QuickSwap: A Next Generation High-Performance DEX

DEXs were intended to eliminate the need for any authority to supervise and allow deals inside a given exchange. Peer-to-peer (P2P) cryptocurrency trading is possible on decentralized exchanges. Peer-to-peer refers to a cryptocurrency marketplace that connects buyers and sellers.

Benefits of DEXs are: Privacy, Less hacking risk, Total control of funds by owner, Comparatively cheap transactional charges and Tokens that aren’t listed on centralized exchanges can still be freely exchanged on DEXs as long as supply and demand exist.

QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum which is powered by Polygon Network’s Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions, QuickSwap users will be able to trade any ERC20 asset at lightning-fast speeds with near-zero gas costs. QuickSwap is empowering traders whilst removing the costly barriers to entry to DEXs for the general users and also incorporating a community-focused governance structure and a fair token distribution model. For the growth of a strong liquidity provider ecosystem, liquidity mining and yield farming opportunities will help incentivize that goal.

Why Is There A Need For Another DEX on Layer 2?

The demand for decentralised trading has been on the increase and this has caused a major stress on the Ethereum main chain by DeFi protocol usage, thereby increasing transaction fees and confirmation times. There are numerous decentralised exchanges that depend on the capacity of this main chain, a quick example is the Uniswap. There is a lot of network congestion and it’s on the increase as more users on-board to DeFi products, therefore the greater the barrier to entry. These high gas costs and long transaction times are not conducive making it difficult to bring more of the current crypto community into DeFi, let alone mainstream adoption.

In order to solve and overcome these technical hurdles, there is a need for low-cost, high-performance infrastructure which is in Layer 2. QuickSwap is on the front of the Layer 2 DEX and providing solutions to the problems of the current DEXs.

Introducing QuickSwap

On Quickswap, ERC20 token can be traded. Also, if an asset isn’t currently supported on the platform, users can list any ERC20 token on QuickSwap by providing liquidity to enable instant asset swaps. Anytime any user trades via that same trading pair, fees will be gained. Liquidity providers will be incentivized by both yield farming and liquidity mining opportunities and will be entitled to earning QuickSwap’s native Quick governance token. The protocol will be governed by QUICK token holders, who will be able to create proposals for and vote on various factors relating to the running of the protocol.

QuickSwap’s disruptive value proposition lies in its Layer 2 integration. By using Layer 2 for transactions, QuickSwap users will be able to trade assets at lightning-fast speeds with near zero gas fees. QuickSwap does the work of removing the costly barriers to entry and usage for crypto users, enabling the next wave to enter DeFi.

Platform Features

QuickSwap not only incorporates the popular features of leading DEXs, but also provides the missing attributes required for a truly seamless user experience which are high-speed token transfers and negligible transaction fees.

1. Permissionless Listings; On QuickSwap, any user can list any ERC20 token by providing liquidity for the trading pair.

2. Layer 2 Transactions; Transactions carried on QuickSwap are powered by Polygon, a Plasma-based Layer 2 Ethereum scalability solution. This means asset swaps can be completed within approximately 2 seconds with a tiny fraction of the gas cost on the Ethereum mainchain.

3. Non-Custodial Trading; Here, users have complete custody over their assets during the trading process by having no need to deposit the tokens onto the exchange before trading.

4. Liquidity Mining; Users are rewarded with QUICK tokens by providing liquidity to incentivized QuickSwap trading pools.

5. Yield Farming; Users who provide liquidity to trading pairs on the platform are eligible to receive a percentage of trading fees in proportion to their liquidity pool stake.

6. Community Governance; QuickSwap will be community-governed and the QUICK token holders will have ownership of QuickSwap’s governance process.

HOW TO USE QUICKSWAP?

• Go to quickswap.

• Connect your wallet.

• Fix your RPC settings and ensure it is on Matic chain.

• Make sure you’re on the [Swap] tab to start exchanging tokens.

• Select the token you’d like to swap from and the token you’d like to receive.

• Click [Swap].

• Preview the transaction in the pop-up window and confirm the request in your wallet.

--

--

--

|Crypto Evangelist |Content Creator|

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

ICO Evaluation of Enigma Catalyst

PERI Finance has closed its successful 2nd round of fund raising

KUAPE FINANCE A DECENTRALIZED PLATFORM THAT HAS BEEN ABLE TO DEVELOP WEALTH UNDER THE BLOCK CHAIN…

💥 Welcome, Chiliz 💥

The District Monthly — March 7th, 2022

Umee encourages all its supporters to participate in the launch of Umeevers genesis.

BitRewards Road Show: New Horizons

👾MNTG listed

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Emmanuel Offiong

Emmanuel Offiong

|Crypto Evangelist |Content Creator|

More from Medium

LGBTEQ N.G.O: Building a safer world for trans and non binary communities during Covid-19.

SpiritBomb UPDATE NR.13: 31/01/2022

LeoLabs Announces Operational Agreement with OneWeb

Patron in the City: John Martin

A volunteer stands in front of a group of donated bikes for Bikes for Kids.