TomoDEX Trivia Quiz —— All about Lending & Borrowing

What goes the best with a Friday night and a relaxing weekend?
Trivia games of course!

While everlasting social distancing and unable to sit around with your friends, we’re gonna throw a trivia party for you! Answer our TomoDEX questions about lending & borrowing, everyone can go home with some free TOMO from a shared prize pool.

Duration: 2020-07-03T10:00:00Z2020-07-06T10:00:00Z

Prize Pool: 500 TOMO
Bonus Prize: 300 TOMO

:point_right: Quiz Entry :point_left:

Eligibility Requirements:

  • Answer all the 5 multiple choice questions correctly in the trivia quiz
  • Retweet this tweet with hashtag #TomoDEX #p2plending #TriviaQuiz

Bonus Prize:

There will be 2 bonus questions which participants can choose to answer. The best 10 selected answers will receive 30 TOMO each. If your answers for both of the bonus questions get selected, your bonus prize will be doubled.

To be eligible for the Bonus Prize, you need to attempt to answer all the multiple choice questions and retweet as per requirement.

Notes:

  • TomoDEX reserves the right to cancel or amend the Quiz Rules & Terms at its sole discretion.TomoDEX reserves the right of final decision in case of disputes.
  • The participants who meet the eligibility requirements will share the prize pool of 500 TOMO.
  • The bonus prize winners can also share the prize pool if the eligibility requirements are met.
  • Each participant can only submit the quiz once, and no editing is allowed after submission. Make sure to check your answers and information carefully before submission.
  • Prizes will be distributed by 9 July 2020.

Not sure about your answers? Check out the cheat sheets and tutorials below :wink:

TomoDEX | TomoDEX Lending

12 Likes

Awesome quiz. Tomo to the moon

2 Likes

I like this quiz.
I hope i get tomo. And hold.

2 Likes

Great Quiz i love it :heart:

1 Like

Awesome quiz. Thanks TOMO Team.

1 Like

This is actually a good way of educating people. I just learnt something new taking this quiz. Thanks

We hope you all had fun with the trivia quiz! Let’s check out the correct answers below and make sure to stay tuned for the next quiz :sunglasses:

Which of the following cryptocurrencies is currently NOT accepted as collateral for USDT loan on TomoDEX?

  • TOMO
  • XRP :white_check_mark:
  • BTC
  • ETH
  • All of the above cryptocurrencies can be accepted

How much collateral do borrowers need to deposit?

  • 120% of the loan value
  • 150% of the loan value :white_check_mark:
  • 170% of the loan value
  • 190% of the loan value
  • Depends on how much the lenders ask for

Can you repay the loan before the maturity date?

  • Yes, but you need to pay the full interest of the contract length
  • Yes, you only need to pay the interest to the date of repayment
  • Yes, you need to pay the interest to the date of repayment and a small penalty :white_check_mark:
  • No, you can’t repay the loan before the maturity date

In which of the following situations would liquidation take place?

  • When the collateral value drops below 100% of the loan, and you don’t have sufficient funds to top up.
  • When the collateral value drops below 110% of the loan, and you don’t have sufficient funds to top up. :white_check_mark:
  • When the collateral value drops below 120% of the loan, and you don’t have sufficient funds to top up.
  • Your collateral is kept securely, and will NOT be liquidated under any circumstance.

Which of the following lending term is currently NOT supported on TomoDEX?

  • 1 day
  • 7 days
  • 30 days
  • 60 days :white_check_mark:
  • 90 days

Bonus Questions
John borrowed 1000 USDT with TOMO for 30 days at 10% APR. Now it’s the 20th day from the contract effective date, he decides to repay the loan. In which token and how much does he have to pay?
(not considering transfer/service fees)
John is supposed to pay the loan in USDT.
The amount of interest can be calculated using the following formula:
Screen Shot 2020-07-07 at 11.21.37 AM
Substitute F=1000, T=30, T1=20, R=10%,
Interest=1000x10%x(30+20)/(2x365) = 6.8493 USDT
the total repayment amount will be 1006.8493 USDT

Matt has $1000 USDT in his TomoWallet, no other cryptocurrencies. He believes that the price of TOMO is about to drop dramatically (~20%) in the next 7 days. What investment advice would you give him in order to maximize his expected profit?
Explain what actions to be taken from Day 1 to Day 7.
*Note: TomoDEX is the only trading and lending platform available.

This is an open question, any fair and reasonable answer would be accepted. One suggested answer is shown below:

Day 1: Matt can trade his USDT to ETH or BTC, whichever he thinks the price is more likely to increase in the following 7 days.
Then he can borrow TOMO for 7 days with ETH or BTC that he just bought.
Immediately after that, he can trade TOMO to USDT, ETH or BTC, whichever he thinks the price is more like to increase over the next 7 days.

Day 2 ~ Day 6: No action taken.
Day 7: Trade his crypto asset back to TOMO and repay the loan.
Explanation:
As the price of TOMO is expected to drop in the short period of time, he sold TOMO at peak point and bought in at low price, hence he made profits out of TOMO’s price drop.
Matt locked his assets in BTC or ETH that he thinks the price is more likely to increase, and he could also benefit from the increased value of his collateral.

2 Likes

I got my 30TOMO thanks @TomoChainANN, I’ve staked my prize

1 Like

i’ve got 9, unfortunately i saw this quiz on very last moment so i thought to submit my mcq’s answers to secure the entry and will try to submit the theoretical Q’s in 2nd attempt but i didn’t get a chance then. Btw thanks for the reward. Keep up building more. All are staked again this time. :sunglasses: :innocent: