#LearnToLEND 05 | Borrowing 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: 05 - Borrowing 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 Borrowing work
❤️  Providing Collateral
💵 Borrowing & Repaying Tokens

👇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) Who can borrow assets from LEND ? *

10 points

Users that supply tokens to LEND Protocol and allocate them to be used as collateral.

Everyone who connects a wallet to LEND

Users that supply tLend tokens to LEND Protocol and allocate them to be used as collateral

Users that lock their tLend tokens to LEND Protocol.

Q2) Do borrowers receive $LEND tokens?
*

10 points

Yes, but only borrowers that are staking $LEND tokens.

No, unless users hold at least 10% of their collateral as $LEND tokens.

Yes! All activities on the LEND protocol reward bonus APY $LEND tokens.

No! Borrowers don't get any $LEND!

Q3) What are borrowers required to be when creating a new borrow balance?
*

10 points

Borrowers MUST borrow the same asset they supply.

Borrowers MUST not have more than one borrow open at any given time.

Borrowers MUST be staking at least 20% of the borrow balance as $LEND tokens.

Borrowers MUST be overcollateralized when creating any borrows.

Q4) What is a liquidation?
*

10 points

A liquidation is where the prices of tokens fall.

A liquidation is a rebalancing of pools.

A liquidation is the process where the LEND protocol liquidates borrowers with bad debt to protect the ecosystem health.

A liquidation is the process of unstaking $LEND tokens.

Q5) When do liquidations happen?
*

10 points

When you repay your borrow balance.

When you unlock / unstake your tTokens before vesting schedule

When you sell all LEND tokens

When borrowers become under-collateralized and account equity goes negative.

Q7) After providing collateral which tokens you can borrow from LEND protocol?
*

10 points

Only Stable coins (usd pegged).

Any tokens available in LEND borrowing markets.

Only BNB, BTC, ETH & Matic tokens.

The same token as you provided for collateral.

Q7) How much you can borrow from LEND protocol?
*

10 points

Depends how many $LEND tokens you supply.

The same amount as you supply.

75% of your supplied collateral balance.

Depends on the collateral factor of supplied collateral and borrowed tokens.

Q8) Can $LEND tokens be used as collateral at launch?
*

10 points

No - $LEND tokens can't be used as collateral at launch.

Yes - $LEND tokens can be used as collateral at launch.

Only if the user has a minimum of $1000 in $LEND tokens staked.

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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