What is Quickswap? All you need to know about QUICK

Decentralized Finance (De-Fi) is a growing part of cryptocurrency that has opened up numerous opportunities, such as decentralized exchanges (DEX), which are now playing a pivotal role in boosting the growth of the De-Fi ecosystem.

Several decentralized exchange projects have sprung up in recent years. Uniswap, one of the most popular ones, has been affected by scalability issues since it was developed on the Ethereum blockchain.

QuickSwap, however, is a fork of Uniswap that uses the Polygon Network to provide the same service at a fraction of the cost. In this article, we are going to look at what QuickSwap is all about and what makes it such a powerful DEX.

What is Quickswap?

Source: Quickswap

Built on the Polygon network, Quickswap is a Permissionless decentralized exchange and automated market maker that lets users trade ERC-20 tokens. It is part of a growing market of decentralized exchanges, which are important for the growth of decentralized finance (De-Fi).

Quickswap takes a different approach from other decentralized exchanges, which use order books to record transactions. It makes use of an AMM model that effectively swaps user tokens and eradicates the need for an order book.

QuickSwap’s system makes it easy for users to carry out transactions; all they would require is a wallet to connect to the platform. It has a native token, QUICK, which can be staked to earn dQUICK or swapped for another token.

History of Quickswap

Quickswap was launched in 2020. It was developed by some of the industry’s brightest minds, who specialize in diverse fields, including Ethereum tokens, contract standards, and scalability. It was developed to improve on the scalability issues that UniSwap and other layer 1 protocols suffered from.

The decentralized exchange was developed by two field experts, Nick Mudge and Sameep Singhania. Nick Mudge is a well-known blockchain programming expert with years of experience in web development, code review, security audits, and the programming of Ethereum contracts. He was also a major part of the ERC721 standard development process and is the brain behind the EIP-2535 Diamond Standard.

His right hand Sameep Singhania is the director and co-founder of the development and consulting company Ginete Technologies. He is a senior blockchain developer who has spent the last few years helping businesses discover and navigate the blockchain space. His main goal is the spread of decentralized technology around the world.

QuickSwap vs. Uniswap

Quickswap is a fork of Uniswap, and although it is very similar to Uniswap, who are the original inventors of AMMs, there is a slight difference that distinguishes the two from each other.

The main difference is the network they were built on. Quickswap was built on Polygon, which is a sidechain for Ethereum. UniSwap, on the other hand, was built on the Ethereum blockchain. What this means is that Quickswap can benefit from the security benefits of Uniswap’s audited code while also benefiting from the high throughput speed of the Polygon Network.

QuickSwap Features: Liquidity Pools, AMMs, and more

QuickSwap uses an AMM model to create a pool of tokens for which users can trade, stake, and provide liquidity. To accomplish such a task, it is equipped with certain features that make up the structure of the DEX.

Some of the features include:

Liquidity Pools

Liquidity pools are a common tool used by decentralized exchanges (DEX) to enable trading on the platform. It is a collection of digital assets created when users lock their cryptocurrency into the protocol’s smart contract, allowing others to have access to the locked assets.

Users who fund the pool (liquidity providers) earn a percentage of the transaction costs from users that make use of the supplied token pool. On QuickSwap, users who provide liquidity earn around 0.25% of trade fees equivalent to their share of the pool.

Also, users on the platform who wish to provide liquidity could ultimately decide to deposit their liquidity pool tokens and earn QUICK tokens as an additional reward for yield farming.

Automated Market Maker

The AMM model adopted by Quickswap is responsible for calculating the prices of assets and providing liquidity instantly. It serves as a financial robot that proposes a price between two assets. It makes use of the liquidity pool to determine the price of an asset, rather than making use of the traditional order book.

AMM does this by using the percentage of tokens present in the pool at the present time. This process is designed to allow quick access to liquidity since the algorithm can always determine the price for a user. With this method, you don’t need the other side before a deal can be made. As long as there is liquidity in a certain pool, it is easy to complete a transaction.

