TL; DR
- The Binance Learn and Earn Program helps to educate crypto enthusiasts through crypto Quizzes while letting users earn rewards.
- The Binance Lido Quiz helps users understand Lido’s secure liquid staking solution for Ethereum 2.0 and questions about how it works.
In this article, I will give you the Binance Lido Quiz answers + cointips to help ace the Quiz on Lido DAO.
The curiosity about investing in crypto has been rising steadily over the years. Yet, a key challenge has been educating the public about crypto since it is a completely new concept for many.
Binance’s Learn and Earn program is trying to play a helping hand in solving this problem by allowing users to improve crypto knowledge and earn free crypto in the process.
What is Binance Lido Quiz?
The Binance Lido Quiz is a set of questions the users complete to understand Lido (LDO), which is a secure liquid staking solution for the proof-of-stake (PoS) blockchain that supports Ethereum 2.0.
What sets Lido apart from others is that it offers users liquidity for their staked assets through which they earn additional yields.
Now that we’ve introduced the Binance Lido Quiz, let’s dive into the Quiz answers which provide insights on various aspects of Lido.
Binance Lido Quiz Answers + Cointips
Here are the Binance Learn and Earn Quiz answers for the Lido Quiz. Please note that the questions may come in different order when you take the Quiz.
What is the name of the utility token on Lido?
Answer: LDO
The utility token on Lido is named “LDO,” serving a pivotal role in governance and decision-making within the decentralized autonomous organization (DAO) framework.
What problem is Lido aiming to resolve in PoS staking?
Answer: All are correct.
Lido aims to address the limitation of traditional Proof-of-Stake (PoS) staking by offering a liquid staking solution.
By providing users with liquidity for their staked assets, Lido enables them to actively participate in the DeFi ecosystem and seize opportunities for higher returns without being restricted by the long-term lock-in characteristic of conventional staking.
What do users receive after staking their tokens on Lido?
Answer: Assets that represent their staked tokens on a 1:1 basis, e.g., stake ETH and get stETH tokens.
After staking tokens on Lido, users receive liquid staked assets, represented as stETH tokens, on a 1:1 basis. This ensures flexibility to trade or engage in the decentralized finance (DeFi) ecosystem while earning additional yields on their staked tokens.
Where do users deposit their PoS tokens on Lido?
Answer: The Lido staking pool smart contract.
Users deposit their PoS tokens on Lido DAO by interacting with the Lido staking pool smart contract, ensuring a seamless and secure process for staking and participating in Ethereum 2.0’s consensus mechanism.
What can holders do with LDO?
Answer: Vote on decisions in the Lido DAO.
Holders of Lido tokens can actively engage in the decentralized autonomous organization (DAO) by voting on decisions, contributing to the platform’s governance, and shaping the development of Lido’s services in the DeFi landscape.
Why does Lido operate as a DAO?
Answer: All are correct.
Lido operates as a decentralized autonomous organization (DAO) to ensure community-driven governance, fostering transparency, inclusivity, and collective decision-making in the evolution of its liquid staking solution and DeFi offerings.
This DAO structure empowers users, allowing them to actively shape Lido’s strategies and contribute to the platform’s development.
What can users do with their stETH tokens?
Answer: All are correct.
Users can leverage their stETH tokens from Lido to participate in DeFi activities, including trading, lending, and yield farming, unlocking diverse opportunities within the Ethereum ecosystem while still earning staking rewards on their assets.
stETH tokens provide flexibility for users to engage in a wide array of DeFi applications, enhancing the utility of their staked holdings.
In addition to Ethereum, which PoS blockchain does Lido support?
Answer: Polkadot
In addition to Ethereum, Lido support extends to the Polkadot Proof-of-Stake (PoS) blockchain, allowing users to participate in staking activities on multiple blockchain networks, thereby diversifying their staking portfolios and engaging in various decentralized finance (DeFi) ecosystems.
Rewards from the Binance Lido Quiz
Once you answer the 8 questions in the Quiz, the reward of 0.3 LDO is available.
Yet, it’s important to understand that rewards are limited and based on a first-come, first-served basis. There are also caps imposed for eligible users based on country or region.
As of writing this post, the value of 1 LDO is $2.36, meaning that being eligible for the reward can equate to $0.70 as winnings.
Furthermore, participating in such engaging Quizzes helps to grow and retain valuable information on emerging blockchains such as Lido.
How to Participate in Binance Lido Quiz
Below is a step-by-step overview of participating in the Binance Lido Quiz
- Create a Binance Account.
- Access the Binance Learn and Earn page.
- Search for the Lido Quiz.
- Check if you are eligible or not and whether the Quiz is running.
- If eligible and running, go through the educational videos.
- Take the Quiz while revising any incorrect answers.
- Submit for Review and assess your performance.
- Lido tokens as rewards will get credited to your account within 48 hours if all answers are correct.
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
Tips for Acing the Binance Lido Quiz
Here are 3 tips to answer every question in the Binance Lido Quiz:
Understand the Basics
First, try to understand the fundamental ideas about cryptocurrency, including blockchain technology, staking, and DeFi, to name a few.
This will help to provide a more holistic perspective on crypto that will guide a better understanding of Lido.
Study Lido through their Documentation
Lido’s documentation on their website provides complete details on the key problems they are looking to solve and the details on how they are going to solve them.
Additionally, consider looking at their blog updates to understand the current scenario of the project.
Take the Quiz without Rushing
Ensure you choose the correct answer for each question in the Binance Lido Quiz to qualify for rewards. Rushing through the Quiz might lead to misunderstandings or overlooking important details in the quiz.
Importance of Crypto Education
Interestingly, one in three cryptocurrency investors knows little or nothing about the crypto space. This is concerning as having a comprehensive understanding of the fundamentals is a key part of the crypto journey.
Unaware investors are more likely to buy with a fear of missing out or selling because of a panic without recognizing the cryptocurrency’s actual value.
For instance, the ideal crypto investor in Lido DAO would understand how Lido operates and be aware of staked tokens and the decentralized staking protocol.
Additionally, they would also understand the trading fees of various exchanges and make buy or sell decisions of a predetermined amount based on the movements in the crypto space.
Binance Lido Quiz Answers: Conclusion
The Binance Learn and Earn program is a great way to grow your crypto knowledge and potentially receive rewards. It is recommended to complete multiple quizzes and have a completed course for the Quiz you’re looking to take.
Lido’s unique value proposition as a liquid staking solution providing rewards for users’ digital tokens makes it a token to look out for. We also recommend doing additional research on important concepts such as PoS staking, Lido Protocol, and stETH tokens.
The Binance Lido Quiz answers and coin tips in this article will help to make the best out of the Binance Lido Quiz and possibly earn free crypto.
Create a Binance account, go to the Learn and Earn section, and search for the Lido Quiz. The Quiz is free to take for Binance users.
There are a total of 45 Quizzes on various cryptocurrencies in Binance Learn and Earn as of writing this article. However, please note that Binance is constantly updating and adding new Quizzes.
Since Lido is an emerging decentralized finance (DeFi) platform that enables users to stake their Ethereum (ETH) tokens, the Quiz can be valuable for understanding opportunities with Lido.
Users can reattempt to take the Quiz if they didn’t answer questions correctly. However, it's not possible to claim multiple rewards on the same Quiz. Also, Users attempting to use illegally bulk-registered accounts will be disqualified.
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
