QUICK Tokenomics & Liquidity Mining Details: 96.75% Distributed To The Community 🙌
- 96.25% of QUICK will be distributed to the community
- 5% to go to Uniswap (UNI) holders as a tribute to the Uniswap team and community and also so that they are the ultimate custodians of the contracts
- 1% to be rewarded to MATIC stakers
- Liquidity farming to start tomorrow, October 9th, at 9 PM IST
As we mentioned in our previous article, the token distribution model of QUICK has been carefully ideated to foster the growth of an active and engaged participant ecosystem. With QuickSwap, community comes first.
A total of 96.75% of the total supply of QUICK is reserved for the community!
Below we explain the distribution model of QUICK and the liquidity mining mechanism.
QUICK Distribution: As Fair As It Gets
As a community-governed protocol, long-term growth of a healthy and engaged participant ecosystem, beginning at launch, is of paramount importance. Therefore, there will be no seed, private or public sale of QUICK token.
A total of 3.25% of the token supply will be reserved for the creators and advisors, 5% will be distributed to UNI token holders for providing liquidity on QuickSwap, 1% will be distributed to MATIC stakers, and 0.75% will be utilized for a launch marketing campaign involving various communities.
The remaining 90% of QUICK tokens will be available through liquidity mining distribution and however the community votes to use the treasury once the voting mechanisms are in place.
By providing liquidity to incentivized QuickSwap trading pools, users are rewarded with QUICK tokens. This not only encourages the growth of a strong liquidity provider community, but facilitates distributed governance of the platform by those with ‘skin in the game’ as well.
Liquidity Mining: Non-UNI Pools (90%)
QUICK tokens will be available for liquidity mining for 4 years, with less being distributed daily as the years progress. This encourages early adoption of QuickSwap while also incentivizing the continued growth of the QuickSwap user base over time.
Each day for the first year, 986 QUICK tokens (0.000986% of the total supply) will be distributed via liquidity mining, split evenly among the applicable pools.
Once QuickSwap has matured to the proper phase, which is to be determined, end of Q1 at the latest, QUICK token holders will be able to exercise community governance to vote to implement changes to the pools and can replace existing pools with new pools to become eligible for liquidity mining.
Tribute to UNI Token Holders (5%)
To pay homage to Uniswap and to provide the Uniswap community with a significant stake in the QuickSwap platform via community governance, we’ve allocated 5% of the total QUICK token supply for liquidity mining via UNI-pools.
Since the QuickSwap exchange uses Uniswap code, this is a big tribute to the Uniswap team and community as well as the intent is very clear, Uniswap community can control the Quickswap protocol also. That would be the ideal way.
UNI pools will receive higher rewards in the initial stages of QuickSwap and 5% is guaranteed to go to UNI LPs.
The UNI-pools initially eligible for liquidity mining are mUNI/eUSDC, mUNI/eDAI, & mUNI/eUSDT. Uniswap (UNI) holders can move their tokens to Matic Network’s mainnet which then converts their tokens to mUNI during the transfer.
What are eTokens? eTokens are from EasyFi’s protocol!
When a user sends USDT from the Ethereum to Matic Network, it converts from (ETH)USDT to mUSDT. In order for them to switch to eUSDT, they will have to deposit it onto EasyFi’s platform in the supply side.
I have 100 USDT on the Ethereum mainnet. I send the tokens to Matic Network. My (ETH)USDT then becomes mUSDT. I then take the mUSDT and go onto EasyFi. On EasyFi, I supply the protocol (a small amount of MATIC is required for this transaction). My mUSDT now converts to EasyFi’s eUSDT since I supplied it to EasyFi’s protocol.
I can now place mUNI (UNI token on Matic Network) with eUSDT (EasyFi’s USDT) to create a liquidity pool on QuickSwap. Once I do that, QuickSwap will give me back an LP token (liquidity provider token showing ownership of my deposit of mUNI & eUSDT).
I can then take those LP tokens and deposit them into the liquidity mining pool to start the farming process (a small amount of MATIC is required for this transaction).
Multi-layered yield farming
Currently, UNI tokens are not able to be used in yield farming (referring to a user using an asset to produce yield in another asset). For example, I can use the USDC/ETH pool on Uniswap to farm UNI tokens but am unable to use UNI tokens to farm UNI tokens.
With QuickSwap, users can still supply the USDC/ETH pool to receive UNI tokens and then utilize the UNI tokens to the pools on QuickSwap to receive QUICK tokens, thus creating an extra layer of farming opportunity for UNI. QUICK can then be paired with USDC to farm more QUICK, adding yet another layer.
The farming opportunities run deep on QuickSwap 😎
Remaining token allocations
Creators and Advisors (3.25%)
A combined total of only 3.25% of the total QUICK supply is being allocated to the creators and advisors of QuickSwap, to incentivize the curation of the platform.
These tokens will be distributed gradually over a period of 546 days, as a gesture of the founders’ faith in the long-term success of the project.
Matic Community Fund (1%)
In order to support the Matic Network community and as a ‘thank you’ to the Matic Foundation for providing the grant to enable QuickSwap to be created, we will be airdropping 1% of the total QUICK token supply (10,000 QUICK) to those staking their MATIC tokens on Matic Network.
Once it has been decided for this to begin, after QuickSwap has reached a sufficient maturation stage and can handle the extra emmissions, each day for a total of 90 days, 111 QUICK tokens will be distributed to MATIC stakers, in proportion to their percentage stake on the network.
If you aren’t staking MATIC already, you’d better get to it 😁
We’re utilizing 0.75% of the QUICK token supply to fund a marketing launch campaign, in order to spread the word of QuickSwap to the wider crypto community and encourage the widespread community governance of QuickSwap.
These tokens will be distributed to members of various DAOs to encourage their participation in QuickSwap community governance, and to prominent industry personalities in the hopes that they utilize their influence to generate further awareness of QuickSwap, thereby encouraging adoption.
A total of 125 QUICK tokens will be distributed daily, for 60 days, for this purpose.
Join the Decentralized Trading Revolution
QuickSwap is now live on the Matic mainnet! Experience the power of trading on Layer 2 at https://quickswap.exchange/
Liquidity mining will go live at 9 PM IST tomorrow, October 9th. Add your tokens to QuickSwap pools in advance so you’re ready to begin the farming!
👥 Get involved in the conversation on Telegram: https://t.me/QuickSwapDEX
👀 Follow us on Twitter to keep up with the latest news: https://twitter.com/QuickswapDEX