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QuickSwap

QuickSwap is a decentralized exchange that runs on the Polygon Network.

Summary

QuickSwap is a decentralized exchange that runs on the Polygon Network in order to provide faster and cheaper transactions on Ethereum.

QuickSwap (QUICK) is an Ethereum token that powers the exchange. QUICK can be used to create and vote on proposals governing QuickSwap and can be staked to earn a portion of trading fees.

History

QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Polygon Network’s Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions, QuickSwap users will be able to trade any ERC20 asset at lightning-fast speeds with near-zero gas costs.

Incorporating a community-focused governance structure and a fair token distribution model, QuickSwap is empowering traders whilst removing the costly barriers to entry to DEXs for the general crypto user. Liquidity mining and yield farming opportunities will incentivize the growth of a strong liquidity provider ecosystem.

QuickSwap was created and is backed by some of the industry’s most prominent thought leaders in the fields of Ethereum token & contract standards and Layer 2 scalability. The protocol represents the next stage in the evolution of decentralized trading and is designed to enable the next wave of users to enter DeFi.

Vision

According to a recent interview by one of the co-founders,

“This is the problem we are trying to solve – we wanted to bring, at that time,  1 million users to the Blockchain, and we realised that’s not going to happen on Ethereum because of all its issues. So, that’s when we realised, we can make this happen on Polygon. At that time, Matic was the best layer to function out there. So, why not, you know, grow this ecosystem. So, that’s why we deployed, Quickswap on Matic. We did it all on our own, we deployed our own analytics, we deployed our own draft protocols, and we deployed our own RPC, Protocol Services, everything on top of it. The main goal of all this activity was to improve the user experience. In my opinion, in blockchain, the biggest problem with UX is higher transaction costs, at that time, and low transaction speeds.”

Team

Sameep Singhania, Co-founder

Nick Mudge, Main coder

Nick is an Ethereum contract programmer, code reviewer, security auditor, standards author and web developer with over 6 years of active blockchain programming experience. Nick participated in the discussions that developed the ERC721 standard and is the author of EIP-2535 Diamond Standard, in addition to ERC1538 and ERC998 Ethereum contract standards.

References

https://quickswap-layer2.medium.com/introducing-quickswap-meet-the-next-generation-of-high-performance-dex-118a325c57a1

https://in.linkedin.com/in/sameepsi

https://moneyinc.com/sameep-singhania/

https://www.crowdfundinsider.com/2021/09/178952-sameep-singhania-founding-member-at-quickswap-an-ethereum-based-layer-2-dex-explains-how-platform-derives-power-from-polygon/