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Knowledge Check
Test Your DeFi Knowledge
Ten questions across the learning path — every miss points you to the guide that closes the gap.
1. In self-custody DeFi, who can move your funds?
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The wallet provider — its support team can freeze or reverse transactions
Only whoever holds the wallet's private keys — no company can reverse or freeze the wallet itself
Any government agency, by sending a request to the blockchain
2. Who is it safe to share your seed phrase with?
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No one — no legitimate support will ever ask for it
Official wallet support staff, if they contact you first
Verified admins in the project's Discord or Telegram
3. What determines the gas fee of a transaction?
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The dollar amount being sent — bigger transfers cost more
The computational complexity of the transaction, not the amount
The age and reputation of your wallet address
4. What does slippage tolerance control in a swap?
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How quickly the network confirms your transaction
The maximum trading fee the DEX is allowed to charge
The worst price you accept before the trade reverts
5. Which stablecoin design collapsed to near zero in 2022?
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A fiat-backed design like USDC
An algorithmic, confidence-backed design — TerraUSD (UST)
An overcollateralised crypto-backed design like DAI
6. You provide $1,000 of liquidity to an ETH/USDC pool and ETH doubles. Versus simply holding, your pool position is worth…
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About 5.7% less — that gap is impermanent loss
Exactly the same — the pool rebalances automatically
About 20% more, because fees always outpace price moves
7. What risks does holding stETH ADD compared with native staking?
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None — stETH carries exactly the same risks as native staking
Only slightly higher gas fees, nothing structural
Smart-contract and depeg risk on top of the usual staking risks
8. An airdrop-claim site asks you to sign an unreadable message. You should…
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Sign it — airdrop claims always require a signature
Reject it — unreadable signature requests are how wallets get drained
Sign it from your main wallet so the airdrop lands there
9. A pool advertises 300% APY. The most likely explanation is…
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Token emissions masking risk — often severe impermanent loss
Sustainable trading fees from unusually high volume
A subsidy guaranteed by the blockchain's foundation
10. Under DAC8, when do EU tax authorities begin automatically exchanging crypto data collected by service providers?
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Data collected from 2024 is exchanged from 2025
Only once a user moves more than €10,000 in a year
Data collected from 2026 is exchanged from 2027
Check Answers