Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
QuickSwap (QUICK) seeks to provide DeFi (decentralized finance) users more flexibility via its permissionless DEX. The network leverages a multi-chain structure to reduce costs and improve responsiveness. As such, QuickSwap continues to garner more attention in the market. Here is everything you need to know about QuickSwap (QUICK).
What Problems Does QuickSwap (QUICK) Attempt to Fix?
QuickSwap's developers wanted to improve the DeFi experience for Ethereum users. The protocol was developed to help reduce congestion which has resulted in high gas fees and slow transactions on the Ethereum main chain. Notably, QuickSwap leverages Ethereum's second layer protocol, Polygon, to provide near-zero gas fees.
Benefits of QuickSwap (QUICK)
There are a lot of benefits that you gain when you use QuickSwap as your DEX. For one, the network provides lightning-fast speeds. Trades execute in seconds in a non-custodial manner. Additionally, the network provides a high level of privacy to users. Unlike traditional exchanges, there is no signup required. You never have to provide your personal information which helps keep you protected from thieves and hackers.
QuickSwap provides users with a variety of passive income options. Users can stake or farm their tokens. These strategies are a great way to build wealth because they don't require you to relinquish ownership of your digital assets to earn.
How Does QuickSwap (QUICK) Work
QuickSwap leverages the security of the Ethereum mainnet to ensure that all transactions are final. Additionally, the developers integrated the Polygon network to reduce congestion and improve performance. This approach has created some unique features to help users profit more from their DeFi ventures.
The QuickSwap DEX is the main feature of the network. This feature enables anyone to exchange digital assets securely and efficiently. The DEX was set up to mimic other popular DEXs like Uniswap. This approach helps new users migrate over to the platform. Wisely, QuickSwap offers an excellent selection of DeFi tokens and more.
Staking is the act of providing tokens to network smart contracts for a predetermined time. Staking helps the network remain secure and provides a way for regular users to earn rewards. In the QuickSwap ecosystem, stakers earn a portion of the DEX trading fees for their participation. Notably, staking is a better option for new users because your rewards are based on the number of tokens you stake versus your overall understanding of the crypto market like trading.
Another great feature that QuickSwap integrates into the network is Liquidity Mining. Liquidity Mining rewards users for providing liquidity to trading pools. LP pools were first made popular by Uniswap and since have made their way on to many top-performing DEXs. These network smart contracts provide startups with an easy way to access crowdfunding with minimal costs. Additionally, they provide users with multiple ways to secure rewards.
When you join a liquidity pool, you are given LP-tokens for your participation. These tokens represent the liquidity pool. As such, they increase in value as the pool's liquidity rises. Additionally, users earn rewards in the form of the network's native utility tokens, QUICK.
Yield farming is another popular DeFi service that QuickSwap provides. Yield farming is similar to staking in that you earn rewards for providing liquidity to a network smart contract. However, unlike staking, the rewards vary per day and there are no set lockup periods. As such, yield farming can be more profitable but requires much more attention on the part of farmers versus stakers.
QuickSwap introduces the concept of Dual Farming to the market. This feature enables users to receive their farming rewards in two crypto assets. The benefit of this feature is that payment in two tokens often translates to increased profits. Currently, you can earn staking rewards in MATIC and QUICK.
The QUICK token is an Ethereum-based coin. The token operates as the main governance and utility token for the network. QUICK is a versatile digital asset as you can stake, farm, or liquidity mine to secure rewards. Users can also use it as a regular cryptocurrency to send value globally.
QuickSwap users earn discounts when they pay fees using QUICK. There are also QUICK trading pairs that help provide more liquidity to the market. The developers capped the total supply of QUICK at 1,000,000. This supply is to be fully diluted over a four-year period.
The QuickSwap network falls in line with the overall DeFi theme with the introduction of a community governance system. These voting mechanisms allow anyone to put forth a proposal to be voted on by the community. For example, users can vote to change the fee structure or to add new coins to the DEX. They can also request token buybacks or burns using this system. The QuickSwap Community governance mechanism helps to ensure the protocol remains a user-led project and that all community funds get directed to the areas users desire most.
History of QuickSwap (QUICK)
QuickSwap is the brainchild of Ethereum contract programmer, Nick Mudge, and the Co-Founder of the blockchain development and consulting firm, Ginete Technologies, Sameep Singhania. These two developers took valuable lessons learned from their previous experiences to create a unique DEX that is packed with helpful features.
How to Buy QuickSwap (QUICK)
QuickSwap (QUICK) is available on the following exchanges:
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
Binance – Accepts Australia, Singapore, and most of the world. Canada & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
QuickSwap – More Features, More Rewards
It’s easy to see from the features and services provided by QuickSwap that the developers did their research. The DEX offers all the top features in the DeFi market and some new options that are yet to be seen on the competition. The overall ease of use of the network and simplistic interface makes this DEX a great option for both new and experienced crypto traders. As such, you can expect to see a lot more of QuickSwap in the future.
You may like
How to Buy QuickSwap | Buy QUICK in 4 Steps (December 2023)
Investing In PancakeSwap (CAKE) – Everything You Need to Know
Investing In SushiSwap (SUSHI) – Everything You Need to Know
Investing In Uniswap (UNI) – Everything You Need to Know
Investing in BakerySwap (BAKE) – Everything You Need to Know
Investing In Render Token (RNDR) – Everything You Need to Know