Polygon, the fastest-growing trading ecosystem in the last two months, has achieved exponential development with the help of a strong team and the community’s backing

With Polygon blazing the trail, QuickSwap, the NO.1 player in Polygon, also embraces the trend

A Brief Overview of QuickSwap

QuickSwap is a newcomer to the decentralized exchange (DEX) scene, but it has a unique feature that makes it stand out. It is based on Ethereum, however it is built on the Polygon’s layer-2 infrastructure (formerly Matic Network),

QuickSwap customers can exchange any of the hundreds of ERC-20 assets with absolutely no gas costs and lightning fast speeds because it employs layer-2 infrastructure for its transactions.

QuickSwap also has a community-based governance system in place, as well as a fair token distribution that isn’t reliant on a pre-mine or private offering. The DEX empowers its users and traders while also removing the high charges that have become synonymous with the DEX since its inception in 2021.

QuickSwap uses what’s called an Automated Market Maker (AMM) model to exchange crypto. There is no order book. Users simply trade from established liquidity pools. And anyone can start a new liquidity pool. This is the same way Uniswap works as well.

Some people prefer these decentralized exchanges because there is no need to create an account. To swap crypto here, users simply need to connect their digital wallet and MATIC, the token that runs the Polygon network. There are no social security numbers to submit, no images of driver’s licenses to deal with, and no credit checks to deal with. It’s crypto trading at its most basic level.

Why should you consider Quickswap?

Demand for Polygon-based tokens has been on the rise thanks to a growing list of big-name projects that have bridged to the layer-two solution

Quickswap’s key advantage over decentralized layer 1 exchanges is the exceptionally low transaction costs. The fees are so low that they are even cheaper than the Binance Smart Chains transaction rates.

Several nonfungible token (NFT) projects, like as OpenSea and Decentraland, have also migrated to Polygon and are now available on the QuickSwap DEX, boosting activity on the platform even more.

Liquidity mining/ Permissionless Listings

Similar to the way other DEXs work QuickSwap is open to anyone who wants to swap any ERC-20 token. If the asset is an ERC-20 token that the exchange does not already allow, users can list it by simply supplying liquidity to facilitate rapid swaps.

If your objective is to supply liquidity, Quickswap now offers highly generous yield farming options to incentivise liquidity providers, resulting in very high APYs. The token pairs MATIC-QUICK and ETH-MATIC, in particular, are highly rewarded for providing liquidity.

When you join a liquidity pool, you will be given LP-tokens in exchange for your participation. The liquidity pool is represented by these tokens. As a result, their value rises as the pool’s liquidity rises. Users can also earn QUICK tokens, which are the network’s native utility currency.

Yield Farming

QuickSwap ecosystem plays host to the high yield farming program QuickSwap improves the crypto pooling experience by rewarding users that pool their tokens to provide liquidity on the platform with a high annual per yield (APY).

Yield farming in QuickSwap operates similarly to yield farming in other AMMs. In the same way that staking rewards you for supplying liquidity to a network smart contract, yield farming rewards you for providing liquidity to a network smart contract. Unlike staking, however, the payouts vary from day to day and there are no defined lockup periods. Of course, there is a chance of a temporary loss, but yield farmers who keep a tight eye on their positions should be able to avoid it.

Layer-two transactions:

Polygon, a Plasma-based Layer 2 solution, powers QuickSwap’s whole ecosystem, allowing tokens to be traded in under two seconds for a fraction of the Ethereum network’s gas cost. As a result, QuickSwap transactions combine the security of Ethereum with the scalability of Polygon.

Governance

With the addition of a community governance mechanism, the QuickSwap network aligns itself with the larger DeFi philosophy. Anyone can submit a proposal to be voted on by the community through these voting procedures. Users can vote on changes to the fee structure or the addition of new coins to the DEX, for example. This method also allo
ws them to request token burning or buybacks. The QuickSwap Community governance structure ensures that the protocol stays a user-led project and that all community donations are directed to the areas where users have expressed the most interest.

For example, users can vote to change the fee structure or to add new coins to the DEX They can also use this system to seek token buybacks or burning. The QuickSwap Community governance structure ensures that the protocol stays a user-led project and that all community donations are dedicated to the areas where users have expressed the greatest interest.

The DeFi ecosystem has a tremendous duality in that the more people that join, the more network congestion there is, and the more network congestion there is, the harder it is to get new users into the DeFi ecosystem. This catch is stopping DeFi from realizing its full potential, and it will continue to do so until it is fixed.

DeFi requires a scalable, high-performance, low-cost infrastructure that allows the ecosystem to flourish without incurring exorbitant transaction costs or lengthy transaction delays.

The good news is that layer-2 protocols already have a solution. And on the layer-2 front, QuickSwap is the DEX that’s leading the way. QuickSwap claims it has found a solution to the issues plaguing the current DEX crop.

The exponential growth of QuickSwap’s user base, price, and TVL is proof that QuickSwap has been accepted as a go-to DEX by the crypto community. Users can benefit from lower trading fees and faster block confirmation times since it uses the Polygon network for token swaps, all while earning a high APY for providing liquidity.

QuickSwap has a lot to offer. The power exchange it facilitates is as solid as one could wish for.

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• Source: https://samsoninekigha.medium.com/quickswap-a-journey-of-economic-scalability-for-quick-holders-13dc3c7a2edf?source=rss——cryptocurrency-5