Binance Lido Quiz Answers: Learn And Earn LDO Tokens

Binance Lido Quiz Answers

If you are looking for Binance Lido Quiz Answers then you are at the right place. Recently, Binance has come up with a new quiz named ‘Binance learn and earn Lido quiz’.

Lido is a liquid staking solution for PoS blockchains like Ethereum. It gives users liquidity for their staked assets to earn additional yields on other DApps. LDO is its native utility and governance token. It’s an ERC-20 token.

If you have a Binance KYC-verified account then you are eligible for the quiz. If you do not have one then I recommend you create one from the below-given signup link.

Along with the Binance Lido Quiz you can also take other quizzes and earn up to $10 worth free cryptos. Quiz rewards are limited on a first come first serve basis!

Lido Finance

Lido is a liquid staking protocol which means that users can stake on its staking platform any amount of tokens. There is no minimum token staking criteria on its protocol.

When you stake lido on its platform you will receive its derivative token in 1:1 ratio and these derivative tokens have a number of use cases on the lido platform.

For example, if you stake an ETH token you will receive stETH. LIDO is a governance token. Another use case is that it can be used to stake on liquidity pools and in return users can earn extra income.

Lido DAO (Decentralized autonomous organization) manages the decision-making process of the protocol through the voting power of governance tokens.

It is decentralized to a certain extent and not fully which allows them to operate without central authorized authority.

Its protocol is secure in nature because of DAO based model of governance, continue monitoring and audit of smart contract audit, and also because of the non-custodial staking service they provide to its users.

Lido finance also runs a bug bounty program to maintain and ensure its protocol, by making it leakproof big disasters can be prevented. 

Users can stake and earn daily on its protocol and currently supported networks are as follows:- Ethereum, Solna, Polygon, Polkadot, and Kusama.

A larger number of apps and services are integrated with the lido protocol which means that users have huge potential to put their staked assets to use and earn rewards.

A few of the currently supported apps and services are  AAVE, FTX, Curve, etc.

Binance Learn And Earn Lido Quiz

Quiz NameBinance Learn And Earn Lido Quiz
Quiz is AboutLido and LDO Token
Quiz TypeLearn and Earn
Rewards0.3 LDO Tokens
Winners SelectionFirst Come, First Served!
Binance Quiz LinkVisit Here

Binance Lido Quiz Answers

Q1) What problem is Lido trying to solve in PoS staking?

Answer: All are correct

Q2) 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

Q3) Where do users deposit their PoS token on Lido?

Answer: The Lido staking pool smart contract

Q4) What can holders do with LDO?

Answer: Vote on decisions in the Lido DAO

Q5) Why does Lido operate as a DAO?

Answer: All are correct

Q6) What can users do with their stETH tokens?

Answer: All are correct

Q7) What is the name of the utility token on Lido?

Answer: LDO

Q8) In addition to Ethereum, which PoS blockchain does Lido support?

Answer: Polkadot