Learn about “Liquid Staking on BNB Chain” & take a short quiz to get rewarded for your newfound knowledge!
CoinMarketCap users can learn about "Liquid Staking on BNB Chain" and take a short quiz to get rewarded! The "BNB Boost" Learn & Earn Campaign’s reward tokens will be distributed randomly among the users who have a KYC-verified Binance.com account and who complete the quiz successfully before the campaign concludes.
The "BNB Boost" CoinMarketCap Learn & Earn Campaign's reward pool is $250,000 worth of tokens. Successful users will receive tokens as shown in the Prize-Pool Table below; as well as an additional 50 Diamonds as a reward!
The "BNB Boost" CoinMarketCap Learn & Earn Campaign's reward pool is $250,000 worth of tokens. Successful users will receive tokens as shown in the Prize-Pool Table below; as well as an additional 50 Diamonds as a reward!
The "BNB Boost" Learn & Earn Campaign will run from August 31, 2022 (12:00 PM UTC) to September 29, 2022 (12:00 PM UTC). Make sure to take the following lessons to complete the quiz!
- Lesson 1: How to maximize your BNB yields with pSTAKE?
- Lesson 2: What is Ankr Staking?
- Lesson 3: Introduction to Stader Labs & its BNB staking solution
- Lesson 4: Wombat Exchange: Advancing into Stableswap 2.0
- Lesson 5: What is Helio Protocol?
- Lesson 2: What is Ankr Staking?
- Lesson 3: Introduction to Stader Labs & its BNB staking solution
- Lesson 4: Wombat Exchange: Advancing into Stableswap 2.0
- Lesson 5: What is Helio Protocol?
CoinMarketCap "BNB Boost" Learn & Earn Quiz
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BNB Boost Learn & Earn Quiz's Answers
1. After every epoch does the value of stkBNB decrease or increase against BNB? [HINT]
a) Increases (correct answer)
b) Decreases
c) No impact
* Answer & Explanation: stkBNB’s exchange rate is the rate that defines how much stkBNB is minted when a user stakes BNB or how much BNB is claimable when a user unstakes stkBNB. It establishes a direct conversion relation of BNB to stkBNB. This is identical to Compound Finance’s cToken model. The stkBNB exchange rate changes (increases) when the pSTAKE protocol receives BNB staking rewards every epoch. stkBNB in the (n+1)’th epoch will be worth more in terms of BNB than in the n’th epoch.
2. Users unstaking BNB from pSTAKE will have to wait for how many days? [HINT]
a) 15 days (correct answer)
b) 7 days
c) 5 days
d) No waiting
* Answer & Explanation: The user can claim the unstaked BNB from the pSTAKE application after 15 days. The 15 days unstaking period is necessary to always be able to fulfil user claims as the bot can undelegate from any BNB chain validator only once in 7 days. Users will be able to exit their liquid staked BNB position directly by swapping stkBNB with BNB on DEXs, and need not wait for the 15 day unstaking period.
3. Which application provides the leverage yield farms for stkBNB? [HINT]
a) Alpaca Finance (Correct Answer)
b) Pancake Swap
c) Venus Protocol
d) Wombat Exchange
* Answer & Explanation: Alpaca lets lenders earn high yields and borrowers take out undercollateralized loans for leveraged yield farming positions. pSTAKE integrated with Alpaca to create exciting yield opportunities for stkBNB holders.
4. What is the protocol fee charged by pSTAKE for the first 90 days? [HINT]
a) 0% (Correct Answer)
b) 1%
c) 5%
d) 10%
* Answer & Explanation: 100% of earned rewards will be distributed to BNB holders who stake through pSTAKE. The protocol has decided to waive fees in its bootstrapping phase, with potential reconsideration of this plan after 3 months through a governance vote.
5. Which on-chain security analysis does pSTAKE use for stkBNB? [HINT]
a) Forta (Correct Answer)
b) Immunifi
c) CertiK
d) Certora
* Answer & Explanation: pSTAKE is working with Forta to set up an on-chain tracking of events to detect suspicious activity on the product.
