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Bake DeFiChain Quiz Answers

Bake (formerly CakeDefi) is a safe, transparent, and easy way to get returns on your crypto investments.

You can also buy Bitcoin and Ethereum or swap them for other popular coins.

Use Decentralized Finance services like staking or liquidity mining and earn high yields.

Take Bake’s Learn & Earn crypto quizzes and earn crypto for free.

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In this guide, you’ll learn the Bake (CakeDefi) DeFiChain quiz answers for the “Learn & Earn” rewards feature to earn $1 DFI.

Bake DeFiChain Quiz Answers

Question: How can DeFiChain be described in one sentence?

Answer: (A) DeFiChain is a blockchain dedicated to Native Decentralized Finance for Bitcoin.

Question: 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: 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: 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 up to 26.44% yearly returns.

Question: 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.

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About the author

Lim How Wei

Lim How Wei is the founder of followchain.org, with 8+ years of experience in Social Media Marketing and 4+ years of experience as an active investor in stocks and cryptocurrencies. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.

Lim has been quoted and referenced by major publications and media companies like WikiHow, Fast Company, HuffPost, Vice, New York Post, The Conversation, and many others. One of his articles about the gig economy was quoted by Joe Rogan who hosts The Joe Rogan Experience (arguably the most popular podcast in the world), in the This Past Weekend podcast by Theo Von.

In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression.