Cake DeFi is a cryptocurrency lending, staking, and liquidity mining platform. They use their own cryptocurrency called DeFiChain (DFI) for both liquidity mining and staking.
To incentivize people to learn about DeFichain, they’ve got a ‘learn and earn’ promotion available for DeFiChain, that allows you to earn $5 worth of DFI.
This ‘Learn and earn’ promotion is available for all new users, and can be found here! On this page you’ll also see that there’s also a $5 BTC and $5 ETH learn & earn are coming soon!
Anyway, on to more information on the DeFiChain Learn and Earn quiz!
Cake DeFi DeFiChain (DFI) quiz: all questions and answers!
This ‘Learn and earn’ teaches you about DeFiChain, and has 5 questions to quiz you on the information you’ll learn. You’ll be awarded $1 in DFI for every correctly answered question.
To make sure you’ll earn the full $5 in DFI, here are all 5 questions and their answers!
Here are al the DeFiChain lesson questions and answers:
Question 1: How can DeFiChain be described in one sentence?
- Answer: A – DeFiChain is a blockchain dedicated to Native Decentralized Finance for Bitcoin.
Question 2: What is Decentralized Finance?
- Answer: B – Decentralized Finance are all types of financial applications without the need of a third party intermediary like a bank
Question 3: What are the benefits of #NativeDeFi?
- Answer: C – Native DeFi is more secure than non-Native DeFi because the consensus happens directly on the native blockchain layer, instead of getting compiled and running through a virtual machine like on Ethereum.
Question 4: What are the main ways to earn incredibly high yields with DeFiChain?
- Answer: B – Staking and Liquidity Mining offer great and easy ways for anyone to earn block rewards with over 50% yearly returns.
Question 5: What is DeFiChain’s Decentralized Exchange?
- Answer: D – DeFiChain’s decentralized exchange is the cornerstone of most decentralized financial applications in the DeFiChain ecosystem, enabling trading, liquidity mining and more
Every correct answer instantly rewards your Cake DeFi account with $1 worth of DFI.
It’ll show up in your transaction overview like this:
The reward DFI will automatically be ‘frozen’ for 180 days. This means they’ll show up in your Cake DeFi ‘freezer’. Being ‘frozen’ means these coins are staking for a fixed period of time.
At the time of writing, the base staking APY for DeFiChain is 33,6%. You can get a higher APY for freezing your DFI: the longer, the higher the APY.
You can freeze your DFI for a period of month, all the way up to 10 years – which doubles the APY.