QuickSwap: A new DEX built on Polygon (formerly Matic)
Low fees and high yield opportunities pushed QUICK price above the $1,500 mark as the Polygon-based layer-two solution sees adoption from new blockchain projects.
QuickSwap is a next-generation layer-2 decentralized exchange (DEX) and automated market maker (AMM). QuickSwap is a fork of the number one automated market maker, UniSwap. Other than their logos, each DEX looks practically identical. However, the difference is that UniSwap runs on the Ethereum Network, whereas QuickSwap runs on the Polygon (Matic) Network.
Fast and Cheap Trading Fees for ERC-20 Tokens
QuickSwap allows users to be able to trade any ERC-20 asset at lightning-fast speeds with near-zero gas cost. Because Polygon’s Network is much faster and cheaper than Ethereum, swapping tokens and yield farming on QuickSwap is extremely cost-effective. As more tokens become available through the decentralized exchange, we can expect increased adoption of the platform.
Because QuickSwap makes use of layer-2 scaling solutions, it ensures the speed and cost of transactions don’t increase substantially with higher network activity. Also, users can earn a passive income with crypto using the QUICK token: By becoming a liquidity provider on QuickSwap, users will receive LP tokens and a percentage of transaction fees. Although similar to many other automated market models (AMM), the scaling solutions provided by QuickSwap means gas fees for unstaking and receiving rewards are far lower than other AMMs on Ethereum.
QuickSwap is not the only DEX to move to the Polygon chain. SushiSwap (a fork of UniSwap) has also announced that it will become a multi-chain DEX, now offering contracts on Fantom, Binance Smart Chain and others.
The expanded adoption of the Polygon network has seen a 420% price increase. While QuickSwap is currently down -61.7% from it’s all time high just a week ago, QUICK has dropped from $1,590 to just under $600usd in the past 7 days.
As DeFi activity begins to rise again and a growing number of analysts begin to predict that a new altcoin season is in the works, the Polygon ecosystem and its QuickSwap DEX could pull in more liquidity, especially if Ethereum users choose to use Polygon’s MATIC bridge to shift over to a layer two-based, low-fee environment.
Caitlin Carey – Crypto News Guest Author
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