6. Follow "pSTAKE Finance" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
7. Please find the “Unique Code” in the video and submit it here! (Digits-Only)[HINT]
012020
8. How does liquid staking differ from staking? [HINT]
a) Liquid staking solves the capital inefficiencies of staking, because it unlocks the capital staked to be used in other protocols. (correct answer)
b) It’s like staking but you need to setup your own validator node.
c) You get double the rewards as normal staking.
d) You receive rewards instantly and they’re cross-chain compatible.
* Answer & Explanation: A.) is correct because what liquid staking does is it allows the DeFi user to utilize the capital that was previously locked in staking contracts.
9. What are the advantages of liquid staking tokens? [HINT]
a) Instant access to liquidity
b) Unlocks extra reward potential
c) DeFi composability
d) All of the above (correct answer)
* Answer & Explanation: D.) Because with liquid staking you receive access to liquidity that was previously locked and with that liquidity you can utilize the token in other DeFi protocols. In other words, the tokens are composable across the DeFi ecosystem.
10. Which networks does Ankr support for liquid staking? [HINT]
a) Ethereum, Cardano, Fantom, BNB, Tezos, Polygon, Kusama
b) Ethereum, Solana, Ontology, BNB, Bitcoin, Polygon, Dogecoin
c) Bitcoin, Tezos, Fantom, BNB, Avalanche, Solana, Kusama
d) Ethereum, Polkadot, Fantom, BNB, Avalanche, Polygon, Kusama (correct answer)
* Answer & Explanation: D.) these are the leading proof of stake networks compatible with liquid staking.
11. Follow "Ankr" Community Account & Leave a Comment on the Posting! [HINT]
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
12. Please find the “Unique Code” in Ankr's video and submit the “Unique Code” here! (Digits-Only)[HINT]
080862
13. How many chains is Stader live on? [HINT]
a) 6 (correct answer)
b) 5
c) 4
d) 3
* Answer & Explanation: Stader is currently live on 6 chains - BNB, Hedera, Polygon, Fantom, Near & Terra 2.0
14. Which of the following security measures are followed by Stader’s solution? [HINT]
a) Multiple third-party smart contracts audit
b) Usage of multi-sig admins.
c) BNB chain collaboration – feedback and testing
d) Bug Bounty Program
e) All of the above (correct answer)
* Answer & Explanation: Stader deploys multi level security spanning 3rd party smart contract audits (BNB solution successfully audited by Halborn & Peckshield), multi-sig admins, BNB chain team review and testing as well as a bug bounty program with Immuefi wherein bug hunters can earn upto $1Mn.
15. How does BNBx increase in value? [HINT]
a) Staking rewards are deposited to the wallets of BNBx holders
b) The exchange rate of BNBx with respect to BNB increases over time as staking rewards accumulate (correct answer)
c) More BNBx is added to the existing BNBx holder's wallet
* Answer & Explanation: BNBx is a reward bearing liquid token and its value with respect to BNB increases over time as staking rewards accumulate. Every time staking rewards are added to the pool, the BNBx<>BNB exchange rate will increase using this formula:
a) Increases (correct answer)
b) Decreases
c) No impact
* Answer & Explanation: stkBNB’s exchange rate is the rate that defines how much stkBNB is minted when a user stakes BNB or how much BNB is claimable when a user unstakes stkBNB. It establishes a direct conversion relation of BNB to stkBNB. This is identical to Compound Finance’s cToken model. The stkBNB exchange rate changes (increases) when the pSTAKE protocol receives BNB staking rewards every epoch. stkBNB in the (n+1)’th epoch will be worth more in terms of BNB than in the n’th epoch.
2. Users unstaking BNB from pSTAKE will have to wait for how many days? [HINT]
a) 15 days (correct answer)
b) 7 days
c) 5 days
d) No waiting
* Answer & Explanation: The user can claim the unstaked BNB from the pSTAKE application after 15 days. The 15 days unstaking period is necessary to always be able to fulfil user claims as the bot can undelegate from any BNB chain validator only once in 7 days. Users will be able to exit their liquid staked BNB position directly by swapping stkBNB with BNB on DEXs, and need not wait for the 15 day unstaking period.
