How Does QuickSwap Function and What Is It?Table of Contents
How Does QuickSwap Function and What Is It?
By CoinUnited
30 Dec 2022
QuickSwap operates on the Polygon network and is a Layer 2 decentralized exchange and automated market maker (AMM). Users swap as liquidity providers and get transaction fees when exchanging tokens from these liquidity pools, much as Uniswap. Released in 2020, the platform is based on an AMM architecture in which users may trade tokens without the need for order books. Knowing Your Customer (KYC) checks are unnecessary due to the DEX nature of the exchange. Getting started on the platform is as simple as having a wallet and having some MATIC tokens on hand to cover the transaction of any transactions you may want to make. Therefore, QuickSwap users may now trade and swap ERC-20 tokens. You can stake it for dQUICK or other participating tokens, or you can swap it for another trading pair on QuickSwap.
When it comes to Layer 2 scaling solutions for the Ethereum blockchain, Polygon (previously Matic Network) is in the forefront. The interconnected blockchains that make up its vibrant ecosystem are powered by a proof of stake (PoS) method. The Polygon network has been widely adopted by the crypto community because of its low fees and extremely rapid transaction times in comparison to Ethereum. Its transactions are settled in MATIC, the network's native digital currency. The network can function as a "sidechain" alongside the Ethereum blockchain (EVM). For this reason, developers may utilize its freely open code to build decentralized software that is scalable, safe, and easy to use (DApps).
On QuickSwap, you may swap, stake, farm, and provide liquidity.
Any user of the AMM model can generate a liquidity pool of tokens that can be traded with other users. Here, there is no order book in the conventional sense, with buyers and sellers separating the supply and demand. Instead, users put up tokens of equivalent worth, which serve as the liquidity for the market. After making a deposit into a liquidity pool, a user is rewarded with a certain number of Liquidity Pool (LP) tokens. This will ensure that the liquidity providers are compensated fairly for their services. QuickSwap's liquidity providers receive a percentage of the transaction fees in accordance with the volume of their contributions. Even more so, LP token holders who contribute to a liquidity pool can farm yields for dQUICK tokens by depositing their tokens.
QuickSwap's Dragon's Lair single-staking product is extremely well-liked. Those who wish to hold liquidity on QuickSwap for a long period of time can stake their QUICK tokens in the Dragon's Lair. This option allows holders of QUICK tokens to get rewards in a hassle-free and secure manner, without the usual danger of loss associated with liquidity provision. Earn dQUICK tokens as prizes and a perpetual share of 0.04% of all trading fees on QuickSwap by staking QUICK tokens in the Dragon's Lair. Staking QUICK tokens in Dragon's Syrup Pools is another way for users to passively earn rewards. Tokens used to claim rewards from these Syrup Pools are limited in quantity and will be destroyed once they are all claimed. Most Syrup Pools have depleted their supply of Old QUICK token prizes, hence they are only accepting New QUICK tokens at this time (more on New QUICK tokens later).
QuickSwap allows users to rapidly and for nearly $0 gas expenses exchange ERC-20 tokens, but there is a minor transaction charge of 0.3%. Liquidity providers receive compensation from the swap fees. Users need just have MATIC in their wallets to execute the swap as KYC is unnecessary. Therefore, QuickSwap provides a straightforward and easy-to-use interface for token swapping, not unlike Uniswap's.
There are now two QUICK variants available: Old QUICK and New QUICK. In March 2022, the QuickSwap community agreed to raise the quantity of QUICK, which resulted in a token split of 1:1000. In 2021, the Old QUICK token was released as the QuickSwap governance token. There is a total of 1,000,000 Old QUICK tokens in circulation. The scarcity on offer was meant to entice buyers. But despite the expanding market cap, the company quickly learned that the scarcity story made QUICK pricing look overly costly in comparison to other DEX tokens like UNI or 1INCH. As a result, the community issued New QUICK coins to bring the total number of QUICK tokens to 1 billion. New QUICK tokens will be available for purchase by QUICK token holders beginning in April 2022. In spite of QuickSwap's ongoing transition from Old QUICK to New QUICK, Old QUICK may still be bought and sold on centralized exchanges. The QUICK token's utility has not changed drastically despite the larger token supply.
QuickSwap has emerged as an alternative to Uniswap due to its speed, low fees, and compatibility with Ethereum. Users of QuickSwap get access to the safe, vetted code of Uniswap, allowing them to do transactions on the Polygon network quickly and affordably. By connecting Polygon with Ethereum through QuickSwap, users may swap ERC-20 tokens without incurring the high gas fees that Ethereum normally requires.
To link a Polygon-compatible wallet, such as MetaMask or Trust Wallet, visit the site's Connect Wallet section on the right side of the homepage. Assuming you have successfully linked your wallet, choose Swap from the main bar. You'll be sent to a page where you can choose the two tokens you want to exchange. The MATIC token is often the default, but you may change it out for any tokens you require. Below is a working example of exchanging MATIC tokens for SAND tokens. A swap may be started by clicking the Swap button. You may verify the transaction on your wallet by clicking the confirmation button in the pop-up window. Always keep some MATIC tokens on hand in case any problems arise during the transaction.
