations. These feature time-sensitive incentives that depreciate with time.
How to Answer Binance Learn and Earn Quiz
If you wish to join the Binance Learn and Earn program and earn some additional cryptocurrency, follow the steps outlined below.
- Visit Binance’s website to learn more about earning and studying on the platform.
- Examine the many crypto training alternatives, like classes and examinations, before determining which to pursue.
- Choose the class, follow the instructions, and finish within the time limit.
- If you pass the exam, you will be eligible for the bitcoin awards right away.
- To collect your prize, click on Accounts > Rewards.
What is TrueFi Protocal Ecosystem?
TrueFi utilizes its own tokens, known as TRU tokens. It’s the currency used to place bets and have a voice in who controls the show. TrueFi is a collateralless lending system that incorporates characteristics of both decentralized finance (DeFi) and centralized finance (CeFi). The fact that they provide loans without demanding collateral suggests that they prefer to lend to prominent organizations rather than regular people. Before lending money to a company, they do a slew of credit checks to guarantee they are a safe investment.
Credit checks and an evaluation of the borrowers’ willingness to take on risk are followed by a vote by True token holders on whether or not to grant the financial institution a loan. TRU token holders must stake their TRU tokens through the TrueFi staking dashboard in order to participate in TrueFi’s governance decisions and gain the automatic right to approve or reject borrower loan applications. In exchange, they will receive stkTRU, which serves as a receipt for staking their TRU tokens. Staking has severe risks; for example, approving bad loans may dramatically lower your returns.
Stablecoins like as tfUSDT, tfUSDC, and tfTUSD may be converted into TrueFi equivalents by depositing them in a loan pool on the TrueFi platform; the tokens for these stablecoins can then be farmed in TRU farming pools for further benefits.
We hope that you enjoyed this article on TrueFi Binance quiz answers. If you did, we are sure that you will also enjoy reading some of our other articles, such as Binance backs out of FTX deal, leaving the coin exchange in crumbles, or is Binance buying a bank.