QuickSwap is a fork of Uniswap that runs on Polygon Network. Polygon is a Layer-2 scaling solution for Ethereum, which has lower transaction fees compared to Ethereum. It enables QuickSwap to make swaps easier and at a lower cost than Ethereum-based exchanges like Uniswap.
QuickSwap launched back in October 2020, which is four months after the Polygon (formerly Matic Network) mainnet went live. The launch had a community-focused governance structure where only 3.25% of the supply was reserved for the team and the remaining 96.75% for the community, and there were no seed rounds, pre-sales, or private sales. Token holders have voting power, whereas stakers earn revenue from the trading fees.
QuickSwap aims to solve the user experience issues happening within the Ethereum network: high transaction fees and long transaction processing period. With these issues, only capitals can have access to the wonders of Ethereum. Plus, they make it hard for the masses to enter the community without having huge fortunes. Transaction fees can become too expensive during times of high network activity.
QuickSwap attempted to solve this issue by building its network on the Polygon’s Layer-2 scaling solution that benefits from nearly zero transaction fees and can process up to 65,000 transactions per second. QuickSwap aims to solve the problem of high transaction fees and long transaction times and redesign how people interact with DEXs by developing user-friendly interfaces. It makes exploring and working with Layer-2 easier for non-technical users.
Since Uniswap is a tried and tested DEX and processes millions of dollars daily, QuickSwap’s team decided to soft-fork Uniswap, which means they didn’t change the underlying code and instead added additional features on top of it. An example of these features is the Dragon Lair. Users can earn fees by staking QUICK tokens. Unlike Uniswap, QuickSwap has support for Polygon and has brought its users an amazing AMM.
Here are some pros and cons of other competing projects in the ‘DEX’ category, so you can easily choose one which best suits you.
The DEX currently has over $754 million TVL (Total Value Locked). With a market cap of $110 million, QuickSwap’s native token QUICK ranks #460 in the market cap rankings. It has a circulating supply of 327,1000 QUICK and a max supply of 1,000,000 QUICK.
Over 5,000 wallets have QUICK, and the liquidity score of the token is 42%. QuickSwap’s popularity grew by 57% on Twitter, 136% on Reddit, and 27% on Telegram in five months.
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