3. Which application provides the leverage yield farms for stkBNB? [HINT]
a) Alpaca Finance (Correct Answer)
b) Pancake Swap
c) Venus Protocol
d) Wombat Exchange
* Answer & Explanation: Alpaca lets lenders earn high yields and borrowers take out undercollateralized loans for leveraged yield farming positions. pSTAKE integrated with Alpaca to create exciting yield opportunities for stkBNB holders.
4. What is the protocol fee charged by pSTAKE for the first 90 days? [HINT]
a) 0% (Correct Answer)
b) 1%
c) 5%
d) 10%
* Answer & Explanation: 100% of earned rewards will be distributed to BNB holders who stake through pSTAKE. The protocol has decided to waive fees in its bootstrapping phase, with potential reconsideration of this plan after 3 months through a governance vote.
5. Which on-chain security analysis does pSTAKE use for stkBNB? [HINT]
a) Forta (Correct Answer)
b) Immunifi
c) CertiK
d) Certora
* Answer & Explanation: pSTAKE is working with Forta to set up an on-chain tracking of events to detect suspicious activity on the product.
6. Follow "pSTAKE Finance" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
7. Please find the “Unique Code” in the video and submit it here! (Digits-Only)[HINT]
012020
8. How does liquid staking differ from staking? [HINT]
a) Liquid staking solves the capital inefficiencies of staking, because it unlocks the capital staked to be used in other protocols. (correct answer)
b) It’s like staking but you need to setup your own validator node.
c) You get double the rewards as normal staking.
d) You receive rewards instantly and they’re cross-chain compatible.
* Answer & Explanation: A.) is correct because what liquid staking does is it allows the DeFi user to utilize the capital that was previously locked in staking contracts.
9. What are the advantages of liquid staking tokens? [HINT]
a) Instant access to liquidity
b) Unlocks extra reward potential
c) DeFi composability
d) All of the above (correct answer)
* Answer & Explanation: D.) Because with liquid staking you receive access to liquidity that was previously locked and with that liquidity you can utilize the token in other DeFi protocols. In other words, the tokens are composable across the DeFi ecosystem.
10. Which networks does Ankr support for liquid staking? [HINT]
a) Ethereum, Cardano, Fantom, BNB, Tezos, Polygon, Kusama
b) Ethereum, Solana, Ontology, BNB, Bitcoin, Polygon, Dogecoin
c) Bitcoin, Tezos, Fantom, BNB, Avalanche, Solana, Kusama
d) Ethereum, Polkadot, Fantom, BNB, Avalanche, Polygon, Kusama (correct answer)
* Answer & Explanation: D.) these are the leading proof of stake networks compatible with liquid staking.
11. Follow "Ankr" Community Account & Leave a Comment on the Posting! [HINT]
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
12. Please find the “Unique Code” in Ankr's video and submit the “Unique Code” here! (Digits-Only)[HINT]
080862
13. How many chains is Stader live on? [HINT]
a) 6 (correct answer)
b) 5
c) 4
d) 3
* Answer & Explanation: Stader is currently live on 6 chains - BNB, Hedera, Polygon, Fantom, Near & Terra 2.0
14. Which of the following security measures are followed by Stader’s solution? [HINT]
a) Multiple third-party smart contracts audit
b) Usage of multi-sig admins.
c) BNB chain collaboration – feedback and testing
d) Bug Bounty Program
e) All of the above (correct answer)
* Answer & Explanation: Stader deploys multi level security spanning 3rd party smart contract audits (BNB solution successfully audited by Halborn & Peckshield), multi-sig admins, BNB chain team review and testing as well as a bug bounty program with Immuefi wherein bug hunters can earn upto $1Mn.
