What Is QuickSwap (QUICK): All-in-One DeFi Platform Across Multiple Chains

As the concept of decentralized finance (DeFi) continues to unfold, new opportunities such as decentralized exchanges (DEXs) have emerged.

Uniswap is one of the most innovative DEXs to hit the DeFi movement. However, since it’s built on the Ethereum blockchain, users often experience high gas fees and reduced transaction speed due to congestion on the network.

Enter QuickSwap.

As a fork of Uniswap, QuickSwap uses a similar liquidity pool model. However, it’s built on the Polygon network, which offers faster transaction speeds at lower fees.

So, how does QuickSwap work? Is it better than Uniswap? What makes it so popular?

Let’s find out.

Key Takeaways:

• QuickSwap is a comprehensive DEX that offers token swaps, liquidity mining, staking and perpetual swaps at low fees and fast speeds.

• It was initially launched on Polygon's mainnet, but has since been extended to six other blockchains, including Dogechain, Polygon zkEVM, Astar and Manta Network.

• QUICK is the native token on QuickSwap, but the platform has also introduced the Doge Dragon (DD) token, which powers QuickSwap's Dogechain extension. QUICK can be bought on Bybit as a Perpetual contract.

What Is QuickSwap?

QuickSwap is a comprehensive DEX that’s deployed on various top blockchains. Its users can swap tokens, provide liquidity, farm, stake, and trade perpetual swaps quickly and at low transaction fees. Launched in October 2021, QuickSwap hosts the DragonFi ecosystem, built to solve the challenges of high costs and slow transaction speeds. QuickSwap aims to provide the crypto world with a suite of products beyond DeFi, including bonds, a perpetual DEX and a gaming hub.

Initially, QuickSwap was deployed on the Polygon blockchain, and is still the leading DEX in the Polygon network. However, QuickSwap has expanded to support six more blockchains: Polygon zkEVM, Dogechain, Manta Network, Immutable zkEVM, Astar zkEVM and X Layer. Furthermore, in order to enhance usability and accessibility QuickSwap supports most of the top web3 wallets, such as MetaMask, Trust Wallet and Phantom.

As a top DeFi player, QuickSwap features a liquidity hub on top of its automated market maker (AMM), enabling users to tap into external liquidity sources to facilitate seamless swaps. To further enhance its operations, QuickSwap integrated V3 active and concentrated liquidity management on the platform in 2023, ensuring improved capital efficiency for liquidity providers.

The native token for QuickSwap, QUICK, helps power the DragonFi ecosystem. However, in 2022, after the platform’s integration with Dogechain, the DD token was introduced to reward liquidity miners and to support fun activities related to QuickSwap on the blockchain.

QuickSwap Key Features

QuickSwap is designed to offer a comprehensive suite of DeFi products to various ecosystem participants, including liquidity providers, traders and developers. It looks and feels similar to UniSwap, and operates an off-chain governance model. QuickSwap’s distinctive features include the following.

Liquidity Pools

Liquidity provision is a critical component of the QuickSwap ecosystem, since it facilitates the seamless swapping of ERC-20 tokens in its vibrant liquidity hub. Liquidity providers can create liquidity pools and begin collecting transaction fees on QuickSwap, earning 0.25% of the fees generated on trades based on one's share in the pool.

In 2023, QuickSwap switched from its V2 liquidity provision model to V3. Unlike V2, V3 allows liquidity providers on QuickSwap to set a specific price range (narrow and wide) when depositing their LP tokens into a pool, ensuring greater depth and better capital efficiency.

Furthermore, QuickSwap has integrated with Gamma to provide all of its liquidity providers with V3 active liquidity management. With this feature, providers don't have to manually adjust their positions if they fall outside the set price range. Instead, Gamma's innovative technology automatically rebalances the range to ensure the liquidity provider earns the highest possible rewards. Additionally, Gamma auto-compounds the provider's rewards, offering a hassle-free, autopilot approach to liquidity provision.

Liquidity Provision and Yield Farming on QuickSwap

QuickSwap offers farms for V2 and V3 liquidity providers, who can deposit their assets to earn additional rewards on select tokens as part of its liquidity provision strategy. Currently, there are two farms on QuickSwap: Gamma Farms and Unipilot Farms.

With Gamma farms, those who have deposited their tokens in Gamma v3 pools powered by the Polygon mainnet and Polygon zkEVM can receive extra farming rewards, in addition to the trading fees they earn for acting as liquidity providers. Alternatively, providers can farm through Unipilot’s UI for additional rewards, which is only available for pools running on Dogechain.

Bonds are also a channel to deepen liquidity on QuickSwap while allowing liquidity providers in QuickSwap’s pools to earn returns on their positions creatively and effectively. Bonds enable projects to sell tokens to users at discounted rates by vesting NFTs. Users who have LP tokens can buy these bonds and receive the NFTs that represent the share of their position in the pool. Since they’re purchased on discount, these bonds can potentially give users a positive return on their investment. Please note that this feature is only available on the Polygon mainnet network.

Dragon’s Lair

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 period on QuickSwap can stake their tokens in the Dragon’s Lair.

This option provides a safe and easy 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 further 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, which feature a finite number of rewards in participating tokens that expire once the limit is depleted. As most Dragon’s Syrup pools have run out of rewards for Old QUICK tokens, they currently accept only New QUICK tokens (more on New QUICK tokens later).

Source: QuickSwap

Token Swaps

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 leverages smart contracts to offer a permissionless way to exchange tokens with a simple and user-friendly layout, similar to Uniswap. 

Perps DEXs

Perpetual trading is also available on QuickSwap. QuickSwap offers two decentralized perpetual DEXs, Falkor and Hydra. 

