QuickSwap decentralized exchange was launched in October 2020, four months after Polygon's mainnet went live. The QuickSwap protocol was designed to address user experience issues in Ethereum, such as high transaction fees and long transaction delays. Thus, QuickSwap chose to run on Polygon, which is a Layer-2 scalability solution that provides near-zero transaction costs and transaction rates of up to 65,000 per second. Apart from trading, QuickSwap crypt exchange also provides complex farming options. Besides, note that QuickSwap employs an Automated Market Maker (AMM) model.
Since QuickSwap is a decentralized exchange, users don't have to go through the KYC process. The exchange can be accessed via web and mobile devices.
Markets
QuickSwap users can trade any ERC-20 asset with near-zero transaction fees, and the maximum network capacity is 65,000 TPS. Furthermore, whereas centralized systems require users to liquefy their assets, QuickSwap avoids this issue by assigning each user a daily liquefaction target. Users can earn more money with this opportunity by receiving rewards in the form of liquidity provision (LP) commissions.
QuickSwap spot market has over 200 active listings and over 2,000 QuickSwap trading pairs. However, the exchange does not offer margin or leverage trading.
Besides, note that QuickSwap customers can trade directly from their wallets, such as Metamask, which supports a wide range of ERC-20 assets. Thus, since tokens are not required to be deposited into the exchange, traders retain complete ownership of their assets.
In terms of QuickSwap exchange fees, every transaction in the QuickSwap protocol is subject to a commission. A 0.3% liquidity fee must be paid by both makers and takers for each transaction. 0.25% of all QuickSwap crypto fees go to liquidity providers, 0.04% to single-asset QUICK stakeholders, and 0.01% to the QuickSwap Foundation. Besides, users must pay a fixed fee of 0.000051 WBTC for withdrawals. The community has the right to change the fees at any time through governance.
The native token of the exchange is QUICK. Token holders have the ability to propose protocol improvements and vote on issues such as whether pools qualify for quick mining, among other things. So, essentially, QUICK is a governance token. You can learn more about the QUICK tokens and the QuickSwap crypto price right here.
Other Services
Apart from trading, QuickSwap also allows users to become liquidity providers. They can supply assets to QuickSwap liquidity pools and earn rewards for doing that.
Also, QuickSwap features a Gaming Hub, which allows traders to connect to various Polygon-based games.
However, the main additional service of QuickSwap is farming. Overall, there are three farming options – Dragon Lair, Dragon’s Syrup, and dual farming. Dragon Lair is a single-asset staking solution. To obtain dQUICK, QuickSwap's interest-bearing token, users must stake QUICK. Users have the option to deposit and withdraw money at any time from Dragon Lair while receiving an APY of around 36%. Dragon's Syrup initiative can be used to produce extra assets from participating projects using dQUICK tokens. Syrup yields an APY of between 50% and 60%. Lastly, using the dual farming program, liquidity providers have the chance to receive yield benefits in the form of MATIC and QUICK.
About the Company
QuickSwap debuted in May 2021, with more than 96% of QUICK tokens distributed to the community. It is now regarded as the primary decentralized exchange for Polygon. The exchange gives no information about its headquarters.
The exchange was founded by Sameep Singhania and Roc Zacharias. Singhania is the lead developer. He also works with the ParaSwap crypto project. ParaSwap runs on top of QuickSwap to lower price impact and slippage. Zacharias is a specialist in marketing. In addition to working with QuickSwap, he serves as the CEO of Lunar Digital Assets which acts as an advisor to QuickSwap.
Talking about partnerships, the exchange has one with Zignaly, which is a social investment platform. Besides, the exchange also has a partnership with Crypto.com. To provide users with direct access to QuickSwap news and updates, the Crypto.com platform has incorporated QuickSwap's RSS feed.