15. How does BNBx increase in value? [HINT]
a) Staking rewards are deposited to the wallets of BNBx holders
b) The exchange rate of BNBx with respect to BNB increases over time as staking rewards accumulate (correct answer)
c) More BNBx is added to the existing BNBx holder's wallet
* Answer & Explanation: BNBx is a reward bearing liquid token and its value with respect to BNB increases over time as staking rewards accumulate. Every time staking rewards are added to the pool, the BNBx<>BNB exchange rate will increase using this formula:
"New BNBx<>BNB Exchange Rate = Current BNBx<>BNB Exchange Rate + (Rewards Added/Total BNBx in circulation)"
15. Which of the following are the advantages of BNBx? [HINT]
a) Instant Liquidity
b) Auto-Compounding
c) DeFi Opportunities
d) Auto-rebalancing
e) All of the above (correct answer)
* Answer & Explanation: Stader’s liquid staking solution offers the following advantages:
1) Instant Liquidity: When you stake your BNB with Stader you get back our liquid token BNBx that represents staked BNB. BNBx can be swapped to BNB on a DEX without waiting for the unstaking period.
2) DeFi Opportunities: With our BNBx tokens, stakers not only get instant liquidity but also have the option of participating in yield farming opportunities to amplify yields based on your choice of risk.
3) Auto-Compounding: With Stader’s solution, the rewards generated through staking will be restaked automatically. This is in contrast to the traditional staking solutions of BNB where the user has to manually stake their rewards back into nodes. This feature helps investors gain more returns from their BNB.
4) Auto-Rebalancing: Stader monitors and manages the validators for you, so get a balance between APR and diversification. We constantly monitor key health metrics for all validators like uptime, slashing history, fee, APR, etc, and optimize the BNB allocation across various nodes so that you get the best risk /reward balance.
16. How much time does it usually take to stake BNB with Stader? [HINT]
a) <1 min (correct answer)
b) 1-2 mins
c) 2-5 mins
d) 5+ mins
* Answer & Explanation: It usually takes only a few clicks and less than a minute to stake your BNB with Stader. This is all you need to do to stake BNB with Stader:
15. Which of the following are the advantages of BNBx? [HINT]
a) Instant Liquidity
b) Auto-Compounding
c) DeFi Opportunities
d) Auto-rebalancing
e) All of the above (correct answer)
* Answer & Explanation: Stader’s liquid staking solution offers the following advantages:
1) Instant Liquidity: When you stake your BNB with Stader you get back our liquid token BNBx that represents staked BNB. BNBx can be swapped to BNB on a DEX without waiting for the unstaking period.
2) DeFi Opportunities: With our BNBx tokens, stakers not only get instant liquidity but also have the option of participating in yield farming opportunities to amplify yields based on your choice of risk.
3) Auto-Compounding: With Stader’s solution, the rewards generated through staking will be restaked automatically. This is in contrast to the traditional staking solutions of BNB where the user has to manually stake their rewards back into nodes. This feature helps investors gain more returns from their BNB.
4) Auto-Rebalancing: Stader monitors and manages the validators for you, so get a balance between APR and diversification. We constantly monitor key health metrics for all validators like uptime, slashing history, fee, APR, etc, and optimize the BNB allocation across various nodes so that you get the best risk /reward balance.
