Quick Summary
- QuickSwap is a fork of Uniswap running on the Polygon network. It has gained popularity due to fast speed and low fees, and it’s also compatible with ETH blockchain. QuickSwap has no order book as users trade from pools, also known as liquidity pools.
Automatic market makers (AMM) have been around for a while and became very popular in the crypto communities. They provide a number of benefits and the newest ones prefer to choose networks like Polygon due to much lower fees. Now we’re going to look at what Quickswap is and is it different from other AMM cryptocurrencies.
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QuickSwap Explained
QuickSwap is a fork of Uniswap that runs on the Polygon (MATIC) network, a Layer-2 scaling solution for Ethereum (ETH). Polygon features lower transaction fees compared to the Ethereum mainnet, enabling QuickSwap to facilitate token swaps at a lower cost relative to exchanges like Uniswap v2. QuickSwap token gives users governance rights over the protocol.
This token has gained popularity because of the fast speed (65,000 transactions per second) and low fees (almost zero fees) offered by the Polygon Network. It’s also compatible with the Ethereum blockchain, allowing the swap of ERC-20 tokens. It offers a decentralized exchange (DEX) experience using the AMM model for the exchange of tokens. QuickSwap has no order book as users trade from pools, also known as liquidity pools.
Users can bridge ERC-20 tokens and trade any pair via QuickSwap as long as there’s a liquidity pool. The decentralized nature allows starting a new liquidity pool to anyone by providing a token pair to earn transaction fees from other users. Users can trade without any necessary centralized processes, such as sign-up and KYC (know your customer). All you need to do is connect your wallet to the platform and start trading.
QuickSwap is also open-source and uses audited code from Uniswap to provide it with a level of trust and security. Unlike a centralized exchange, QuickSwap doesn’t make money by charging fees to users. Liquidity providers are actually the ones who earn transaction fees. Just like Uniswap, there is a 0.3% fee on any swap made using a liquidity pool. The earned transaction fees can be claimed at any time and they can even be reinvested.
Token Information (QUICK)
QuickSwap has been launched in February 2021 at around $400 and then fell to $150. However, the cryptocurrency boom helped QUICK to grow by almost tenfold in a matter of one week. Currently, the price is testing its all-time lows which may offer great potential. This token has a $73 million market cap and a max supply of just 1,000,000 tokens, while only around 37% of that supply is circulating. QUICK is available for trading on the most prominent exchanges in the world, such as Binance, Coinbase, KuCoin, Crypto, MEXC, etc.
Conclusion
QuickSwap saw the possibilities coming with decentralized exchanges and jumped on that train. All these technologies coming with cryptocurrencies are slowly killing the traditional centralized system, and decentralization of the system is on the rise. DEXes like UniSwap and QuickSwap will play an important role in decentralized trading in the future.
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sources: coinmarketcap, messari, academy.binance
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
