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DeFi Governance and Tokenomics Quiz

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Questions and Answers

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?

A decentralized application

A decentralized autonomous organization (correct)

A decentralized exchange

A decentralized ledger

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?

To create a new tokenomic schedule Signup and view all the answers

What is the main purpose of governance tokens?

To grant holders voting rights Signup and view all the answers

What is the primary benefit of a DAO?

It operates autonomously Signup and view all the answers

What is the purpose of making non-backward compatible changes?

To hard fork existing blockchains Signup and view all the answers

What is the main purpose of a blockchain?

To securely record and store data Signup and view all the answers

What is the purpose of a decentralized application?

To provide a platform for decentralized services Signup and view all the answers

What is the primary benefit of a decentralized exchange?

It allows for decentralized trading Signup and view all the answers

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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Description

Test your knowledge on decentralized finance (DeFi) governance tokens, DAOs, and tokenomics. Learn about the role of governance tokens in influencing project decisions and the potential solutions for poor governance, such as hard forking.