Permissionless Listings

Quickswap does not differ from other top-leading DEXs in this area. Any user can list any ERC20 token on Quickswap as long as they can make the trading pair liquid. The platform does not need permission from any third party before the asset is listed.

High-Speed Transactions

QuickSwap makes use of Polygon to carry out transactions. This means the speed of an asset swap is considerably faster than your average DEX. On QuickSwap, an asset swap could be completed in 2 seconds at a gas fee far lower than the Ethereum mainchain. Polygon still makes use of the Ethereum mainchain, giving it an extra layer of security.

Non-Custodial Trading

QuickSwap allows users to trade directly with any personal wallet of their choice. Unlike centralized exchanges, where the user would have to deposit tokens into the exchange before trading, QuickSwap allows the user to trade without sending funds to the exchange. This gives users total custody over their assets throughout the trading process.

Liquidity Mining

Users on the QuickSwap platform are rewarded for providing liquidity to the QuickSwap trading pools. This encourages the development of a solid liquidity-providing community and, at the same time, serves to facilitate a well-distributed governance on the platform by members of the network.

Dragon’s Lair: Staking QUICK token

Source: Dragon’s Lair - Quickswap

One major feature of QuickSwap is its single-staking product popularly known as Dragon’s Lair. This platform allows users who want to hold QUICK tokens and at the same time provide liquidity for QuickSwap for a long time to stake these tokens. This greatly reduces the risk of impermanent loss which occurs when providing liquidity.

Users who stake their QUCIK tokens in the Dragon’s Lair can earn dQUICK tokens as a reward and also earn a share of 0.04% of the accumulated trading fees on QuickSwap indefinitely.

Users also stand a chance to earn passively by staking QUICK tokens in Dragon’s Syrup pools. These pools have a limited number of rewards in participating tokens that expire once the limit is reached. Most syrup pools have run out of rewards for the Old QUICK, so currently they only accept new QUICK tokens.

Gaming Hub

Source: Gaming Hub - QuickSwap

QuickSwap also released a Gaming Hub. It offers users a variety of top polygon games. It is a key feature that looks to utilize the buzz of GameFi to its advantage; drawing the attention of digital asset owners and web3 gaming enthusiasts.

The gaming hub backed up by Versa Games, a web3 gaming company is able to provide low transaction fees and at high speeds using Polygon’s open and secure blockchain. The Quickswap Gaming Hub links to the best Polygon games available, giving users access to around 192 games available on the platform, with 41 of those games free.

QUICK Token

QUICK is the base token of QuickSwap, the Permissionless decentralized exchange (DEX). It was launched in 2021 and functions as QuickSwap’s governance token. Holders of QUICK tokens are able to make proposals to the community and vote on them to add new features or make changes.

QUICK holders will play a critical role in the governing process of the platform, which will be a community-governed DEX. Holders of QUICK will be able to make decisions on the steps the protocol should take.

These users will be able to suggest changes and have other members discuss and vote on things that affect the whole community.

QUICK Tokenomics

The QUICK token did not have a pre-sale, private round, or public sale. Rather, 96.75% of the token’s total cap was set aside for people in the QuickSwap community.

• 90% of that value belongs to Liquidity Mining, 5% going to Uniswap token holders
• Another 3.25% going to creators and advisors
• The remaining 1% and 0.75% will be split between Future airdrops and marketing, respectively

How To Buy QUICK Token

One way to own QUICK is to go through a centralized crypto exchange. The first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy QUICK on the spot or in the derivatives market.

Is Quickswap (QUICK) a Good Investment?

QuickSwap is a decentralized alternate platform for trading ERC-20 tokens. Unlike other DEXs that are based on Ethereum AMMs, Quick uses Polygon, which greatly increases the speed of transactions on the platform while reducing the cost of swapping tokens. It is already equipped to become a major figure in the De-Fi world, but only time will tell if it can keep being relevant enough to stand toe-to-toe with the new wave of De-Fi technology coming up.

Take Action on QUICK

Check out the QUICK price today and begin trading your favorite currencies.

• QUICK/USDT