#LearnToLEND 04 | Lending Basics

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LEND Finance has many fantastic opportunities for our community to get rewarded, the #LearnToLEND campaign is one of them!

The #LearnToLEND campaign is an educational program designed for community members new & old to learn about the LEND Finance ecosystem, answer simple quizzes and earn fantastic rewards!

⏱ Quiz Topic: 04 - Lending Basics
🎁 Reward: 1 NFT badge powered by Galxe

🤝 Claim: HERE ON GALXE - (Claim may take a little while as this requires a snapshot)

💎 Collect all badges (8/8) in the #LearnToLEND collection to earn the #LearnToLEND Master NFT & Take part in exclusive NFT holder giveaways, airdrops & more!

📍Make sure you have read our gitbook : ✅ LEND Official Gitbook

✅ Useful resources:
This is the useful resources section for this #LearnToLEND topic! These are sections of our Gitbook & other resources we think will provide you with all the information you need to ace the quiz and claim your NFT!
📚 LEND Protocol Beginner's Guide - Medium Article
🏦 How does Lending work
📊  How is APY calculated

👇How to take part:
1️⃣ Read the LEND Finance gitbook
2️⃣ Answer this simple quiz & score 90/90 points
3️⃣ Wait for snapshot to complete (1-2 days) 
4️⃣ Mint the NFT badge for this section
5️⃣ Complete all other #LearnToLEND quizzes 

📄Read the #LearnToLEND campaign details: ✅ #LearnToLEND Campaign Page 

✅ Complete this form to start to #LearnToLEND & begin your journey into the LEND Finance ecosystem.

Q1) How does Lending crypto in the LEND ecosystem work ? *

10 points

Lenders deposit their crypto assets into lending pools, to earn competitively high interest rates

Lenders deposit crypto to meet an orderbook of borrow requests.

Using Metamask or Trustwallet

By allocating collateral.

Q2) What will you receive when you supply native assets to the LEND protocol?
*

10 points

You will receive USDT tokens as a reward for the supplied assets.

You will receive a tToken version of the supplied assets. This allows you to start earning Supply APY & Reward APY!

You will receive tUSDT tokens as a reward for the supplied assets

You will receive tLend tokens.

Q3) What does reward APY % mean?
*

10 points

Bonus interest received directly in $LEND tokens

Interest received directly in USDT

Interest received directly in BNB / ETH / Matic

Interest received directly in tLEND tokens

Q4) What does supply APY % mean?
*

10 points

The base interest received from LEND protocol revenue fees.

The base interest received from providing you tUSDT tokens to the pool.

The base interest received from providing your tLend tokens to the pool.

The base interest received from providing your assets to the pool.

Q5) Which statement is correct ?
*

10 points

Reward APY and supply APY are both automatically compounded.

Reward APY is automatically compounded but supply APY is not.

Reward APY is not automatically compounded but supply APY is.

Reward APY and supply APY are both not automatically compounded.

Q7) Can lenders lock their tokens provided via the protocol to use them as collateral to borrow against your assets?
*

10 points

No!

Yes, of course!

Q7) When you can withdraw your supplied deposit if it has been used as collateral to create a borrow balance?
*

10 points

Whenever needed once u repay your borrow balance.

Only after 90 days of vesting schedule.

Whenever needed.

Whenever needed but with penalty fees.

Q8) How does LEND protect Lender's assets so they can LEND & earn with little risk?
*

10 points

Lender's are able to lend with little counterparty risk as all borrowers are required to be overcollateralized before taking a loan. Bad debt will get automatically liquidated from the protocol to protect Lender's original deposits.

Liquidations.

Governance.

Lenders are protected by a team of hard-working liquidation robots that protect your deposit

Q9) What does 'overcollateralized' mean? *

0 points

Users cannot ever borrow more than they have supplied to the protocol.

Users are free to borrow any amount!

Submit your BEP-20 Wallet Address for NFT claim *

Congrats on making it to the end of the quiz! Submit the BEP-20 wallet you would like to mint the NFT for this section of #LearnToLEND with. Once you have scored 100% you will be eligible to mint.

🚨Remember! If you don't score 100% straight away you can always try again! Check your results! 🧠

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