QuickSwap is the largest decentralized exchange (DEX) on the Polygon blockchain that is optimized to enable seamless trades of all Ethereum-based tokenized assets via an automated market maker (AMM).
QuickSwap was launched in October 2020 by Sameep Singhania and Roc Zacharias as a fork of the Uniswap DEX and as a Layer-2 DEX of Polygon. In May 2021 "QUICK", the native token of QuickSwap, was launched.
At Glance
● QuickSwap is Polygon's main decentralized exchange, also serving as a bridge between Polygon and Ethereum.
● QuickSwap is liquidity-driven and functions with smart contracts and an automated market maker (AMM).
● QuickSwap has a $157.76 Million Total Value Locked (TVL) on polygon according to DefiLlama.
● QuickSwap benefits from polygons' low transaction fees, low latency and faster throughput.
● QuickSwap has a daily trading volume of over $3 million according to CoinMarketCap as of March 2023.
● QuickSwap is open source and decentralized, over 95% of the QUICK token is distributed to its community.
● QuickSwap rewards its liquidity providers with 0.25% of all the transactional fees generated in their pools and rewards stakes with .04% of all transactional fees generated in the exchange.
● QuickSwap is permissionless, in essence, all you need to do is connect your wallet to make use of it.
● QuickSwap allows users to buy crypto with fiat and also enables bill payment with cryptocurrency.
How Does QuickSwap Work?
It is similar in functionality to Uniswap and if you're already familiar with the Uniswap exchange then QuickSwap should be a walk in the park for you. QuickSwap enables the swaps of ERC20 tokenized assets between protocols across the Ethereum blockchain. It is however particularly optimized for the Polygon blockchain network and also inherits its Layer-2 architecture and perks which includes faster and cheaper swap transactions.
QuickSwap can do this because of Automated Market Makers (AMM) maintained by liquidity providers across multiple blockchains. Automated Market Makers (AMM) are the upgraded trade functionality of the order book matching systems that traditional blockchains and centralized exchanges make use of. Automated Market Makers (AMM) are powered by liquidity pools provided by liquidity providers.
Liquidity providers are users of the cryptocurrency market that deposits their crypto to an already existing pool on a decentralized exchange or blockchain network. They can also create or add their own liquidity pool themselves by depositing a pair of crypto on a decentralized exchange or blockchain network. This pool is used to facilitate trades without the need of an intermediary and the liquidity provider is rewarded through transactional fees via the accumulated interests on his deposited crypto assets.
But asides from being a decentralized exchange on the polygon network that is backed by liquidity providers via an automated market maker (AMM), QuickSwap can be used to buy crypto assets using fiat, it can also be used to pay bills like credit cards and mortgages, and anyone can also earn cryptocurrency by staking QUICK on the QuickSwap DEX to get dQUICK, a token that will subsequently earn .04% of all the transactions or trading fees generated from the QuickSwap exchange. Users can also deposit their crypto on various farms across multiple protocols on the QuickSwap DEX to farm and earn yields on their crypto assets.
Some Unique Features Of The QuickSwap DeFi Exchange?
Gaming Hub: QuickSwap can be used to access all the 192 DeFi blockchain games on the Polygon blockchain network. It further enables the exploration of this game using cost-effective transactions and faster processing.
Leader Board: QuickSwap has a real-time date consistent record of the highest-performing wallet addresses on the Polygon blockchain network. Metric data like the total number of trades conducted by the address and its total volume are also provided.
Predictions: QuickSwap partnered with nexter.fi to enable a crypto prediction market for its users. Users can predict the future outcome with respect to the price, revenue, and exchange rates of a certain ERC20 token and get rewarded if their prediction plays out.
Convert: QuickSwap can be used to convert tokens to their available variables on other blockchains or protocols or convert them from their old smart contract to their new smart contracts. For example, you can convert the old QUICK to the new QUICK using this feature.
Analytics: QuickSwap analysis is the official DeFi aggregator of the QuickSwap decentralized exchange (DEX), it has real-time and up-to-date charts and stats about liquidity, trading volumes, tokens, and pairs on the QuickSwap decentralized exchanges (DEX).
How To Use QuickSwap?
● First log on to quickswap.exchange - You'll be required to connect to a compatible wallet (preferably Metamask).
● Give permission to your wallet to allow the QuickSwap Decentralized Exchange to access it.
● Now you can select an Ethereum-based token of your choice to swap and confirm subsequent transactions.
What Is Staking And Why Is It Important In QuickSwap?
Staking in cryptocurrency is the process of committing your crypto assets to a blockchain network or decentralized exchange to earn a portion of all the trading and transactional fees carried out in the blockchain network or decentralized exchange.
QuickSwap has a unique interface specifically for staking. It tagged this interface as "Dragon's Lair". Dragon's Lair is the staking functionality of the QuickSwap decentralized exchange that will earn you more QUICK by staking your QUICK to earn dQUICK and earn .04% of all the trade fees on the QuickSwap decentralized exchange.
What Is Quick?
QUICK is the native ERC20 token of the QuickSwap decentralized exchange. Following its launch in May 2021, over 95% of QUICK tokens were distributed to the QuickSwap community.
One QUICK token is valued at $89.50 as of March 2023 according to data from CoinMarketCap. There is a total of 1 Million QUICK tokens and a circulating supply of 513,997 QUICK tokens.
QuickSwap VS Uniswap
QuickSwap is a fork of Uniswap, but QuickSwap was built for Polygon, the biggest Ethereum Layer-2 blockchain facilitating faster and cheaper transactions. This makes QuickSwap theoretically better to use when exploring ERC20 tokenized assets on Polygon and Ethereum. However, Uniswap remains Ethereum's biggest and largest decentralized exchange with respect to trading volume.
Why Choose QuickSwap?
QuickSwap is optimized for the Polygon blockchain network. It also serves as the most convenient decentralized exchange (DEX) on Polygon that can also be used to bridge DeFi features in the Ethereum blockchain. QuickSwap allows the swap of ERC20 tokenized assets using cheaper gas fees and also allows swift and "lighting-fast" transactions.
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