16. How much time does it usually take to stake BNB with Stader? [HINT]
a) <1 min (correct answer)
b) 1-2 mins
c) 2-5 mins
d) 5+ mins
* Answer & Explanation: It usually takes only a few clicks and less than a minute to stake your BNB with Stader. This is all you need to do to stake BNB with Stader:
- Click Connect wallet
- Choose the wallet you wish to connect
- Enter the amount of BNB you wish to stake
- Tap on Stake
- Approve the transaction from your wallet
Voila! BNBx gets added to your wallet
17. Follow "Stader" Community Account & Leave a Comment on the Posting! [HINT]
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
18. Please find the “Unique Code” in Stader’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
050822
19. What is the vision of Wombat Exchange? [HINT]
a) Stableswap 2.0 (correct answer)
b) AMM 2.0
c) Innovative Stableswap
d) Next-Gen Stableswap
20. What are the competitive advantages of Wombat Exchange? [HINT]
a) Minimize slippage
b) Maximize capital efficiency
c) Increased accessibility
d) All of the above (correct answer)
21. What traditional finance concept does Wombat use to manage its liquidity? [HINT]
a) Coverage Ratio (correct answer)
b) Current Ratio
c) Quick Ratio
d) Activity Ratio
22. What tokens are included in Wombat’s liquid staking pool? [HINT]
a) BNB, BNBx and stkBNB (correct answer)
b) BNB, BNBx, stkBNB and WOM
c) BNB, BUSD, DAI, USDT, USDC
d) BNB, BNBx, stkBNB and aBNBb
23. Follow "Wombat Exchange" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
24. Please find the “Unique Code” in Wombat Exchange’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
300822
25. What is the Helio protocol? [HINT]
a) A decentralized and over-collateralized destablecoin solution capitalizing on the potential of liquid staking & yield bearing assets. (correct answer)
b) An algorithmic stablecoin that is under-collateralized to maximize capital efficiency
c) Just like BUSD, A centralized stablecoin product that is backed 1:1 by Fiat USD.
* Answer & Explanation: The core product of Helio protocol is our $HAY destablecoin, which is over-collateralized and backed by $BNB. The issuance of $HAY is decentralized and runs autonomously on the blockchain through the use of smart contracts, meaning anyone can mint or borrow $HAY on our platform as long as they provide enough $BNB collateral. Helio will also utilize the $BNB Collateral in liquid staking to maximize capital efficiency
26. What is the Loan-To-Value ratio for borrowing $HAY? [HINT]
a) 66% (correct answer)
b) 75%
c) 80%
* Answer & Explanation: Users can borrow up to a maximum of 66% of the value provided in collateral. This is to act as a safety buffer to ensure that the volatility of price in the collateral assets can be accounted for to reduce the risk of liquidation.
27. What is a destablecoin? [HINT]
a) A decentralized digital asset backed by the decentralized cryptocurrency as collateral and while non-volatile, can be subject to minor fluctuations (correct answer)
b) An unstable, volatile asset that can depreciate and appreciate greatly in value like Bitcoin
c) A non-volatile asset that is pegged 1:1 with the US dollar
* Answer & Explanation: Helio protocol will have an emergency shutdown mechanism in place that can be activated through our smart contracts in the event of any potential exploits, hacks, or blackswan events. The main purpose for having this mechanism is to protect the assets stored on our platform in case of an attack.
28. How can I obtain the $HAY destablecoin? [HINT]
a) Providing $BNB in collateral, and borrowing/mint $HAY against it. (correct answer)
b) By buying it on centralized exchanges
c) By yield farming on LP pools
* Answer & Explanation: Users can obtain $HAY stablecoin by first providing a sufficient amount of $BNB tokens as collateral on our platform, followed by borrowing up to 66% of the value of the collateral provided in $HAY stablecoin.
29. How does Helio protocol ensure that $HAY yields are sustainable? [HINT]
a) Borrow interest from users
b) Liquid staking rewards from $BNB
c) All of the above. (correct answer)
* Answer & Explanation: The first source of revenue of Helio Protocol comes from the borrowing interest that users have to pay in order to borrow $HAY tokens. The second source of revenue comes from the staking rewards from staking the collateral provided by borrowers in BNB. These two sources of revenue will make up the entire APY for staking $HAY, and be distributed accordingly to $HAY stakers.
