Test your understanding with these interactive quizzes. Progress is saved automatically.
Week 1
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Week 2
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Week 3
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Week 4
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Week 5
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Week 6
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Week 7
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Week 8
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Week 9
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Week 10
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Week 11
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Week 12
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15
Questions
12
Weekly Quizzes
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## Week 1: Introduction to DeFi
Question 1 of 3
What is the primary characteristic that distinguishes DeFi from traditional finance?
Correct! DeFi operates through smart contracts on blockchains, enabling anyone to participate without requiring permission from intermediaries or trusting centralized entities.
Not quite. DeFi operates through smart contracts on blockchains, enabling anyone to participate without requiring permission from intermediaries or trusting centralized entities.
What does TVL (Total Value Locked) measure?
Correct! TVL measures the total value of cryptocurrency assets deposited in DeFi protocols, serving as a key metric for protocol adoption.
Not quite. TVL measures the total value of cryptocurrency assets deposited in DeFi protocols, serving as a key metric for protocol adoption.
Which event is commonly credited with sparking the 'DeFi Summer' of 2020?
Correct! Compound's introduction of COMP token rewards for protocol users in June 2020 is widely credited with igniting DeFi Summer.
Not quite. Compound's introduction of COMP token rewards for protocol users in June 2020 is widely credited with igniting DeFi Summer.
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## Week 2: Blockchain Foundations
Question 1 of 2
What is gas in the Ethereum network?
Correct! Gas is the unit measuring computational effort required to execute operations on Ethereum. Users pay gas fees to compensate validators.
Not quite. Gas is the unit measuring computational effort required to execute operations on Ethereum. Users pay gas fees to compensate validators.
What happens when a smart contract is deployed to Ethereum?
Correct! Once deployed, smart contracts are immutable and will execute exactly as coded when triggered, which is both a feature and a risk.
Not quite. Once deployed, smart contracts are immutable and will execute exactly as coded when triggered, which is both a feature and a risk.
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## Week 3: Tokens and Standards
Question 1 of 2
What is the main difference between ERC-20 and ERC-721 tokens?
Correct! ERC-20 defines fungible tokens (each token is identical), while ERC-721 defines non-fungible tokens (each token is unique).
Not quite. ERC-20 defines fungible tokens (each token is identical), while ERC-721 defines non-fungible tokens (each token is unique).
What does tokenomics refer to?
Correct! Tokenomics encompasses the economic design including supply, distribution, utility, and incentive mechanisms of a cryptocurrency.
Not quite. Tokenomics encompasses the economic design including supply, distribution, utility, and incentive mechanisms of a cryptocurrency.
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## Week 4: Decentralized Exchanges
Question 1 of 3
In a constant product AMM (x*y=k), what happens to the price when you buy a large amount of token Y?
Correct! Removing Y from the pool reduces its supply, and the constant product formula ensures X*Y remains constant, causing Y's price to increase.
Not quite. Removing Y from the pool reduces its supply, and the constant product formula ensures X*Y remains constant, causing Y's price to increase.
What is slippage in DEX trading?
Correct! Slippage is the difference between the price you expect and the price you actually get, typically larger for bigger trades relative to pool size.
Not quite. Slippage is the difference between the price you expect and the price you actually get, typically larger for bigger trades relative to pool size.
What do liquidity providers receive in return for depositing assets?
Correct! Liquidity providers receive LP tokens representing their proportional share of the pool, which can be redeemed for underlying assets plus earned fees.
Not quite. Liquidity providers receive LP tokens representing their proportional share of the pool, which can be redeemed for underlying assets plus earned fees.
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## Week 5: Lending Protocols
Question 1 of 3
Why do DeFi lending protocols require overcollateralization?
Correct! Since DeFi is trustless and borrowers are anonymous, overcollateralization ensures lenders can recover funds if the borrower defaults.
Not quite. Since DeFi is trustless and borrowers are anonymous, overcollateralization ensures lenders can recover funds if the borrower defaults.
What triggers a liquidation in DeFi lending?
Correct! When the health factor (collateral value / loan value) falls below the minimum threshold, the position becomes eligible for liquidation.
Not quite. When the health factor (collateral value / loan value) falls below the minimum threshold, the position becomes eligible for liquidation.
