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QuickSwap

Non-custodian wallet that helps you to find the best opportunities in the crypto world

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Non-custodian wallet that helps you to find the best opportunities in the crypto world

About QuickSwap

QuickSwap is a decentralized exchange (DEX) built on the Polygon network, which is a layer 2 scaling solution for Ethereum. QuickSwap allows users to trade Ethereum and Polygon-based tokens in a fast, inexpensive, and secure manner without having to pay the high gas fees associated with using the Ethereum mainnet directly.

QuickSwap Protocol

The QuickSwap protocol utilizes an automated market maker model, similar to Uniswap. Liquidity pools made up of two assets are used to facilitate trading via an algorithm rather than an order book. When a swap occurs, the algorithm determines the price based on the ratio of assets in the pool. Liquidity providers earn a share of the 0.3% trading fee based on their share of the pool.

QuickSwap leverages the low transaction fees and fast block times of the Polygon network to offer a smooth trading experience. Traders also avoid the high gas costs of using DEXs on Ethereum. The QuickSwap interface is designed to be user-friendly while still providing advanced trading features.

What Is Polygon?

Polygon (formerly Matic Network) is a leading Layer 2 scaling solution for the Ethereum blockchain. It helps improve scalability by providing an infrastructure to build Ethereum-compatible blockchains. Its thriving ecosystem uses a proof of stake (PoS) mechanism to run the interconnected blockchains.

The crypto community’s widespread acceptance of the Polygon network is due to its lightning-fast transaction speed and low fees compared to Ethereum.

Its native digital currency is MATIC, which is used to pay for transactions on the network.

As a sidechain, the network is compatible with the Ethereum virtual machine (EVM). Thus, its code is open source, which allows developers to build scalable, secure and user-friendly decentralized applications (DApps).

QUICK Token

QUICK is the native utility and governance token of QuickSwap. QUICK holders can stake their tokens to earn more QUICK from protocol fees. Staking also provides voting power to participate in governing the protocol.

The total supply of QUICK is 1 billion tokens. The QUICK token is used to incentivize liquidity providers through liquidity mining programs. QUICK stakers also earn a portion of the swap fees based on their proportional stake.

Holding and staking QUICK allows users to create proposals and vote on protocol parameters like swap fees, stakeable assets, etc. Decentralized governance gives the community control over key aspects of QuickSwap.

Decentralized Exchange on Polygon

QuickSwap utilizes Polygon’s Plasma framework to offer fast and cheap trades. Swaps on QuickSwap settle in around 1 second with negligible gas fees. This makes frequent trading viable and provides a better user experience.

By leveraging Polygon, QuickSwap avoids the congestion, front-running, and high gas costs associated with popular DEXs on Ethereum. And users don’t have to worry about wrapped or pegged assets since QuickSwap uses native MATIC and other Polygon tokens.

QuickSwap also benefits from Polygon’s growing ecosystem of DeFi apps. The DEX provides optimal liquidity and swapping for Polygon assets and protocols. As more developers build on Polygon, QuickSwap’s utility and adoption continues growing.

QuickSwap Liquidity Pools

The liquidity pools powering QuickSwap allow users to provide liquidity in return for rewards. By adding an equal value of two tokens to a pool, liquidity providers earn trading fees and receive liquidity provider (LP) tokens.

Liquidity providers play an important role by facilitating trades and enabling liquid markets. In exchange they can earn higher yield on their crypto holdings compared to regular storage.

QuickSwap utilizes an AMM model to determine prices based on the ratio of tokens in a pool. Liquidity providers earn 0.25% of the 0.3% trading fee proportionally based on their share of a pool. Providing liquidity is a way to earn fees while supporting an open market.

QuickSwap Farms for Yield

On top of liquidity pools, QuickSwap offers yield farming opportunities to earn QUICK and other rewards. Users can stake their LP tokens earned from providing liquidity to earn extra yield.

QuickSwap farms reward liquidity providers with QUICK tokens proportional to their staked LP tokens. This incentivizes users to provide important liquidity to QuickSwap pools and build the protocol.

Farm rewards fluctuate based on the amount of funds staked in each farm. QuickSwap also runs special limited-time farms offering boosted QUICK rewards. Yield farming enables users to put their dormant crypto to productive use.

Unique Features of QuickSwap

Dragon’s Syrup – QuickSwap’s staking and reward distribution system. Users stake QUICK to earn enhanced rewards from fees.
Low Gas Fees – Trading on Polygon results in gas costs under $0.01 per swap. Makes high frequency trading viable.
Fast Trades – QuickSwap leverages Polygon’s high speed Ethereum compatible network for ~1 second swap execution.
SLP (Single Sided Staking) – LP tokens can be staked in Dragon’s Syrup without pairing, offering flexibility.
Limit Orders – Advanced trading feature allowing users to set a target entry price for trades. Prevents slippage.

Who founded QuickSwap?

QuickSwap was founded in 2021 by the developers behind the Polygon network as part of their initiative to promote decentralized finance (DeFi) growth on Polygon by providing key infrastructure like DEXs. The lead developers who created QuickSwap and continue to build on it are Sameep Singhania and Jaynti Kanani.

Future Outlook for QuickSwap

The future looks promising for QuickSwap as it continues to establish itself as a top decentralized exchange on Polygon. Here are some factors that could contribute to future growth and success:

Expanding ecosystem on Polygon – As more projects build on Polygon, QuickSwap will benefit from increased usage and trade volumes on its platform. Its DEX aggregator functionality also becomes more useful as more Polygon DEXs emerge.
Transition to Polygon POS chain – Polygon is transitioning to a more decentralized POS consensus model. This could provide better security and decentralization for QuickSwap and other Polygon DeFi apps.
Cross-chain capabilities – QuickSwap is planning to add cross-chain bridging and swapping capabilities to expand the assets available on its platform. Interoperability unlocks more potential liquidity and use cases.
Stablecoin integration – The team plans to integrate popular stablecoins like USDC directly on Polygon. This will reduce friction for traders who want to avoid stablecoin bridging.
Emerging markets – QuickSwap’s accessibility and low fees makes it appealing for usage in emerging markets. Especially those with unstable local currencies who could benefit from DeFi.

With a solid technical architecture and governance model, QuickSwap is positioned to see increasing adoption if Polygon continues on its growth trajectory. The protocol’s innovations could further enhance and sustain its competitive edge.

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FAQ

QUICK can be purchased on major exchanges like Gate.io and KuCoin. It’s also available on DEX aggregators like 1inch. You can buy QUICK with ETH, USDT, or other Polygon tokens.

To securely store QUICK, using a non-custodial mobile wallet like IronWallet is recommended. Non-custodial wallets give users full control of their private keys. Other options include hardware wallets like Ledger and software options like MetaMask.

QuickSwap distinguishes itself through its focus on speed, convenience, and maintaining a decentralized ethos. Trading on Polygon provides a faster and cheaper experience compared to Ethereum L1.