QuickSwap is an automated market maker (AMM) and Layer 2 decentralized exchange developed on the Polygon protocol. QuickSwap is also a fork or clone of Uniswap, the most popular automated market maker. QuickSwap, on the other hand, runs on the Matic/Polygon Layer-2 platform, while Uniswap runs on the Ethereum Network.
Due to the amount of traffic on the Ethereum Network, QuickSwap has quicker settlements than Uniswap and much lower transaction fees than Ethereum. While Uniswap has established the industry standard for AMMs and Uniswap liquidity mining and has been so thoroughly inspected, it's unsurprising that various projects have adopted the open-source code to develop variations of the most popular decentralized exchange (DEX).
Nick Mudge and Sameep Singhania built the QuickSwap platform. Mudge has more than six years of experience as an Ethereum contract programmer, code reviewer, security auditor, and web developer. He helped make the ERC721 standard and is the writer of the EIP-2535 Diamond Standard.
Singhania is the other co-founder who created the platform. He is the director and co-founder of Ginete Technologies, a company that develops blockchain technology and offers consulting services. He is an experienced blockchain developer who has spent the last few years of his life helping businesses discover and use blockchain. Singhania is working to increase the adoption of decentralized technology.
QuickSwap's programmers wanted to enhance the DeFi experience for Ethereum users. The protocol was created to minimize congestion, which has led to high gas fees and slower transactions on the Ethereum main chain. Notably, QuickSwap utilizes Polygon, the second-layer protocol of Ethereum, to offer near-zero gas fees.
Liquidity Pools - Using an AMM model, anyone can build a liquidity pool comprised of tokens that other users can exchange. In this situation, there's no traditional order book with makers and takers. Instead, customers deposit tokens of equal value, which offer the necessary liquidity to swap trading pairs. Automated Market Maker - The QuickSwap AMM model sets the prices of the assets and provides instant liquidity. It makes access to liquidity easier for everyone through its algorithmic code. The QuickSwap AMM is similar to a financial robot or algorithm that can suggest a price between two assets. Instead of the traditional order book, the assets in the liquidity pool are used to establish the price depending on the percentage of tokens in the pool at the time. Dragon’s Lair - Dragon's Lair, a single-stake product from QuickSwap, is one of its most popular aspects. Users who want to maintain liquidity on QuickSwap for a longer time frame can stake their QUICK tokens in the Dragon's Lair.
QUICK is the QuickSwap utility token and can be used in the following ways: Governance: Token holders are able to suggest and vote on network governance decisions using the Snapshot platform. Staking: Users can stake QUICK tokens on the network in exchange for staking incentives (paid in QUICK) and a share of platform transaction rewards. Liquidity Mining: Users can deposit tokens to the platform's liquidity pairings and earn a portion of the platform's transaction fees. Users will get LP tokens in return for their token deposits. These LP tokens can be staked on the platform to acquire more QUICK tokens.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath -55% Decrease 30/09/2021 DEFIT is now available on Polygon and Quickswap +28% Increase 26/04/2021 QuickSwap (QUICK) rises as the L2 network of Polygon (MATIC) attracts new liquidity +485% Increase
Compared to other Ethereum-based DEXs or AMMs, Polygon-based QuickSwap makes it easier and cheaper to swap tokens than other DEXs or AMMs. Due to its great scalability and ability to conduct low-cost transactions, the platform has become the go-to place for users seeking to trade ERC-based tokens without using middlemen. Although the platform has accomplished much, it operates in a very competitive market. As it evolves and becomes more popular, it will attract more users all over the world. Only then will QuickSwap be put to the test to see if it can handle a lot of transactions or not.
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