What is Thorchain?
Thorchain is a decentralized cross-chain liquidity protocol that facilitates the decentralized exchange of digital assets. Powered by the RUNE token, THORChain also utilizes Tendermint, Cosmos-SDK, Threshold Signature Schemes (TSS), and Byzantine Fault Tolerance.
| Question | Answer |
|---|---|
| How many types of users are there in THORChain? | 4 |
| What is the native coin of THORChain? | RUNE |
| What are the use cases of THORChain’s native coin? | Governance, incentivization, settlement and network security |
| What is the total supply of THORChain’s native coin? | 500 million |
| What is the role of a trader in the THORChain ecosystem? | Function as an oracle to deliver data |
| How does THORChain secure its network? | Tendermint Byzantine Fault Tolerance, Cosmos-SDK and Threshold Signature Scheme (TSS) |
| How would a BTC-to-ETH swap happen on THORChain? | Internally, there will be a BTC to RUNE swap, and then a RUNE to ETH swap |
| Which of the following statements is true? | RUNE is used to subsidize gas fees and reward Liquidity Providers and Node Operators |
| THORChain is a Layer 2 DEX. | False |
| Who secures the network? | Node Operators |
What are the benefits of using Thorchain?
- Decentralized: Thorchain is a decentralized exchange, meaning that users do not need to trust a third party with their assets.
- Non-custodial: Thorchain is a non-custodial exchange, meaning that users retain full control of their assets at all times.
- Cross-chain: Thorchain allows users to trade digital assets across different blockchains, without having to use a centralized exchange.
What is the RUNE token?
The RUNE token is the native token of the THORChain protocol. It is used to secure the network and to incentivize users to provide liquidity to asset pools.
What is the Binance Thorchain quiz?
The Binance Thorchain quiz is a quiz that users can take on the Binance website to earn rewards in RUNE tokens. The quiz covers basic information about Thorchain and the RUNE token.
How to take the Binance Thorchain quiz
- Go to the Binance website and log in to your account.
- Click on the “Learning” tab.
- Under “Quizzes”, click on the “Binance Thorchain Quiz”.
- Answer the questions in the quiz.
- Once you have answered all of the questions, click on the “Submit” button.
Disclaimer
If you pass the quiz, you will earn rewards in RUNE tokens. The rewards will be distributed to your Binance account within 7 business days.
