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DeFi Governance and Tokens Quiz

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Questions and Answers

What is the purpose of governance tokens in the DeFi world?

To provide voting rights to holders (correct)
To provide financial stability
To provide access to new projects
To provide liquidity to the market

What is the primary system used to operate DeFi platforms?

A DAO (correct)
A smart contract
A tokenomic schedule
Hard forking

What can be used to force a new tokenomic schedule into existence?

A DAO
A smart contract
Governance tokens
Hard forking (correct)

What is the purpose of hard forking?

To copy a blockchain's codebase (A) Signup and view all the answers

What is not a purpose of governance tokens?

To make backward compatible changes (D) Signup and view all the answers

What is the primary purpose of a DAO?

To operate DeFi platforms (C) Signup and view all the answers

What is not a purpose of hard forking?

To provide access to new projects (D) Signup and view all the answers

What is the primary difference between a DAO and a smart contract?

A DAO is used to provide voting rights to holders while a smart contract is used to operate DeFi platforms (C) Signup and view all the answers

What is not a purpose of a DAO?

To copy a blockchain's codebase (D) Signup and view all the answers

What is not a purpose of hard forking?

To provide financial stability (D) 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 of decentralized finance governance and tokens with this quiz. Learn about the role of governance tokens, DAOs, and the use of hard forking to influence project decisions and tokenomic schedules.