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QuickSwap Price (QUICK)

₹ 7.5690000000 2.53 %

Low : ₹ 6456.3800 High : ₹ 6716.9500

Market Cap

₹4.08 B

0.0000 %

All Time High : ₹117678.0000

All Time Low : ₹3.3200

Volume

₹2.66 M

Circulating Supply 607000
Max Supply 1000000

Quickswap [New] Price Live Chart

Quickswap [New] QUICK

QuickSwap operates as an Automated Market Maker functioning within the Polygon Network, mirroring Uniswap's structure and providing a similar liquidity pool framework. Participants contribute token pairs to these pools and earn transaction fees when others utilize the pools to exchange their tokens.

The platform has gained significant traction owing to the Polygon Network's rapid transactions and minimal fees. Additionally, it seamlessly interacts with the Ethereum blockchain, facilitating the swapping of ERC-20 tokens. Nonetheless, users should be aware of the potential for impermanent loss.

The native cryptocurrency of QuickSwap is known as QUICK, easily accessible for purchase or sale on Binance. Moreover, QuickSwap's liquidity pools enable the exchange of various tokens for QUICK.


What Does QuickSwap Entail?

QuickSwap functions as a Layer 2 decentralized exchange and automated market maker (AMM) that operates on the Polygon network. Its functionality mirrors that of Uniswap, enabling users to contribute liquidity and earn transaction fees from these liquidity pools.

Established in 2020, QuickSwap employs an AMM model, facilitating token swaps without the need for order books. Being a decentralized exchange (DEX), it operates without the requirement for Know Your Customer (KYC) verification. All that's necessary for transactions is a wallet connected to the platform and MATIC tokens to cover the transaction fees.

The platform serves as a bridge between the Ethereum blockchain and Polygon, allowing users to trade ERC-20 tokens seamlessly on QuickSwap. QUICK stands as QuickSwap's native cryptocurrency. Users can stake it to acquire dQUICK or other participating tokens or exchange it for other pairs available on QuickSwap.


Understanding the QUICK Token

QUICK serves as the utility-enabled native token of QuickSwap, existing in two variants: Old QUICK and New QUICK. These tokens emerged after a 1:1000 token split in March 2022, a decision made by QuickSwap's community to increase QUICK's supply.

The Old QUICK token, introduced in 2021 as QuickSwap's governance token, had a limited total supply of 1 million tokens. This scarcity was intended to create value and appeal among users.

However, as the market cap expanded, it became apparent that the scarcity narrative caused QUICK's price to appear disproportionately high compared to other DEX tokens like UNI or 1INCH. Consequently, the community voted to increase the max supply of QUICK tokens to the current circulating supply of 1 billion by introducing the New QUICK tokens.


Founders & Team

Quickswap, launched in 2020, was conceived and executed by a team of accomplished professionals from various domains, encompassing expertise in Ethereum tokens, contract standards, and scalability solutions. The platform was created to address the scalability challenges encountered by UniSwap and other layer 1 protocols.

The decentralized exchange was co-founded by Nick Mudge and Sameep Singhania, both recognized authorities in their respective fields. Nick Mudge boasts a prominent profile as a blockchain programming expert, possessing extensive experience in web development, code assessment, security evaluations, and Ethereum contract programming. He played a pivotal role in shaping the ERC721 standard and is the mastermind behind the EIP-2535 Diamond Standard.

Complementing Mudge's expertise, Sameep Singhania serves as the director and co-founder of Ginete Technologies, a development and consulting firm. Singhania, a seasoned blockchain developer, has been dedicated to aiding businesses in exploring and embracing blockchain technology for several years. His primary objective revolves around advocating decentralized technology on a global scale.


How QuickSwap Operates

QuickSwap enables users to swap, stake, farm, and supply liquidity, presenting an interface similar to Uniswap's. It employs an off-chain governance model and boasts distinctive features such as:

  • Liquidity Pools: Utilizing an AMM model, individuals can create liquidity pools with tokens available for other users to swap. These pools operate without traditional order books involving makers or takers. Participants deposit tokens of equal value, thereby providing the necessary liquidity for swapping various trading pairs.
    Upon depositing into a liquidity pool, users receive Liquidity Pool (LP) tokens representing their share within the pool. This mechanism ensures liquidity providers receive a portion of the fees generated by the pool.
    Liquidity suppliers on QuickSwap earn 0.25% of the fees generated from trades proportional to their share of the pool. Additionally, liquidity pool providers can deposit their LP tokens to earn dQUICK tokens as additional rewards through yield farming.

  • Dragon’s Lair: A prominent feature of QuickSwap is Dragon’s Lair, a single-staking product. Users aiming to hold QUICK tokens and provide long-term liquidity on QuickSwap can stake their tokens in the Dragon’s Lair. This approach offers a secure method to earn rewards on QUICK tokens without facing impermanent loss risks, common in liquidity provision.
    Staking QUICK tokens in Dragon’s Lair allows users to earn dQUICK tokens as rewards, along with a share of 0.04% of all trading fees on QuickSwap indefinitely.
    Users also gain passive income by staking QUICK tokens in Dragon’s Syrup Pools. These pools offer a finite number of rewards in participating tokens that expire once the limit is reached. Currently, Syrup Pools only accepts New QUICK tokens as rewards, given that most have exhausted rewards for Old QUICK tokens.

  • Token Swaps: Despite a small transaction fee of 0.3%, QuickSwap enables swift exchange of ERC-20 tokens at near-zero gas fees. The fees generated from swaps are distributed among the liquidity providers.
    As KYC verification isn’t mandatory, users only require MATIC tokens in their wallets to execute swaps. QuickSwap thus provides a permissionless approach for token exchange, boasting a user-friendly layout akin to Uniswap's interface.


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