Quickswap Exchange
QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Matic Networks Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions,
Last updated
QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Matic Networks Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions,
Last updated
QuickSwap is a Layer 2 decentralized exchange and automated market maker (AMM) built on the Polygon network. It functions similarly to Uniswap in that users provide liquidity and earn transaction fees when they swap tokens from these liquidity pools.
Launched in 2020, it uses an AMM model where users swap tokens without order books. Since it’s a DEX, Know Your Customer (KYC) isn’t needed. To transact, you need only a wallet to connect to the platform, and MATIC tokens to pay for the transaction fees.
QuickSwap offers a bridge between the Ethereum blockchain and Polygon. Thus, users can swap and trade ERC-20 tokens on QuickSwap.
QUICK is the native cryptocurrency for QuickSwap. You can stake it to earn dQUICK or participating tokens, or swap it with another trading pair on QuickSwap.
Polygon (formerly Matic Network) is a leading Layer 2 scaling solution for the Ethereum blockchain. It helps improve scalability by providing an infrastructure to build Ethereum-compatible blockchains. Its thriving ecosystem uses a proof of stake (PoS) mechanism to run the interconnected blockchains.
The crypto community’s widespread acceptance of the Polygon network is due to its lightning-fast transaction speed and low fees compared to Ethereum.
Its native digital currency is MATIC, which is used to pay for transactions on the network.
As a sidechain, the network is compatible with the Ethereum virtual machine (EVM). Thus, its code is open source, which allows developers to build scalable, secure and user-friendly decentralized applications (DApps).
QuickSwap allows users to swap, stake, farm and supply liquidity. Its look and feel are similar to those of Uniswap. It uses an off-chain governance model to operate. Its distinctive features are:
Using an AMM model, anyone can create a liquidity pool with tokens that other users can swap. In this case, there’s no traditional order book with makers or takers. Rather, users deposit tokens of an equal value, which provide the liquidity needed to swap trading pairs.
Once a user deposits into a liquidity pool, they receive Liquidity Pool (LP) tokens that represent their share of the pool. This way, the liquidity providers can receive a share of the fees earned by the pool.
Liquidity suppliers on QuickSwap earn 0.25% of the fees generated from trades proportional to their share of the pool.
Further, liquidity pool providers can deposit their LP tokens to earn dQUICK tokens as additional rewards through yield farming.
One of the most popular features of QuickSwap is its single-staking product known as Dragon’s Lair. Users who want to hold QUICK tokens and provide liquidity for a long time on QuickSwap can stake them in the Dragon’s Lair.
This option provides an easy and safe way to earn rewards on QUICK tokens without the risk of impermanent loss, which is common with providing liquidity.
By staking QUICK tokens in the Dragon’s Lair, you can earn dQUICK tokens as rewards, and earn a share of 0.04% of all trading fees on QuickSwap indefinitely.
Users can also earn passive income by staking QUICK tokens in Dragon’s Syrup Pools. These Syrup Pools have a finite number of rewards in participating tokens that expire once the limit is depleted. As most Syrup Pools have run out of rewards for Old QUICK tokens, the Syrup Pools currently accept only New QUICK tokens (more on New QUICK tokens later).
Although there’s a small transaction fee of 0.3%, QuickSwap can exchange ERC-20 tokens quickly and at near-zero gas fees. The swap-generated fees are paid out to the liquidity providers.
Since KYC isn’t necessary, users need only to have MATIC in their wallets to perform the swap. Hence, QuickSwap offers a permissionless way to exchange tokens with a simple and user-friendly layout similar to that of Uniswap.
QUICK is a utility-enabled native token of QuickSwap. Currently, there are two types of QUICK — Old QUICK and New QUICK. The two tokens were created following a 1:1000 token split in March 2022 when QuickSwap’s community voted to increase QUICK’s supply.
The Old QUICK token was launched in 2021 as the governance token for QuickSwap, with a total supply of 1 million tokens. The limited supply was intended to create scarcity and appeal to users.
However, despite the growing market cap, the team soon found out that the scarcity narrative made QUICK price seem too expensive relative to that of other DEX tokens, such as UNI or 1INCH.
Consequently, the community increased the max supply of QUICK tokens to the current circulating supply of 1 billion by creating the New QUICK tokens.
As of April 2022, QUICK token holders can convert Old QUICK to New QUICK. You can still buy or sell Old QUICK on centralized exchanges, as QuickSwap continues its transition from Old QUICK to New QUICK.
Despite the increased token supply, the use cases of the QUICK token remain largely the same. QUICK’s utilities are:
Providing liquidity in which providers earn from fees
Yield farming to earn dQUICK tokens as rewards
Governance where token holders have voting rights
Staking for extra rewards (Dragon’s Lair for Old QUICK, Dragon’s Syrup Pools for New QUICK)
Participating in initial DEX offerings (IDOs)
Trading on crypto exchanges
QuickSwap is stepping up as an alternative to Uniswap for many users, as it’s quick and affordable while being compatible with Ethereum. QuickSwap users can perform faster and cheaper transactions on the Polygon network and enjoy the secure audited code of Uniswap. Users can also easily bridge between Polygon and Ethereum to swap ERC-20 tokens on QuickSwap without having to pay Ethereum’s high gas fees.
