Kriptoks

QuickSwap (QUICK) emerges as a permissionless decentralized exchange (DEX) built on Ethereum and powered by Polygon Network's layer 2 infrastructure. Taking inspiration from Uniswap, QuickSwap employs the automated market maker (AMM) model to facilitate token trading seamlessly.

Layer 2 serves as a secondary framework layered upon an existing blockchain system, aiming to tackle scalability and transaction speed limitations prevalent in cryptocurrency networks. QuickSwap recognizes the pressing need to address the challenges that decentralized finance (DeFi) has encountered due to the surging demand for decentralized trading. The adoption of DeFi protocols has led to increased transaction costs and confirmation times, straining the Ethereum mainchain and causing network congestion. Traditional decentralized exchanges like Uniswap heavily rely on the Ethereum mainchain's capacity, exacerbating these issues and dissuading potential DeFi users. QuickSwap steps in as a solution, leveraging the layer 2 protocol to alleviate the barriers to entry and usage associated with existing DEXs.

QuickSwap champions permissionless listing on its DEX, allowing any user to list any ERC20 token by providing liquidity for the desired trading pair. No external authorization is required before asset listing. As stated on the platform's website, users can seamlessly trade directly from their personal wallets, including popular options such as Coinbase Wallet, MetaMask, and mobile wallets via WalletConnect. The need to deposit tokens onto the exchange before trading is eliminated, enabling users to retain complete control over their assets throughout the trading process.

The ERC20 platform token of QuickSwap is QUICK, which operates within a community-governed ecosystem. QUICK token holders actively participate in the governance process, having the power to propose and vote on protocol changes that impact the entire community, including decisions regarding the distribution of funds from the treasury.

The origins of QuickSwap trace back to its creators, Nick Mudge and Sameep Singhania. Mudge brings over six years of blockchain programming expertise, having served as an Ethereum contract programmer, code reviewer, security auditor, and web developer. He played a significant role in the development process of the ERC721 standard and authored the EIP-2535 Diamond Standard. Singhania, on the other hand, serves as the director and cofounder of Ginete Technologies, a blockchain development and consulting firm. With his extensive experience as a senior blockchain developer, Singhania has dedicated himself to fostering widespread adoption of decentralized technology.

QuickSwap benefits from the guidance of two advisory organizations, namely LDA and the Matic Foundation. LDA, a blockchain marketing and consulting firm, recognizes the transformative potential of layer 2 for blockchain and lends its support to QuickSwap in promoting the protocol's value proposition to the community. The Matic Foundation, as the governing body of Polygon, provides technical expertise and advisory support to the QuickSwap team. Additionally, the Matic Foundation intends to participate in the governance of the platform. Regarding token supply, the maximum total supply of QUICK tokens stands at 1,000,000.

QUICK tokens are created and earned through liquidity provision on the platform. Liquidity providers receive LP (liquidity pool) tokens, which serve as proof of their stake in the pool. Furthermore, liquidity providers benefit from transaction fees, set at 0.3% for all swaps executed using a liquidity pool. Earned transaction fees can be claimed at any time, allowing users to reinvest the tokens back into the LP. The amount of transaction fees received is proportional to the user's share of the overall liquidity.

Moreover, users have the opportunity to engage in dual liquidity mining on the platform, where depositing LP tokens enables them to earn dQuick and wMatic tokens, expanding their participation and potential rewards.