What makes flash loans unique in DeFi?
Correct! Flash loans are uncollateralized but must be repaid within the same transaction, making them atomically safe for the lender.
Not quite. Flash loans are uncollateralized but must be repaid within the same transaction, making them atomically safe for the lender.
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## Week 6: Stablecoins
Question 1 of 2
How does DAI maintain its peg to the US dollar?
Correct! DAI is backed by overcollateralized crypto assets in vaults. Stability fees and liquidations help maintain the peg through supply/demand adjustments.
Not quite. DAI is backed by overcollateralized crypto assets in vaults. Stability fees and liquidations help maintain the peg through supply/demand adjustments.
What is a depeg event?
Correct! A depeg occurs when a stablecoin loses its target exchange rate, potentially leading to losses for holders and DeFi protocols relying on it.
Not quite. A depeg occurs when a stablecoin loses its target exchange rate, potentially leading to losses for holders and DeFi protocols relying on it.
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## Week 7: Yield Farming and Liquidity Mining
Question 1 of 4
What causes impermanent loss for liquidity providers?
Correct! Impermanent loss occurs when the price ratio of pooled assets changes from when liquidity was deposited, causing LP value to be less than simply holding.
Not quite. Impermanent loss occurs when the price ratio of pooled assets changes from when liquidity was deposited, causing LP value to be less than simply holding.
Why is impermanent loss called 'impermanent'?
Correct! The loss is 'impermanent' because if prices return to the original ratio, the loss disappears. It becomes permanent only when the LP withdraws.
Not quite. The loss is 'impermanent' because if prices return to the original ratio, the loss disappears. It becomes permanent only when the LP withdraws.
What is the impermanent loss when one asset doubles in price relative to the other?
Correct! When one asset doubles (2x price ratio), impermanent loss is approximately 5.7%. The formula is: 2*sqrt(r)/(1+r) - 1, where r is the price ratio.
Not quite. When one asset doubles (2x price ratio), impermanent loss is approximately 5.7%. The formula is: 2*sqrt(r)/(1+r) - 1, where r is the price ratio.
What is a yield aggregator?
Correct! Yield aggregators like Yearn Finance automatically move deposited funds between different DeFi protocols to optimize returns for depositors.
Not quite. Yield aggregators like Yearn Finance automatically move deposited funds between different DeFi protocols to optimize returns for depositors.
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## Week 8: Derivatives and Synthetics
Question 1 of 3
What is the purpose of funding rates in perpetual futures?
Correct! Funding rates are periodic payments between long and short traders that incentivize the perpetual price to converge with the spot price.
Not quite. Funding rates are periodic payments between long and short traders that incentivize the perpetual price to converge with the spot price.
When the perpetual price trades above spot price, who pays funding?
Correct! When perpetual price > spot price, longs pay shorts to incentivize short positions and bring the price back to spot.
Not quite. When perpetual price > spot price, longs pay shorts to incentivize short positions and bring the price back to spot.
What is a synthetic asset in DeFi?
Correct! Synthetic assets are tokens that track the price of real-world or crypto assets, allowing exposure without actually holding the underlying asset.
Not quite. Synthetic assets are tokens that track the price of real-world or crypto assets, allowing exposure without actually holding the underlying asset.
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## Week 9: Oracles and Data Feeds
Question 1 of 4
What is the 'oracle problem' in blockchain?
Correct! Blockchains are deterministic and isolated, meaning smart contracts cannot access external data directly and need oracles to bridge this gap.
Not quite. Blockchains are deterministic and isolated, meaning smart contracts cannot access external data directly and need oracles to bridge this gap.
How can oracles be manipulated to attack DeFi protocols?
Correct! Attackers can manipulate price sources that oracles read from, causing the oracle to report incorrect prices that protocols then use.
Not quite. Attackers can manipulate price sources that oracles read from, causing the oracle to report incorrect prices that protocols then use.
What is a TWAP oracle?
Correct! TWAP (Time-Weighted Average Price) oracles calculate the average price over a time window, making manipulation more expensive as attackers must sustain the manipulation.
Not quite. TWAP (Time-Weighted Average Price) oracles calculate the average price over a time window, making manipulation more expensive as attackers must sustain the manipulation.
What is Chainlink's approach to solving the oracle problem?