1. Open QuickSwap on your web or mobile browser. Always use quickswap.exchange to avoid opening phishing sites.
2. On the right-hand side of the home page, click on Connect Wallet and link a Polygon-supported wallet, such as MetaMask or Trust Wallet.
3. Once your wallet is connected, click on Swap in the navigation bar.
4. On the resulting page, you'll need to select the token pair you wish to swap. The default token is usually MATIC, but you can change to the tokens you need. In this example, we’ll swap MATIC for SAND tokens as shown below.
5. Click on the Swap button to initiate the swap.
6. From the pop-up window, preview and approve the transaction on your wallet. Always make sure you have some MATIC tokens to facilitate the transaction.
QuickSwap is a valid alternative to trading ERC-20 tokens in a decentralized way. Unlike Ethereum-based AMMs, such as Uniswap and Balancer, QuickSwap leverages the Polygon blockchain to provide a faster and cheaper platform for swapping tokens. QUICK token holders can also earn passive income through staking, or providing liquidity to liquidity pools. As the Ethereum Merge upgrade rolls out, only time will tell whether QuickSwap can retain its competitive advantage over other Ethereum-based AMM DEXs.
We’re excited to announce that Gamma, a top active liquidity management protocol, has launched support for QuickSwap’s V3 liquidity pools and farms.
QuickSwap LPs with liquidity positions in V3 pools and farms can now leverage Gamma’s tech through our UI to actively manage their liquidity, making the entire process more seamless and efficient. This is an extremely important step to driving greater utility, adoption, and ease of use for our V3 model.
To kick things off, we’re switching V3 rewards to Gamma. It’s never been easier to LP and farm! Sit back, relax, and let Gamma do the work while you enjoy the yield.
Get started now by providing liquidity then deposit your LP tokens in our Gamma farms!
Learn more about what this means for users and how you can begin with our tutorial below.
Active liquidity management is now available on QuickSwap’s V3 through our integration with Gamma, a non-custodial and permissionless protocol
LPs and farmers on QuickSwap can now easily and passively manage their V3 liquidity through supported Gamma pools
The benefits of Gamma’s active liquidity management include automatic rebalancing of your liquidity to keep it in range and auto-compounding of generated swap fees to maximize capital efficiency
We’re providing a step-by-step tutorial on how to get started with Gamma on QuickSwap on our V3 at the end of this blog
LPs can deposit their assets within supported Gamma pools and farms on QuickSwap to actively manage their positions and receive yield.
Using various management functions (such as rebalancing, position setting, and fee processing), Gamma enables the active management of funds within liquidity pools without sacrificing asset custody. These features are made possible through their ongoing research and implementation of key strategies, driven by data science and financial modeling, to generate the best customer results.
The platform currently has $30+ million in deposited liquidity for Uniswap V3 pools. With QuickSwap V3 pools now coming into the mix, this will help contribute to the growth of Gamma’s TVL (Total Valued Locked).
QuickSwap’s V3 previously required more involved management for LPs, as they had to:
Manually set and reset price ranges
Claim compounded fees
Monitor the risk of impermanent loss
Given that these steps required more effort from our users we’ve worked hard with Gamma behind the scenes to deploy a better solution.
With Gamma’s protocol now supporting QuickSwap’s V3 model, our users can leverage their technology directly through our UI to actively manage their portfolios — this means you get the benefits of V2’s simplicity on V3, with your liquidity being much more efficient within V3 pools.
Gamma automatically rebalances your liquidity to keep it in range, auto-compounds generated swap fees, and more to make the process as easy as possible for users while maximizing potential returns through their tailor-made strategies.
On top of all that, Gamma is extremely easy to use and does all the heavy lifting in the background once you’ve deposited your assets on QuickSwap. Once you deposit your liquidity, Gamma takes care of the rest. Managing your liquidity has never been easier!
Enabling active liquidity management for your V3 liquidity positions via Gamma can be done in a few simple steps.
Here’s a quick tutorial on how to get started:
1. Go to https://gamma.quickswap.exchange/#/ and select Pool from the top menu
2. Supply liquidity for your preferred token pair (first ensure that V3 is selected on the top). For this example, we’re going to select $WMATIC and $USDC. Once you input your tokens, Automatic will automatically be selected under the “Select Range” option
3. Click Preview at the bottom and the following popup screen will appear — confirm the details, then click Confirm
4. Complete the transaction in your wallet and it will begin to process. If successful, the below screen will appear
5. Now it’s time to farm your LP tokens — navigate to the top website menu and click Farm. Next, ensure you’re on V3 and select Gamma Farms at the top.
6. Find the farm that matches your LP position and make sure it matches the correct range (Narrow or Wide) you initially selected. Click Stake LP Tokens and confirm the transaction in your wallet.
7. Congratulations, you’re all set! You’ll immediately begin earning farming rewards and won’t have to lift a finger, as Gamma will manage your liquidity and rebalance your position within the designated price ranges from hereon out.
We hope you enjoy using our Gamma integration on QuickSwap!
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