Falkor is an orderbook model DEX built on Orderly Network that offers zero gas fees and near-instant transactions. On Falkor, users can deposit funds into a “vault” from the Polygon PoS network to trade with up to 50x leverage and enjoy many other advanced features, such as simple options for leveraged trading. Bridging isn’t required when depositing from Polygon PoS to Orderly Network, allowing for seamless fund transfers, faster trading and a smoother user experience without the need for additional steps or delays.

Hydra is available on the Polygon zkEVM blockchain, where users can execute leveraged trading at extremely low fees. Launched in 2023, the perpetual trading product was initially known as QuickPerps, which allowed trading of blue chip cryptos with leverage of up to 50x, and also provided liquidity into QLP pools to earn rewards.

In July 2024, QuickPerps rebranded to QuickPerps Hydra, an upgrade of the original V2 with more advanced features and negligible gas fees. Some of these features include:

• Three asset classes —Through Hydra, you can leverage trades across crypto, forex and commodities asset classes.

• Higher leverage — Hydra offers leverage of up to 100x for all its order types, and also includes an advanced trailing stop-loss feature.

• Optimized liquidity provision — Liquidity pools on Hydra can exist individually, which enables asset isolation and payouts for better risk management and optimization.

• Faster trades — Hydra has higher liquidity, which facilitates swifter execution of trades when trading with leverage.

• QUICK collateral — The QUICK token can be used as collateral when trading perps on Hydra. Additionally, using QUICK as collateral offers a 15% discount on trading fees.

• Powerful price feeds — Hydra has integrated with Chainlink, Pyth Network and API3 to ensure the platform reliably receives optimized price feeds.

QuickSwap Tokens: QUICK and DD

There are two tokens associated with the QuickSwap ecosystem, QUICK and DD. Let’s take a deeper look at the two.

What Is QUICK Token?

QUICK, the native token for QuickSwap, is critical for powering the DragonFi ecosystem. The QUICK token was launched in 2021, but its community approved a proposal for a 1:1,000 token split in March 2022. This led to the creation of the New QUICK token in April 2022. The Old QUICK token has no utility on the platform, but users can convert it into New QUICK using the QuickSwap converter.

QUICK has a maximum supply of 1 billion tokens and a current circulating supply of 728,512,543. It’s community-governed and was fair-launched without a pre-sale, seed round or private round. Of its total supply, 96.75% is set aside for the community.

QUICK is utility-enabled and has various uses on QuickSwap. The token is key in powering the protocol's liquidity mining program, and is used to incentivize liquidity providers to lock their assets in the trading pools to receive the token as rewards. QUICK token holders can also stake their tokens in the Dragon's Lair to receive QUICK tokens as rewards. In addition, QUICK functions as a governance token, empowering QUICK token holders with the right to vote on major protocol decisions regarding the future of QuickSwap.

What Is DD Token?

Doge Dragon (DD) is a new token created in 2022 following the integration of Dogechain on QuickSwap. It’s used as a reward for liquidity miners of QuickSwap on DogeChain and those who participate in other activities related to the platform. 

DD was designed as an experimental meme coin version of QUICK, and shares similar tokenomics. DD’s distribution is as follows:

• 50% — Reserved for Dragon Lair’s stakers

• 40% — For token pairs on Dogechain’s extension on QuickSwap

• 3% — QuickSwap Foundation

• 3% — Marketing and business development

• 2% — Sameep Singhania (QuickSwap co-founder)

• 2% — Roc Zacharias  (QuickSwap co-founder)

Where to Buy QuickSwap (QUICK)

You can buy QUICK on Bybit Derivatives, where it’s available as a QUICKUSDT Perpetual contract with leverage of up to 12.5x. It can also be traded through Futures Grid Bots, such as Futures Grid, Futures Martingale and Futures Combo. Trading QUICK on Bybit is transparent and secure, and features a user-friendly interface backed by 24/7 multilingual customer support.

QuickSwap Crypto Price Prediction

As of Sep 19, 2024, QUICK's price was $0.049, a 78.9% drop from its all-time high (ATH) of $0.23 on May 5, 2022, and a 631.6% increase from its ATL of $0.0066 on Sep 4, 2022.

Price prediction experts are relatively bullish on QUICK’s future price. According to price forecasting experts at DigitalCoinPrice, QUICK could hit a maximum price of $0.13 in 2025 and gradually rise to $0.36 by 2030. Meanwhile, experts at CoinCodex forecast that QUICK could reach $0.23 in 2025 and drop slightly to $0.20.

That said, these price forecasts aren’t financial advice and they don’t guarantee the future price of QUICK. We highly recommend you do your own research before investing in QuickSwap or any other cryptocurrencies.

QuickSwap vs. Uniswap

For many users, QuickSwap is stepping up as an alternative to Uniswap. It’s quick, affordable and compatible with Ethereum. QuickSwap users can perform faster and cheaper transactions on the Polygon network, and enjoy the secure audited code of Uniswap. They can also easily bridge between Polygon and Ethereum in order to swap ERC-20 tokens on QuickSwap without having to pay Ethereum’s high gas fees.

The Takeaway

QuickSwap provides a comprehensive DeFi platform for crypto enthusiasts. With its vibrant liquidity hub and incentivized liquidity mining, traders and token holders can transact quickly and affordably. Furthermore, its expansion to include six more blockchains increases its accessibility.

QuickSwap’s suite of products — including token swaps, liquidity mining, decentralized perps trading and incentivized staking on Dragon's Lair — provides enhanced utility for the QUICK token, making it a cryptocurrency to watch in the DeFi niche.

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