QuickSwap Decentralized Exchange Review

QuickSeap is a trading platform that provides us with exchange, staking of the native token possibilities, and participating in the liquidity pools. The main page suggests we start swapping our tokens here and now. The service was originally designed based on Uniswap on the Polygon blockchain. 

QuickSwap background

The site doesn’t include documentation about how the service works, what we have to expect from it. The platform was created in February 2021. The founders of QuickSwap are Nick Mudge and Sameep Singhania. Mudge has a 6 years experience in blockchain programming,the author of EIP-2535 Diamond Standard, ERC1538 and ERC998 Ethereum contract standards. Singhania is a co-founder and  Director of Ginete Technologies.

QuickSwap overview

We have some details about the platform and the features. 

• There are several mentions that the system was designed based on the Uniswap architecture.
• The protocol was developed to increase speed and decrease commissions compared with the Ethereum blockchain.
• It was built based on the Polygon Layer-2 scaling solution. 
• We have various two-coin liquidity pools that provide profits for liquidity providers in the form of deposited coins.
• We have the tokens spreadance between the owners and participants.
• 96.75% of the used tokens circulate between the community holders and traders.
• Only 3.25% belong to developers.
• We can stake tokens or participate in depositing them in the liquidity pools.
• The current execution speed is over 65000 transactions in a second with low commissions.
• We can stake a token within the Dragon Lair functionality.

Pros & cons

Pros

• Native token issued
• Staking features available
• Yield farming possibilities provided

Cons

• No team revealed
• Risks of participating in pools aren’t explained
• No testimonials provided

Funding methods:	Crypto assets only
Cryptocurrencies supported:	150+
Countries:	It works with all countries where cryptocurrencies are allowed

Key features of QuickSwap?

Let’s talk about the key features of the system.

• The platform provides us with QuickSwap analytics where we can see pricing, transactions (24H), pairs, fees (24H), and the best tokens like WMATIC, WETH, and so on.
• The same we can see when we talk about the liquidity pools. The list of them is structures by liquidity and includes: WMATIC/SAND, WMATIC/WETH, USDC/WETH, WMATIC/USDC, WBTC/WETH, USDC/miMATIC, WETH/USDT, USDC/USDT, WMATIC/USDT, WETH/DAI, DAI/GNS.
• The Dragon Layer staking parameters are: QUICK-dQUICK pool with 178,986 QUICK tokens, 93.41% of APY, and 1.37 QUICK dQUICK rate.

The liquidity pools have the deposits, rewards, and APYs:

• ETH-USDC, Total deposits $49,716,232, Total Rewards $7,922/day, Rewards + Fee APY 34.27%
• wBTC-ETH, Total deposits $40,704,698, Total Rewards $3,250/day, Rewards + Fee APY 5.62%
• ETH-USDT, Total deposits $19,087,962, Total Rewards $2,641/day, Rewards + Fee APY 36.83%
• GNS-DAI, Total deposits $17,425,057, Total Rewards $1,016/day, Rewards + Fee APY 9.47%
• USDC-USDT, Total deposits $16,005,539, Total Rewards $813/day, Rewards + Fee APY 10.94%
• DAI-ETH, Total deposits $13,293,457, Total Rewards $1,828/day, Rewards + Fee APY 38.47%
• wBTC-USDC, Total deposits $10,389,146, Total Rewards $1,219/day, Rewards + Fee APY 19.84%
• AAVE-ETH, Total deposits $7,814,581, Total Rewards $1,828/day, Rewards + Fee APY 20.32%
• DAI-USDC, Total deposits $6,624,736, Total Rewards $406/day, Rewards + Fee APY 17.52%

What wallets does it support?

We can work with the following wallets: Metamask, Venly, Portis, Coinbase Wallet, and WalletConnect.

How does QuickSwap work?

• We can purchase native tokens.
• We can stake them into the Dragon Layer pool.
• There’s a possibility to deliver our liquidity to the pools.
• We are allowed to swap our tokens either.

What can you buy with QuickSwap?  

There are QUICK tokens to purchase. So, after this we can bring them to staking or liquidity pools.

Are there any risks with QuickSwap?

We  don’t think so. The service looks stable. Anyway, the risks lay in the field that liquidity pools can be exploited. 

QuickSwap fees

QuickSwap charges a trading fee of 0.30%. 

Deposit methods

We can deposit using the AllBridge from the following blockchains: AURORA, Avalanche, Binance Smart Chain, Celo, Ethereum, Fantom Opera, Solana, Terra, and others.

Also, we are allowed to work with fiat money through BankTransfer and VISA/MasterCard.

Should you buy it?

It’s up to you. We can’t suggest you make risky decisions. 

Final word for QuickSwap

QuickSwap is a platform on the Polygon blockchain that provides various services. We can purchase a native token QUICK, stake it to get more tokens in rewards. Also we can deposit any tokens including QUICK into two-coin liquidity pools. The service looks average and includes common services for the decentralized exchange like swapping, staking, and providing liquidity.