QuickSwap Liquidity Boost via Polygon
Acclaimed DEX QuickSwap has received a grant of US$1 million for adoption boosting from the Polygon Network. Founded by Sameep Singhania, who foresaw a probable solution to the exorbitant gas fees across DEXs, QuickSwap is built on Polygon. QuickSwap is now placed among the more popular DEXs in the entire DeFi ecosystem. The said grant is intended and expected to strengthen liquidity across trading pairs, such as:
Polygon’s grant to QuickSwap follows Aave’s April 2021 success. Lately, there has been a spurt in the Total Value Locked (TVL) on Polygon and Aave. This has been a case particularly after receiving the said grants to bolster liquidity.
According to Dapp Radar, QuickSwap is ranked as the “second most popular” Polygon-running application. Per Dapp Radar data, QuickSwap has US$650 million in Total Value Locked (TVL) on the Polygon platform, and is growing consistently. Additionally, QuickSwap is fast, and gas fees are close to nil. QuickSwap allows users to trade cryptocurrencies with near-zero gas costs on the Polygon network. QuickSwap yield farming requires users to make available liquidity to their preferred pool. To do so, users need to navigate to the pool page, receive LP tokens via deposit exchange, and deposit the LP tokens to the concerned pool.
That is not all. Thanks to QuickSwap’s native Quick token (which can be staked for rewards), users can even vote on governance proposals. Users are rewarded “with a portion of QuickSwap’s trading fees.” The DEX’s fee is set nominally at 0.3% on trades. Staking users earn rewards amounting to 0.04% from the trading fees. Liquidity providers (LPs) receive 0.25% of the trading fees.
Polygon-powered and Ethereum-based QuickSwap is a leading permissionless DEX. QuickSwap lets its users access Polygon web wallets with Metamask, to get LP tokens against their deposits. Users can mine liquidity, swap tokens, and purchase cryptocurrencies with credit card convenience.