DeFi has been on the rise since 2020 and continues to grow. This is mainly due to the Automated Market Makers (AMM). They were and are important to the development and popularity of DeFi. DeFi mainly ran on Ethereum and that is where the shoe pinches a bit. Due to this popularity, there were a lot of congestion on Ethereum and this resulted in the gas costs going up very fast. Many new DeFi projects have therefore started looking for alternative solutions. QuickSwap is an example of this. It is a fork of the popular Uniswap and is slightly different, it is certainly no ordinary copy. It runs as a layer 2 on Polygon and that ensures low and fast transaction costs.
In this blog, I’m going to talk about QuickSwap and the QUICK token. I’m going to explain what QuickSwap is exactly and how it works. I’m also going to take a behind-the-scenes look at the team on this project and take a closer look at the QUICK course. Furthermore, I will also tell you where to buy the QUICK token.
Please note: please note that the text below about ‘QuickSwap (QUICK)’ as well as the explanation thereof should in no way be construed as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
Here you can first watch a fairly detailed video showing how QuickSwap works.
- 1 What is QuickSwap?
- 2 How does QuickSwap work?
- 3 Who is on the QuickSwap team?
- 4 What is the QUICK token?
- 5 What is the price of the QUICK token?
- 6 Where can you buy the QUICK token?
- 7 What is the best way to store the QUICK token?
- 8 Conclusion
What is QuickSwap?
QuickSwap is an AMM that runs on the Polygon layer 2 . As a result, this DEX has very low transaction costs and the transaction speed is great in contrast to Ethereum . It’s a fork of the original Uniswap AMM, yet offers just that little bit more. These are the speed and the much cheaper costs. If you watch the video in the introduction, you will see how quickly the transactions are processed, as well as how cheap they are. They did trade the unicorns for dragons, but otherwise the UI is almost the same. Uniswap ‘s open source code is therefore widely used by new DEXs because it is a proven and reliable model.
It is a DEX that is permissionless. QuickSwap is community run and there is a fair token distribution model that I will come back to later when I talk about the QUICK token. By removing the high fees, they want to make access to DEX’ easier for the general crypto user.
QuickSwap offers liquidity mining , yield farming, token swapping and limit orders, among others. What is an interesting additional option is that you can also buy tokens via your bank account and local currency. With this they expect that a strongly growing ecosystem is available for the liquidity provider. As a result, they speak of a new wave and increase of DeFi users who set them in motion.
It is important that QuickSwap takes advantage of the time to strengthen its market position as long as Ethereum has not yet switched to Ethereum 2.0 . There is now an opportunity to build customer loyalty with the fast layer 2 solution they offer. Not every SMP has this advantage where transactions are also executed quickly.
How does QuickSwap work?
To start on QuickSwap you will first have to make a connection to the Polygon (MATIC) network with, for example, the MetaMask wallet . You will also need the MATIC token and the QUICK token. The advantage of this is that you don’t have to go through KYC (Know Your Customer) now. This saves you from fiddling with passports or selfies that just won’t work, because the photo of your passport and the handwritten piece of paper with your signature on it are not legible.
Connect Wallet to QuickSwap
Before connecting the wallet to QuickSwap, you need the correct information to contact the Polygon network. That information is here and should be entered under ‘settings -> add network’.
- Network Name: Polygon
- New RPC URL: https://polygon-rpc.com OR https://rpc-mainnet.matic.network OR https://rpc-mainnet.maticvigil.com OR https://rpc-mainnet.matic.quiknode. prow
- ChainID: 137
- Symbol: MATIC
- Block Explorer URL: https://polygonscan.com/
A wallet can be connected with this information. That’s what it looks like.
The wallets that can be used are of course MetaMask, but Venly, Walletconnect, Portis or the Coinbase wallet can also be used.
You now need Matic to use QuickSwap. In ‘swap’ mode you can indicate which token you enter with the amount you want to swap and which token you want to export. The swap UI will then indicate how many tokens you will get. There are many options for swapping. Please note that all ERC20 tokens that you want to send are assigned to the Matic Network. QuickSwap also offers two different bridges, a Polygon bridge and a PoS bridge.
That’s what it looks like.
When you confirm the swap, you will see the new tokens in your wallet. You can set a limit order and it will only take effect when the correct price has been reached. This process is automated by a third party app from Gelato. However, it is in beta, so be careful when connecting this app to your wallet. The advantage is that you don’t have to be online all the time, the Gelato bots will monitor the transaction and execute it at the right time.
Here is a detailed video showing how to move from a layer 1 blockchain to the layer 2.
Now you can start participating in liquidity pools on QuickSwap . First select a liquidity pool that you want to participate in, make sure you have the right tokens and then you can add liquidity to a certain or more pools. You will now receive LP (Liquidity Pool) tokens and 0.25% of the respective pool’s trading cost. You can also set up your own pool if you don’t see a pair where you want to trade.
- Add liquidity
Go to the ‘Pool’ tab and click ‘Add Liquidity’. Now you will need to select an LP token pair and add exactly the same amount of both tokens to the pool. Take, for example, the MATIC-USDT pool. You choose the first token and the required amount of the second token is automatically indicated. If you’re using this pair for the first time, you’ll need to approve it, so you’ll need to click “Approve”. Now you can press the ‘Supply’ button and the app will show you what percentage you have in the pool. Now all you have to do is confirm this.
