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What is the purpose of governance tokens in the DeFi world?
What is the purpose of governance tokens in the DeFi world?
- To grant holders voting rights (correct)
- To create a new tokenomic schedule
- To provide a platform for trading
- To hard fork existing blockchains
What is a DAO?
What is a DAO?
- A decentralized application
- A decentralized autonomous organization (correct)
- A decentralized exchange
- A decentralized ledger
What is a hard fork?
What is a hard fork?
- Creating a new blockchain
- Copying a blockchain's codebase (correct)
- Making non-backward compatible changes
- All of the above
What is the purpose of hard forking?
What is the purpose of hard forking?
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What is the main purpose of governance tokens?
What is the main purpose of governance tokens?
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What is the primary benefit of a DAO?
What is the primary benefit of a DAO?
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What is the purpose of making non-backward compatible changes?
What is the purpose of making non-backward compatible changes?
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What is the main purpose of a blockchain?
What is the main purpose of a blockchain?
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What is the purpose of a decentralized application?
What is the purpose of a decentralized application?
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What is the primary benefit of a decentralized exchange?
What is the primary benefit of a decentralized exchange?
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Study Notes
- Governance tokens play an important role in the DeFi world, granting holders voting rights to influence the future rules and decisions of a project.
- DeFi platforms rely on DAOs – a governance system that relies on token governance – to operate.
- If a project's governance is poor, hard forking – copying a blockchain's codebase and making non-backward compatible changes – can be used to force a new tokenomic schedule into existence.
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