QuickSwap is a decentralized cryptocurrency exchange and a Uniswap fork. It operates on the Polygon network similar to Uniswap.
The platform has its own native token which can be used for staking and governance.
In recent days, QuickSwap has become the talk of the town and here in this article, we dive deeper into ‘What is QuickSwap?’.
You can read about its major features, the way it functions, its native token and tokenomics, and more.
What is QuickSwap? A Quick Intro
QuickSwap operates as a DEX to exchange Ethereum-based tokens and offers quick transactions at low fees.
It leverages liquidity pools for trading. Such pools have token pairs like DAI/USDT, ETH/USDC and so on which are provided by the users to enable liquidity.
You can access QuickSwap from Ethereum wallets. Your wallet can be connected with the interface of the platform which will allow you to make trades and interactions on the platform.
QuickSwap: Key Features
- Lower Fees
- Higher Security
- Staking & Governance through native token
- Yield Farming
- Incentive Programs
- Token Support
Let us look deeper into all these
Lower Fees
QuickSWaps charges a lower fee compared to UniSwap and other decentralized and centralized exchanges. You only have to pay a low fee for the transactions that you make on its platform.
Higher Security
Lower fees do not compromise the security. The security features of this platform leverage the Ethereum blockchain to ensure top-notch security.
It has smart contracts and more to guarantee safety to all users and transactions.
Staking & Governance through native token
The native utility token of QuickSwap lets you stake it. Also, you can be a part of the governance decisions regarding the platform. You can buy the token to earn rewards as well.
Yield Farming
The platform lets all the users take part in yield farming. It is made possible by providing liquidity to specific pools.
Incentive Programs
QuickSwap offers multiple incentive programs to the users. One such program is liquidity mining where you will be rewarded with extra tokens and this is done when specific pools are provided with liquidity.
Token Support
The platform has extended token support. It supports multiple tokens thereby enabling the traders to have a wide choice of training pairs. The supported tokens include a big list of ERC-20 tokens.
QUICK, The Native Token
As we already mentioned above, QuickSwap has a native utility token namely QUICK. Primarily it serves as a utility token of the platform.
You, as a user of the platform, can make use of QUICK to pay the transaction fees while you trade tokens. The platform provides this token as a reward. You may be rewarded with this token in liquidity mining programs. And also for using it to provide liquidity to particular trading pairs.
You can use QUICK to stake it in the liquidity pools. This token also grants you the ability to make governance decisions on the platform.
The QUICK token enables you to take part in governance decisions as per the protocol of QuickSWap.
You can vote while the platform makes the key governance decisions. For example, you can vote on the free structure-related proposals, and other proposals related to platform upgrades, new token listings, and much more.
Tokenomics: QUICK
QUICK is a fair launch project, according to the website formation. To be a fair launch project means that the token can be owned, earned by the community, and also governed.
QUICK has no seed round, pre-sale, private round, and public round. It means that there is no QUICK ICO, IDO, and IEO.
As of the latest data, the total token supply of QUICK is 1 billion tokens. 90% of the total token supply is currently under circulation.
It means, there are 900 million tokens out there. The market cap of the token is 49 million US dollars.
90% of the QUICK token was distributed by the liquidity mining rewards program. This mining rewards program is supposed to continue for the coming 3.5 years.
The Bottom Line
QuickSWap is DEX with low fees, high security, and quick transaction rates. It integrates with Ethereum wallets and has community governance.
Simultaneously, you may incur impermanent loss from the platforms as it is highly volatile and have a learning curve. If you need to know anything more, reach us using the below comment box.