Now you are a participant in this pool and you get a reward for it.
- Remove liquidity
Any participant in a pool can withdraw their liquidity from the pool at any time and receive the corresponding reward. This is quite simple and you start by clicking on the ‘Remove’ button. Choose the pool you want to get out of and indicate by what percentage. If you confirm this, you’re done. All you have to do is confirm the transaction and the tokens will disappear from your pool and will be credited to your wallet.
QuickSwap has three different ways to farm, and here they are.
- LP Mining
In the LP Mining section, at the time of writing, beginning January 2022, there are as many as seven pages of pools for you to participate in. This can be found under the ‘Farming’ tab. Click on the ‘Add Liquidity’ button and indicate how much you want to put in a pool. Click on the chosen pool and you will see the daily reward and the APY.
- dual mining
In these pools, you get a double reward in the form of QUICK and MATIC tokens. The pools fit exactly on one page here.
- Dragon’s Syrup
This is staking the QUICK token and for this you get the dQUICK token which stands for Dragon’s Quick. You can choose from three pages of tokens to stake, such as MATIC, ELON or MCASH.
For example, the dQUICK-QUICK ratio is 1.12:1 and this is because the price of dQUICK changes depending on the amount of QUICK tied up in staking contracts. The swap costs have increased in value and are causing an increased interest rate (yield) for dQUICK strikers. The value of dQUICK increases over time due to the swap cost, and if you want to withdraw the stake from the stake, the dQUICK is burned or destroyed. You now get more QUICK than what you started with. You can strike for any period of time, so you can stop staking at any time, however it suits you best.
There is also a ‘Buy’ option where you can buy crypto with fiat money through your bank of choice. There is a very long list of currencies that can be used. Buying can be done in two ways, with the Transak or MoonPay apps. Here is an image of the Transak app.
Because these are external apps, it is possible that some form of KYC is required.
Who is on the QuickSwap team?
There are two people mentioned in QuickSwap’s blogs. Here they are.
- Nick Mudge — He is an Ethereum smart contract programmer and has been working with blockchain since 2015. He is the author of the EIP-2535 Diamonds and EIP998 Composable Non-Fungible Token Standard, among others.
- Sameep Singhania — Co-founder of QuickSwap and has been diving deep into the blockchain technology and world since 2018.
What is the QUICK token?
The QUICK token is an ERC20 token. It has two uses namely management and strike. A fair launch was used , meaning there were no seeding rounds or private sales, but everyone can bid on the token on the first day. This also applies to the project team. This is an increasingly popular way to launch tokens as it is fair for everyone.
There will be 1 million QUICK tokens of which 327,100.00 QUICK or 31% are already in circulation. The market cap is fairly low at $101,646,521.
The distribution of the token looked like this.
What is the price of the QUICK token?
If you want to invest in the QUICK token, a good start is to know its price. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.
The QUICK token was listed on CoinMarketCap on February 24, 2021 at a price of $416.97. On the first day of trading, the price was already up 90%. It briefly rose to just below $600 and then slumped slightly to around $200. However, on April 26, he started parabolic ascent leading to his preliminary ATH. It was reached on May 1, 2021 with a price of $1,455.71. After that, a correction has also occurred and at the time of writing, at the beginning of January 2022, the price is $310.38. At the very end of December 2021, it received another boost of 60%, while the rest of the crypto market was deep in the red.
At CoinMarketCap , it is just outside the top 400 in place 444. This coin has a good prospect in my opinion, especially as long as Ethereum has not yet switched to the PoS mechanism and the 2.0 version. I think he still has a reasonable chance of making a good price development. If you want to invest in this currency, it is important to do your own research, because I am not a financial advisor.
Where can you buy the QUICK token?
The QUICK token is unfortunately not yet for sale on Bitvavo , but it is on Binance . Most leading CEXs also offer this coin, such as Gate.io and KuCoin . There are also many liquidity pools on QuickSwap where you can find various QUICK pairs.
What is the best way to store the QUICK token?
You have several options to save this token. The safest way is to store them on a hard wallet , also known as a cold wallet. With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.
You can of course leave your QUICK token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. There is always the danger of a hacked exchange and then you have a chance that you will lose your crypto. These wallets on an exchange are also called hot wallets .
As a third option, you can also use an online wallet such as MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.
QuickSwap is a popular AMM that runs on Polygon as a layer 2. This makes very fast transactions possible with very cheap costs. At many SMPs, the transactions take a long time and the transaction costs are high. On Ethereum, they can even go up to a few hundred US dollars. This speed and dirt cheap transaction costs are the strength of QuickSwap.
The price of the QUICK token reached its preliminary ATH in May 2021, but has since corrected considerably. This does not mean that an increase is no longer possible. On the contrary, as long as the costs for the Ethereum-running AMMs remain high, QuickSwap can still take advantage of this. This could benefit the price. If you want to invest in the QUICK token, please do your own research first, as I am not a financial advisor.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com