The aim of this piece is to delve into the distinctiveness of Quickswap, rather than to promote Quickswap itself.
I’m now sharing for two reasons:
- This is the kind of information I would have loved to read a year ago when I first started.
- It will Aid others going forward
So let’s jump right into the golden question — What About Quickswap. But first, a little information on Dex.
A decentralized exchange (or DEX) is a peer-to-peer marketplace where cryptocurrency traders can transact directly with one another. DEXs enable one of crypto’s most important features: facilitating financial transactions that aren’t mediated by banks, brokers, or other third parties. Many popular DEXs, such as Quickswap, based on Polygon, and uniswap, which is based on the Ethereum blockchain.
What is the mechanism behind DEXs?
You’re undoubtedly familiar with how cryptocurrency exchanges work. Create an account using your email address, create a strong password, validate your account, and begin trading cryptocurrencies. Decentralized exchanges are similar, but without the sign-up hassle.
Decentralized exchanges are nothing more than a collection of smart contracts. They employ “liquidity pools,” in which investors lock assets in exchange for interest-like rewards, to facilitate trades and set the prices of multiple cryptocurrencies against each other algorithmically. DEX transactions are settled directly on the blockchain, unlike centralized exchange transactions, which are recorded on the exchange’s internal database. DEXs are typically designed with open-source code, allowing anyone with an interest to understand how they work. This also means that developers can modify existing code to establish new projects that compete with others.
What are potential benefits of using a DEX?
- Unlisted tokens: Tokens that aren’t listed on centralized exchanges can still be freely exchanged on DEXs as long as supply and demand exist.
- Anonymity: No personal information is required to use most popular DEXs
What are some of the potential drawbacks?
- Usability: DEXs aren’t quite as user-friendly as traditional exchanges, in reality.
- Fees: Fees on DEXs aren’t necessarily higher, although they can be, especially if the network is crowded.
What is Quickswap?
QuickSwap is a permission-less decentralized exchange (DEX) based on Ethereum but powered by Polygon’s Layer 2 scalability infrastructure.
QuickSwap exchange UI
The QuickSwap exchange
Anyone can trade any ERC20 token on QuickSwap, just like they can on other popular DEXs like Uniswap. Users can list any ERC20 token on QuickSwap by providing liquidity to enable quick asset swaps, if an asset is not already supported on the platform. They will then earn fees every time other users trade via that trading pair.
Farming and staking on QuickSwap.
But hold on! There’s more! You can also farm QuickSwap’s governance token — QUICK
You can place your LP tokens on the farm, which will be locked up in a process that will reward you with QUICK. Which LP tokens are available for deposit? The list is pretty lengthy, but here’s a sampling of some of the most popular:
Using QuickSwap
You’ll notice if you visit https://quickswap.exchange that many features are inaccessible until you click on Unlock Wallet. Click on it, and you’ll be met with a few options: MetaMask, WalletConnect, Coinbase Wallet, and other options.
QuickSwap is the biggest AMM project on Polygon (Matic) with some innovative features. You can also track a lot of its metrics https://quickswap.exchange
About QuickSwap
QuickSwap is a fork of Uniswap developed by Nick Mudge and Sameep Singhania on the Polygon blockchain platform. QuickSwap is a permission-less decentralized exchange (DEX) based on Ethereum but powered by Polygon’s Layer 2 scalability infrastructure.
For More Infomation:
Twitter: https://twitter.com/QuickswapDEX
Telegram: https://t.me/QuickSwapDEX
Discord: https://discord.gg/kZahFPGB