30. Follow "Helio" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
31. Please find the “Unique Code” in Helio’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
170822
17. Follow "Stader" Community Account & Leave a Comment on the Posting! [HINT]
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
18. Please find the “Unique Code” in Stader’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
050822
19. What is the vision of Wombat Exchange? [HINT]
a) Stableswap 2.0 (correct answer)
b) AMM 2.0
c) Innovative Stableswap
d) Next-Gen Stableswap
20. What are the competitive advantages of Wombat Exchange? [HINT]
a) Minimize slippage
b) Maximize capital efficiency
c) Increased accessibility
d) All of the above (correct answer)
21. What traditional finance concept does Wombat use to manage its liquidity? [HINT]
a) Coverage Ratio (correct answer)
b) Current Ratio
c) Quick Ratio
d) Activity Ratio
22. What tokens are included in Wombat’s liquid staking pool? [HINT]
a) BNB, BNBx and stkBNB (correct answer)
b) BNB, BNBx, stkBNB and WOM
c) BNB, BUSD, DAI, USDT, USDC
d) BNB, BNBx, stkBNB and aBNBb
23. Follow "Wombat Exchange" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
24. Please find the “Unique Code” in Wombat Exchange’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
300822
25. What is the Helio protocol? [HINT]
a) A decentralized and over-collateralized destablecoin solution capitalizing on the potential of liquid staking & yield bearing assets. (correct answer)
b) An algorithmic stablecoin that is under-collateralized to maximize capital efficiency
c) Just like BUSD, A centralized stablecoin product that is backed 1:1 by Fiat USD.
* Answer & Explanation: The core product of Helio protocol is our $HAY destablecoin, which is over-collateralized and backed by $BNB. The issuance of $HAY is decentralized and runs autonomously on the blockchain through the use of smart contracts, meaning anyone can mint or borrow $HAY on our platform as long as they provide enough $BNB collateral. Helio will also utilize the $BNB Collateral in liquid staking to maximize capital efficiency
26. What is the Loan-To-Value ratio for borrowing $HAY? [HINT]
a) 66% (correct answer)
b) 75%
c) 80%
* Answer & Explanation: Users can borrow up to a maximum of 66% of the value provided in collateral. This is to act as a safety buffer to ensure that the volatility of price in the collateral assets can be accounted for to reduce the risk of liquidation.
27. What is a destablecoin? [HINT]
a) A decentralized digital asset backed by the decentralized cryptocurrency as collateral and while non-volatile, can be subject to minor fluctuations (correct answer)
b) An unstable, volatile asset that can depreciate and appreciate greatly in value like Bitcoin
c) A non-volatile asset that is pegged 1:1 with the US dollar
* Answer & Explanation: Helio protocol will have an emergency shutdown mechanism in place that can be activated through our smart contracts in the event of any potential exploits, hacks, or blackswan events. The main purpose for having this mechanism is to protect the assets stored on our platform in case of an attack.
28. How can I obtain the $HAY destablecoin? [HINT]
a) Providing $BNB in collateral, and borrowing/mint $HAY against it. (correct answer)
b) By buying it on centralized exchanges
c) By yield farming on LP pools
* Answer & Explanation: Users can obtain $HAY stablecoin by first providing a sufficient amount of $BNB tokens as collateral on our platform, followed by borrowing up to 66% of the value of the collateral provided in $HAY stablecoin.
29. How does Helio protocol ensure that $HAY yields are sustainable? [HINT]
a) Borrow interest from users
b) Liquid staking rewards from $BNB
c) All of the above. (correct answer)
* Answer & Explanation: The first source of revenue of Helio Protocol comes from the borrowing interest that users have to pay in order to borrow $HAY tokens. The second source of revenue comes from the staking rewards from staking the collateral provided by borrowers in BNB. These two sources of revenue will make up the entire APY for staking $HAY, and be distributed accordingly to $HAY stakers.
30. Follow "Helio" Community Account & Leave a Comment on the Posting!
a) Yes, I followed & left a comment!
b) Yes, I will follow & leave a comment!
31. Please find the “Unique Code” in Helio’s video and submit the “Unique Code” here! (Digits-Only)[HINT]
170822
[Follow The Project CMC-Community Accounts!]
- BNB Chain Community Account
- Wombat Exchange Community Account
- Stader Community Account
- Ankr Community Account
- pSTAKE Finance Community Account
- Helio Community Account
- Wombat Exchange Community Account
- Stader Community Account
- Ankr Community Account
- pSTAKE Finance Community Account
- Helio Community Account
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