QuickSwap is a decentralized exchange launched in October 2020. It was built with the purpose of solving the issues inherent to Ethereum blockchain preventing DeFi from mass adoption, such as slow transactions and high transaction fees. Therefore, QuickSwap has selected the Polygon network as the main blockchain for building its products. It is a direct fork of Uniswap V2 that utilizes the Automated Market Maker model to create liquidity pools.
The platform’s team is committed to providing their users with a DEX of high liquidity and trading volume. Thanks to Polygon, QuickSwap enables its users to trade any ERC20 assets with near-zero transaction fees while the maximum network capacity makes up 65,000 TPS. Also, while centralized systems require users to liquefy their assets, QuickSwap avoids this problem by giving each user a minimum target for daily liquefaction. With this opportunity, users can make more money by getting rewards in the form of liquidity provision (LP) commissions, which may grow into significant income over time.
Users can access the QuickSwap exchange via a desktop internet browser or a mobile device. Transactions are carried out through a set of smart contracts, thus, there is no need to register and provide personal information. At the time of writing, QuickSwap has 200+ active listings and 2,000+ trading pairs.
QuickSwap is an open-source decentralized exchange. Its servers are scattered all over the world, thus lowering the risk of server downtime and significantly increasing the network’s resistance to attacks. The bigger is the number of servers, the lower are the chances for the hackers to put down the whole network. Also, as a DEX, QuickSwap has no access to users’ funds. Consequently, hackers will not be able to steal users’ assets even if they hack the exchange. Besides, it uses audited code from Uniswap as an additional level of trust and security.
During the AMA conducted in December 2021, some users showed concerns about QuickSwap’s front-end vulnerability. However, QuickSwap is largely immune to front-end attacks as all their actions are performed at the contract level and the team does not have access to users' wallets. So far, there have been no attacks or major issues since the interface launch.
QuickSwap has always put security above everything else. This is why the team has never changed their main trading engine code, and they use reliable, battle-tested LP code for additional features.
QuickSwap is powered by its native ERC-20 token QUICK launched in February 2021. Its total supply is capped at 1 billion coins. 96.75% of the total QUICK supply was reserved for the community with the remaining 3.25% being reserved for the team and advisors. 90% of QUICK tokens will be distributed to liquidity providers via liquidity mining over a 4-year period, which started upon launch.
QUICK is a utility token that has two functions: staking and governance. QUICK stakers receive transaction fees from the exchange as a reward. Token holders can propose and vote upon changes or improvements to the protocol. Off-chain governance is handled through a decentralized Snapshot voting system. Users need to connect their wallets to Snapshot to be able to cast their votes.
QUICK can be bought or traded on Quickswap, Crypto.com, Binance, and Coinbase, against WMATIC, TEL, USDC, BTC, and a few other coins. The wallet for keeping QUICK coins should support the Polygon Network. For example, MetaMask and Trust Wallet can do the job.
The QuickSwap protocol charges a commission for every transaction. Both a maker and a taker must pay a 0.3% liquidity fee per transaction. 0.25% of all commissions are redirected to liquidity providers, 0.04% is sent to single-asset QUICK stakers, and 0.01% to the QuickSwap Foundation. For withdrawals, users must pay a fixed fee of 0.000051 WBTC. The community has the right to change the fees through governance at any time.
QuickSwap farming options
QuickSwap provides users with three farming options: Dragon Lair, Dragon’s Syrup, and dual farming. Dragon Lair is a single-asset staking service that eliminates the risk of impermanent loss. Users need to stake QUICK to receive a reward in the form of the platform’s commissions and dQUICK, an asset representing the stake, i.e. a QuickSwap's interest-bearing token. Dragon’s Lair brings around 36% APY giving users a possibility to deposit and withdraw at any time.
Launched in August 2021, Dragon’s Syrup program allows QUICK stakers to use their dQUICK to generate additional assets from participating projects. Syrup generates around 50–60% APY.
Polygon and QuickSwap have launched a dual farming program. It is a staking reward method that gives liquidity providers an opportunity to earn yields rewards in the form of two crypto assets, MATIC and QUICK. The program increases participants’ profits, helps to reduce volatility and the risk of impermanent loss by offering high APYs, and works for select Matic pairs: MATIC-ETH, MATIC-USDC, MATIC-USDT, and MATIC-QUICK.
QuickSwap’s team and partners
QuickSwap has a team of experienced market makers and business professionals. Sameep Singhania and Roc Zacharias are the co-founders of the exchange. Singhania is also a lead developer who has another successful project ParaSwap behind his shoulders. Zacharias is a marketing expert as he’s responsible for bringing in new partners. He also works as CEO of Lunar Digital Assets.
Sandeep Nailwal, the Polygon’s co-founder and Chief Operating Officer, is a member of QuickSwap advisory board. He has promoted QuickSwap at conferences and in interviews. He also advises on its development and community and shares Poligon’s growth strategies.
QuickSwap is a partner of a social investment platform Zignaly’s. It allows Zig’s holders to earn ZIG for staking their dQuick tokens. The Polygon’s COO and other team members have introduced QuickSwap to projects, exchanges, investors, and institutions. QuickSwap’s RSS feed has been integrated into Crypto.com platform to give its users direct access to QuickSwap news and updates. ParaSwap operates on top of QuickSwap to provide users with the lowest price impact and slippage. In addition, Lunar Digital Assets and Matic Network are the exchange’s advisors.