Last updated
Last updated
QuickSwap is a Layer 2 decentralized exchange and automated market maker (AMM). It was created on the Polygon blockchain and is essentially a fork of Uniswap.
QuickSwap uses a liquidity pool model similar to Uniswap in that users offer liquidity and earn transaction fees when they swap tokens from these liquidity pools. However, its advantages are that QuickSwap is built on the Polygon network, enabling it to facilitate token swaps faster and at a lower fee.
QuickSwap connects the Ethereum and Polygon blockchains, enabling users to swap and trade ERC-20 tokens on QuickSwap.
This article will delve deep into the QuickSwap protocol, provide an extensive breakdown of its technology and features, and proceed with a quick tutorial on trading tokens on QuickSwap.
Let’s get started!
Quickswap is a Layer 2 decentralized exchange, and automated market maker (AMM) launched in 2020 by Nick Mudge and Sameep Singhania.
QuickSwap protocol offers a bridge between the Ethereum blockchain and Polygon, enabling users to swap and trade ERC-20 tokens on QuickSwap without order books and without having to pay Ethereum’s high gas fees. With a liquidity pool, users can bridge ERC-20 tokens from Ethereum to Polygon and trade any pair via QuickSwap. By supplying a token pair, anyone can launch a new liquidity pool and begin collecting transaction fees from other participants.
QuickSwapaims to solve such user experience problems as Ethereum’s high transaction fees and transaction times by leveraging the low fees and rapid confirmation times of Polygon’s Layer 2 technology. QuickSwap users can perform faster and cheaper transactions on the Polygon network and enjoy the secure, audited code of Uniswap.
QuickSwap is powered by the QuickSwap token (QUICK) and the Dragon’s Quick token (dQUICK), QuickSwap’s interest-bearing token.
The QuickSwap team forked the code behind Uniswap without changing the underlying code to run on Polygon and named the resulting project QuickSwap. The team also developed additional features such as Dragon Lair, where users can stake their QUICK tokens to earn protocol fees, and Limit Order support and Dragon Syrup, where stakers of dQUICK can earn additional yields from projects that are traded on QuickSwap.