In the context of decentralized exchanges for ERC-20 tokens, QuickSwap is a viable option. To provide a more efficient and inexpensive token exchange platform than Ethereum-based AMMs like Uniswap and Balancer, QuickSwap utilizes the Polygon blockchain. Staking, or contributing liquidity to liquidity pools, is another way for QUICK token holders to generate passive income. Time will tell if QuickSwap can keep its edge over other Ethereum-based AMM DEXs once the Ethereum Merge update is rolled out.
When it comes to Layer 2 scaling solutions for the Ethereum blockchain, Polygon (previously Matic Network) is in the forefront. The interconnected blockchains that make up its vibrant ecosystem are powered by a proof of stake (PoS) method. The Polygon network has been widely adopted by the crypto community because of its low fees and extremely rapid transaction times in comparison to Ethereum. Its transactions are settled in MATIC, the network's native digital currency. The network can function as a "sidechain" alongside the Ethereum blockchain (EVM). For this reason, developers may utilize its freely open code to build decentralized software that is scalable, safe, and easy to use (DApps).
On QuickSwap, you may swap, stake, farm, and provide liquidity.
Any user of the AMM model can generate a liquidity pool of tokens that can be traded with other users. Here, there is no order book in the conventional sense, with buyers and sellers separating the supply and demand. Instead, users put up tokens of equivalent worth, which serve as the liquidity for the market. After making a deposit into a liquidity pool, a user is rewarded with a certain number of Liquidity Pool (LP) tokens. This will ensure that the liquidity providers are compensated fairly for their services. QuickSwap's liquidity providers receive a percentage of the transaction fees in accordance with the volume of their contributions. Even more so, LP token holders who contribute to a liquidity pool can farm yields for dQUICK tokens by depositing their tokens.
QuickSwap's Dragon's Lair single-staking product is extremely well-liked. Those who wish to hold liquidity on QuickSwap for a long period of time can stake their QUICK tokens in the Dragon's Lair. This option allows holders of QUICK tokens to get rewards in a hassle-free and secure manner, without the usual danger of loss associated with liquidity provision. Earn dQUICK tokens as prizes and a perpetual share of 0.04% of all trading fees on QuickSwap by staking QUICK tokens in the Dragon's Lair. Staking QUICK tokens in Dragon's Syrup Pools is another way for users to passively earn rewards. Tokens used to claim rewards from these Syrup Pools are limited in quantity and will be destroyed once they are all claimed. Most Syrup Pools have depleted their supply of Old QUICK token prizes, hence they are only accepting New QUICK tokens at this time (more on New QUICK tokens later).
QuickSwap allows users to rapidly and for nearly $0 gas expenses exchange ERC-20 tokens, but there is a minor transaction charge of 0.3%. Liquidity providers receive compensation from the swap fees. Users need just have MATIC in their wallets to execute the swap as KYC is unnecessary. Therefore, QuickSwap provides a straightforward and easy-to-use interface for token swapping, not unlike Uniswap's.
There are now two QUICK variants available: Old QUICK and New QUICK. In March 2022, the QuickSwap community agreed to raise the quantity of QUICK, which resulted in a token split of 1:1000. In 2021, the Old QUICK token was released as the QuickSwap governance token. There is a total of 1,000,000 Old QUICK tokens in circulation. The scarcity on offer was meant to entice buyers. But despite the expanding market cap, the company quickly learned that the scarcity story made QUICK pricing look overly costly in comparison to other DEX tokens like UNI or 1INCH. As a result, the community issued New QUICK coins to bring the total number of QUICK tokens to 1 billion. New QUICK tokens will be available for purchase by QUICK token holders beginning in April 2022. In spite of QuickSwap's ongoing transition from Old QUICK to New QUICK, Old QUICK may still be bought and sold on centralized exchanges. The QUICK token's utility has not changed drastically despite the larger token supply.
QuickSwap has emerged as an alternative to Uniswap due to its speed, low fees, and compatibility with Ethereum. Users of QuickSwap get access to the safe, vetted code of Uniswap, allowing them to do transactions on the Polygon network quickly and affordably. By connecting Polygon with Ethereum through QuickSwap, users may swap ERC-20 tokens without incurring the high gas fees that Ethereum normally requires.
To link a Polygon-compatible wallet, such as MetaMask or Trust Wallet, visit the site's Connect Wallet section on the right side of the homepage. Assuming you have successfully linked your wallet, choose Swap from the main bar. You'll be sent to a page where you can choose the two tokens you want to exchange. The MATIC token is often the default, but you may change it out for any tokens you require. Below is a working example of exchanging MATIC tokens for SAND tokens. A swap may be started by clicking the Swap button. You may verify the transaction on your wallet by clicking the confirmation button in the pop-up window. Always keep some MATIC tokens on hand in case any problems arise during the transaction.
In the context of decentralized exchanges for ERC-20 tokens, QuickSwap is a viable option. To provide a more efficient and inexpensive token exchange platform than Ethereum-based AMMs like Uniswap and Balancer, QuickSwap utilizes the Polygon blockchain. Staking, or contributing liquidity to liquidity pools, is another way for QUICK token holders to generate passive income. Time will tell if QuickSwap can keep its edge over other Ethereum-based AMM DEXs once the Ethereum Merge update is rolled out.
