One of the editions of Binance Academy's Learn and Earn program features Kyber Network (KNC) and its flagship product, KyberSwap. In this article, we will explore the core concepts covered in the course and reveal the Binance KNC quiz answers.
Binance Learn and Earn: KNC Edition
The Binance Academy edition launched on March 22, 2023, was dedicated to Kyber Network. Here’s a general summary of what was covered in the course.
What Is Kyber Network?
Kyber Network is a decentralized protocol founded by Loi Luu and Victor Tran, operating on Ethereum and other compatible chains. Its mission is to enhance DeFi trading efficiency and cost-effectiveness. Kyber Network features KyberSwap, a decentralized exchange (DEX) facilitating token trading and liquidity provision.
KyberSwap is the crown jewel of Kyber Network. This multi-chain DEX operates on various networks, providing users with the flexibility to transact on 12 supported chains. As an aggregator, KyberSwap taps into over 67 DEXs across these networks, offering trustless trading where users retain control over their orders and funds.
KyberSwap Protocols
KyberSwap consists of its main protocols:
- KyberSwap Classic: This Dynamic Market Maker (DMM) protocol adjusts LP fees based on market conditions, ensuring fair pricing. The “Amplification” feature allows liquidity pools to mimic higher liquidity without additional tokens.
- KyberSwap Elastic: A tick-based AMM system with concentrated liquidity, enabling users to define specific price ranges for added liquidity. This protocol also auto-compounds fees and provides multiple fee tiers.
KyberSwap Elastic provides concentrated liquidity, auto-compoundability, and several fee tiers for safe and profitable LP participation, while KyberSwap's DMM and Amplification features guarantee liquidity and appropriate fees.
A robust liquidity environment minimizes slippage and impermanent loss, creating a stable trading arena for DeFi enthusiasts.
Tools for DeFi Traders
In addition to the previously discovered functions, KyberSwap offers designed solutions to help professional DeFi operators:
- Discover: Helps users identify trending tokens using on-chain data and technical indicators.
- Dynamic Trade Routing: Scans various DEXs to find the optimal trading route.
- Pro Live Chart: Integrated with TradingView for comprehensive technical analysis.
Kyber Network Crystal (KNC)
Kyber Network Crystal (KNC) is the native token driving the ecosystem. KNC holders actively participate in governance by staking their assets or delegating votes. They can also stake tokens in Rainmaker farming pools and participate in various activities to earn KNC tokens.
Binance KNC Quiz Answers
Let's move on to resolving the KNC Q&A section of the Binance Learn and Earn edition. Keep in mind that these Binance KNC quiz answers are only meant to be used for informational purposes; we advise you to conduct your own research and remember that some questions and responses can change.
1. What is KyberDAO?
A. Kyber Network's community governance platform
B. A unique trading feature on KyberSwap
C. KyberSwap liquidity mining program
D. Kyber Network's board of directors
2. Based on which of the following factors does KyberSwap Elastic distribute farming rewards?
A. All options are correct
B. Active liquidity time
C. Trade volume supported
D. None of the above
3. KyberSwap Classic uses a _____ Market Maker protocol.
A. Manual
B. Static
C. Automated
D. Dynamic
4. The Amplification (AMP) factor is used to…
A. Mimic higher levels of liquidity
B. Power the Kyber Network
C. Decrease liquidity
5. KyberSwap uses a ____ Market Maker protocol.
A. Automated
B. Manual
C. Static
D. Dynamic
6. User can use KyberSwap's Discover feature to discover potentially trending tokens.
A. False
B. True
7. If you're a DeFi user who wants to customize your earning strategy and bring it to the next level, which KyberSwap version is better for you?
