The Ethereum network has suffered several problems in the past months due to the huge increase in users caused by the rise in cryptocurrency adoption in general. I remember in January I paid $200-300 for a simple swap on Ethereum-based DEXs, or a $40-50 fee just to send Ether or other ERC20 tokens! Because of these issues, many blockchains, sidechains and L2 solutions have risen to millions of daily users. Among the biggest gainers are Binance Smart Chain and Polygon (formerly Matic). The latter has seen its transactions rise thousands of times, also gaining 5 times the price and millions of new users. And where there are users, there are always DEXs. The best DEX at the moment on Polygon is definitely QuickSwap! Let’s see what it is all about!
What is QuickSwap?
QuickSwap is a decentralized exchange that originated from the fork of the king of DEXs: Uniswap. As opposed to unicorns, the QuickSwap team decided to use dragons as their logo, in order to highlight their strong point: Speed! This is because a DEX running on Layer2 is always faster than a DEX running in the classic way. Obviously though, since this is a fork, all the risks of DEXs remain. There are impermanent losses, risks of rug pull since everyone can list their own project, the risk of hacks and so on. Always use these applications with the utmost caution and before investing in a token listed on QuickSwap do a lot of research, following the tips we have listed in this article to avoid getting scammed or losing all your money due to wrong choices!
Since Uniswap’s code has passed several audits, QuickSwap’s code can also be considered safe as there have been no changes in the code but only in the design. Obviously, the forked version is the V2 version of Uniswap (I don’t think anyone has forked the V3 version yet). After buying or selling tokens on QuickSwap you can also transfer these assets between Matic and Ethereum, using bridges! Everything is well explained in this article, where you will understand how to use the Plasma Bridge and the PoS Bridge! (The first to transfer Matic and the second to transfer ERC20 and ETH tokens). Anyone can add tokens to QuickSwap, but if your token is not yet mapped by Matic, you can contact the team at this link to resolve the issue. ! To find the list of tokens that have already been mapped you can visit the same page!
Like every DEX that offers SWAP and FARMS, QuickSwap also has its own token called QUICK!
The QuickSwap Token: QUICK
The QUICK token has a maximum supply of 1 million units, while the current circulation is less than 200,000 units. Today’s price of $451 brings the marketcap to an impressive $72 million, while the fully diluted valuation is well over $450 million. These seem like high numbers, but they are really low figures when compared to Uniswap, PancakeSwap or other AMMs of this size. QuickSwap currently has about $1 billion in total value locked, with a Fully Diluted / TVL ratio of only 0.45!
The token was launched a few months after the project’s launch and hit a low of $31 in February this year, while the high was $1590 per token in the previous bullrun, which took place only 2 months ago. At this time all crypto assets are struggling with prices given that hype is at an all time low and fear is at an all time high, but many analysts are optimistic that we will see an even stronger bull run just after the summer! The QUICK token falls into the category of DEXs and DeFi tokens and therefore could be a great choice to add to your portfolio!