QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum and powered by Polygon Network’s Layer 2 scalability infrastructure. It utilizes Layer 2 for transactions that allow QuickSwap users to trade any ERC20 asset at lightning-fast speeds with near-zero gas costs.
By incorporating a community-focused governance structure and a fair token distribution model, QuickSwap empowers traders whilst removing the costly barriers to entry to DEXs for the general crypto user. They also offer liquidity mining and yield farming opportunities, which will incentivize the growth of a strong liquidity provider ecosystem.
Just like current leading DEXs, such as Uniswap, anyone can trade any ERC20 token on QuickSwap. If an asset isn’t currently supported on the platform, users can list any ERC20 token on QuickSwap by providing liquidity to enable instant asset swaps. They will then earn fees every time other users trade via that trading pair. With Aave’s recent launch on Polygon, QuickSwap needed to deepen liquidity for core Aave trading pairs to decrease the slippage for whales who want to swim in our pools.
Layer 2 Transactions
Transactions on QuickSwap are powered by Polygon, a Plasma-based Layer 2 Ethereum scalability solution. This means asset swaps can be completed within ~2 seconds at a tiny fraction of the gas cost on the Ethereum main chain. Transactions on Polygon achieve finality on the Ethereum mainchain, providing all the security of Ethereum with the massive performance capabilities of Layer 2.
Who are the founders of QuickSwap (QUICK)?
QuickSwap was founded by Sameep Singhania. Sameep is the Co-Founder and Director of the blockchain development and consulting company Ginete Technologies. He is an experienced blockchain developer who has devoted the past two years of his life to assisting businesses to explore synergies and integrate blockchain. Sameep is focused on facilitating the widespread adoption of decentralized technologies.
What is QuickSwap QUICK used for?
Governance
The protocol will be governed by QUICK token holders, who will be able to create proposals for and vote on various factors relating to the running of the protocol. QuickSwap is being built for the community, to be run (eventually) entirely by the community.
Non-Custodial Trading
Users can trade on QuickSwap directly from their wallets. Unlike centralized exchanges, there is no need to deposit tokens on the exchange before trading. Users, therefore, retain complete custody of their assets during the trading process.
Liquidity Mining
By providing liquidity to incentivized QuickSwap trading pools, users are rewarded with QUICK tokens. This not only encourages the growth of a strong liquidity provider community but facilitates distributed governance of the platform by those with “skin in the game” as well.
Yield Farming
There will be a 0.3% trading fee for every transaction on QuickSwap. Users who provide liquidity to trading pairs on the platform are eligible to receive a percentage of trading fees in proportion to their liquidity pool stake.
How is QuickSwap (QUICK) unique?
QUICK is a fair launch, a community-governed project that had no seed round, no private round, no pre-sale, and no public sale (ICO/IDO/IEO). The team ensured that 96.75% of the total supply was reserved for the QuickSwap community. Their documentation also showed that 90% of QUICK tokens have been either already distributed or will be distributed through the liquidity mining rewards program.
To motivate new projects and communities to come out to Layer 2 and try Polygon, QuickSwap has provided incentivized trading pools, and those who provide liquidity for an incentivized trading pool are rewarded with QUICK tokens in addition to a percentage of the fees generated from swaps.
QuickSwap was created and is backed by some of the industry’s most prominent thought leaders in the fields of Ethereum token and contract standards and Layer 2 scalability. The protocol represents the next stage in the evolution of decentralized trading and is designed to enable the next wave of users to enter DeFi.
How many QuickSwap (QUICK) coins are in circulation?
It has a circulating supply of 327,100 QUICK coins and a maximum supply of 1,000,000 QUICK coins. The token is shared as follows:
UniSwap (5%)
Because QuickSwap is a fork of UniSwap with not even a single digit of code changed, they allocated 5% of the total QUICK token supply for liquidity mining via UNI-pools.
Curators and Advisors (3.25%)
Because QuickSwap is a community-focused project, only 3.25% of the total supply was allocated to QuickSwap’s curation and advisory team. The tokens that were distributed to QuickSwap’s founding members are locked in vesting contracts that release them slowly over the next 392 days. The tokens were shared as follows:
9,538 QUICK were distributed to Nick Mudge’s vesting contract.
7,630 QUICK were distributed to Sameep Singhania’s vesting contract.
7,630 QUICK were distributed to Lunar Digital Assets’ vesting contract.
Marketing
The remaining 0.75% of the QUICK supply was used to fund the project’s initial marketing campaign. They distributed these tokens to members of various DOAs and distinguished industry personalities to encourage their interest and participation in QuickSwap.
Airdrop 1%
To reward early users of the DEX, QuickSwap has reserved 1% of the total supply to be distributed via an airdrop.
How is the QuickSwap network secured?
The team’s treasury holds the majority of the funds that will pay out liquidity mining rewards for the next 3.5 years. This wallet containing the tokens is equipped with multisig and requires 3 out of 4 signatures from Nick Mudge, Sameep Singhania, Roc Zacharias (LDA), and Sandeep Nailwal (Matic). This is to increase security and to eliminate the chance of a future rug pull.
How do I buy QuickSwap (QUICK)?
The QUICK token can be used for a wide range of uses, like staking and governance.
QUICK tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy QUICK through your trading account.
Which Cryptocurrency Wallet Supports QuickSwap (QUICK)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as QuickSwap (QUICK). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their QUICK wallet because it offers a simple interactive interface, making it easy for people to navigate its system.