A. KyberSwap Elastic
B. KyberSwap Classic
C. None of the above
D. All of the above
8. What is Kyber Network's native token?
A. NYC
B. KNC
C. KYC
D. KBC
9. How many fee tiers can liquidity providers choose from in KyberSwap Elastic?
A. 2 tiers
B. 6 tiers
C. 3 tiers
D. 5 tiers
10. Besides concentrated liquidity, what features set KyberSwap Elastic apart from its competitors?
A. Just-in-Time (JIT) protection
B. The world's first farming mechanisms to support concentrated liquidity
C. All of the above
D. Compoundability
11. What is the biggest difference between KyberSwap Elastic and KyberSwap Classic?
A. Compoundability
B. All of the above
C. Wide integration
D. Concentrated liquidity
12. What is KyberSwap?
A. A DEX aggregator
B. A DEX
C. Kyber Network's key product
D. All are correct
13. The main aim of concentrated liquidity is:
A. Capital efficiency
B. Passive income
C. Simplification
D. None of the above
14. Users can earn KNC by:
A. Participating in activities such as Trading Contest, Gleam Giveaways, AMAs, and more
B. Staking and voting on KyberDAO
C. Farming eligible pools on KyberSwap
D. All are correct
15. Which blockchain is KyberSwap based on?
A. Ethereum
B. Avalanche
C. Polygon
D. BTC
A. Kyber Network's community governance platform
B. A unique trading feature on KyberSwap
C. KyberSwap liquidity mining program
D. Kyber Network's board of directors
2. Based on which of the following factors does KyberSwap Elastic distribute farming rewards?
A. All options are correct
B. Active liquidity time
C. Trade volume supported
D. None of the above
3. KyberSwap Classic uses a _____ Market Maker protocol.
A. Manual
B. Static
C. Automated
D. Dynamic
4. The Amplification (AMP) factor is used to…
A. Mimic higher levels of liquidity
B. Power the Kyber Network
C. Decrease liquidity
5. KyberSwap uses a ____ Market Maker protocol.
A. Automated
B. Manual
C. Static
D. Dynamic
6. User can use KyberSwap's Discover feature to discover potentially trending tokens.
A. False
B. True
7. If you're a DeFi user who wants to customize your earning strategy and bring it to the next level, which KyberSwap version is better for you?
A. KyberSwap Elastic
B. KyberSwap Classic
C. None of the above
D. All of the above
8. What is Kyber Network's native token?
A. NYC
B. KNC
C. KYC
D. KBC
9. How many fee tiers can liquidity providers choose from in KyberSwap Elastic?
A. 2 tiers
B. 6 tiers
C. 3 tiers
D. 5 tiers
10. Besides concentrated liquidity, what features set KyberSwap Elastic apart from its competitors?
A. Just-in-Time (JIT) protection
B. The world's first farming mechanisms to support concentrated liquidity
C. All of the above
D. Compoundability
11. What is the biggest difference between KyberSwap Elastic and KyberSwap Classic?
A. Compoundability
B. All of the above
C. Wide integration
D. Concentrated liquidity
12. What is KyberSwap?
A. A DEX aggregator
B. A DEX
C. Kyber Network's key product
D. All are correct
13. The main aim of concentrated liquidity is:
A. Capital efficiency
B. Passive income
C. Simplification
D. None of the above
14. Users can earn KNC by:
A. Participating in activities such as Trading Contest, Gleam Giveaways, AMAs, and more
B. Staking and voting on KyberDAO
C. Farming eligible pools on KyberSwap
D. All are correct
15. Which blockchain is KyberSwap based on?
A. Ethereum
B. Avalanche
C. Polygon
D. BTC
Correct Binance KNC quiz answers
1) A; 2) A; 3) D; 4) A; 5) D; 6) B; 7) A; 8) B; 9) D; 10) C; 11) D; 12) D; 13) A; 14) D; 15) A.
Binance KNC Quiz Answers – Conclusion
The Learn and Earn program at Binance Academy offers a Kyber Network quiz that covers a variety of topics related to its ecosystem, including its native KNC cryptocurrency.
We hope that the Binance KNC quiz answers have aided you in your educational endeavors. For further in-depth information, we advise you to participate in Binance Academy courses.
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