Correct! Chainlink uses a decentralized network of node operators who aggregate data from multiple sources, with economic incentives for honest reporting.
Not quite. Chainlink uses a decentralized network of node operators who aggregate data from multiple sources, with economic incentives for honest reporting.
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## Week 10: Governance and DAOs
Question 1 of 4
What is a governance attack?
Correct! Governance attacks involve acquiring sufficient voting power (often through flash loans) to pass proposals that benefit the attacker.
Not quite. Governance attacks involve acquiring sufficient voting power (often through flash loans) to pass proposals that benefit the attacker.
What is quadratic voting?
Correct! In quadratic voting, the cost of each additional vote increases quadratically (1, 4, 9, 16...), giving more influence to preferences while reducing whale dominance.
Not quite. In quadratic voting, the cost of each additional vote increases quadratically (1, 4, 9, 16...), giving more influence to preferences while reducing whale dominance.
What is vote delegation in DAOs?
Correct! Vote delegation allows token holders to assign their voting power to delegates who vote on their behalf, without giving up ownership of the tokens.
Not quite. Vote delegation allows token holders to assign their voting power to delegates who vote on their behalf, without giving up ownership of the tokens.
What is the Nakamoto coefficient in governance?
Correct! The Nakamoto coefficient measures decentralization by counting the minimum number of independent entities needed to control the majority of a system.
Not quite. The Nakamoto coefficient measures decentralization by counting the minimum number of independent entities needed to control the majority of a system.
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## Week 11: Security and Risk
Question 1 of 4
What is MEV (Maximal Extractable Value)?
Correct! MEV is value that can be extracted by reordering, including, or excluding transactions in a block, often through arbitrage or frontrunning.
Not quite. MEV is value that can be extracted by reordering, including, or excluding transactions in a block, often through arbitrage or frontrunning.
What is a reentrancy attack?
Correct! Reentrancy exploits occur when external calls allow attackers to re-enter a function before the first execution completes, draining funds.
Not quite. Reentrancy exploits occur when external calls allow attackers to re-enter a function before the first execution completes, draining funds.
What is a sandwich attack?
Correct! In a sandwich attack, the attacker frontuns a large trade with a buy, lets the victim's trade push up the price, then backruns with a sell for profit.
Not quite. In a sandwich attack, the attacker frontuns a large trade with a buy, lets the victim's trade push up the price, then backruns with a sell for profit.
What is Flashbots?
Correct! Flashbots is a research and development organization focused on mitigating MEV's negative effects through transparent and fair transaction ordering.
Not quite. Flashbots is a research and development organization focused on mitigating MEV's negative effects through transparent and fair transaction ordering.
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## Week 12: Future of DeFi
Question 1 of 5
What is the main benefit of Layer 2 solutions for DeFi?
Correct! Layer 2 solutions process transactions off the main chain, significantly reducing costs and increasing speed while inheriting L1 security.
Not quite. Layer 2 solutions process transactions off the main chain, significantly reducing costs and increasing speed while inheriting L1 security.
What is a bridge in cross-chain DeFi?
Correct! Bridges lock assets on one chain and mint equivalent representations on another, enabling cross-chain asset movement and DeFi access.
Not quite. Bridges lock assets on one chain and mint equivalent representations on another, enabling cross-chain asset movement and DeFi access.
What is an optimistic rollup?
Correct! Optimistic rollups assume transactions are valid by default and use a dispute period where anyone can challenge fraudulent transactions with fraud proofs.
Not quite. Optimistic rollups assume transactions are valid by default and use a dispute period where anyone can challenge fraudulent transactions with fraud proofs.
What is a zk-rollup?
Correct! ZK-rollups use zero-knowledge proofs to cryptographically verify the correctness of all transactions, providing immediate finality without a dispute period.
Not quite. ZK-rollups use zero-knowledge proofs to cryptographically verify the correctness of all transactions, providing immediate finality without a dispute period.
Why are bridges considered one of the riskiest components in DeFi?
Correct! Bridges hold billions in locked assets and have been the target of some of the largest DeFi hacks due to their complex cross-chain security models.
Not quite. Bridges hold billions in locked assets and have been the target of some of the largest DeFi hacks due to their complex cross-chain security models.