Mr. Market was paying $105.47 for QuickSwap (QUICK) on 21 February 2023. Hence, people will wonder what is QuickSwap and is it worth $105.45?
QuickSwap is a layer-two decentralized exchange (DEX) and Automated Market Maker (AMM). To elaborate, a decentralized exchange is a peer-to-peer (P2P) marketplace that allows people to trade digital assets without depositing money in an account.
An Automated Market Maker is a DEX that uses algorithmic robots, or smart contracts, to execute trades. AMMs facilitate trades by providing liquidity (cash) to finance transactions. Most AMMs create liquidity through liquidity pools. Speculators make money by depositing assets in the liquidity pool. In exchange, the pool rewards the speculators with liquidity fees.
A liquidity pool is a crowd-sourced portfolio of crypto assets that funds trading. AMMs are popular because they enable people to make trades without an order book or a brokerage.
What is QuickSwap?
Layer-Two means they build QuickSwap as an extra layer on top of other blockchains, such as Ethereum (ETH). Thus, you can add QuickSwap to other blockchains.
They claim QuickSwap allows speculators to swap Liquidity Provider (LP) tokens with near-zero gas fees. To explain, they charge gas fees for access to the Ethereum Virtual Machine (EVM). The EVM is the digital computer that runs Ethereum. Without access to the EVM, apps cannot function on Ethereum.
Gas fees can be expensive. Ycharts estimates Ethereum was charging a $1.15 gas fee for 10 seconds of use on 20 February 2023. Moreover, Ethereum estimates the Blur Marketplace paid $655,669.74 in gas fees for 24 hours of Ethereum access on 20 February 2023.
By offering Zero Gas Fees QuickSwap (QUICK) can limit costs.
Buy Crypto with Fiat Currency
They claim QuickSwap allows users to buy cryptocurrency and synthetic assets with a credit card, Apple Pay, bank transfers, and other methods.
They claim QuickSwap’s Spritz wallet allows users pay bills including credit card, mortgage, and other payments from a Web3 cryptocurrency wallet. Hence, Spritz could allow users to pay bills with cryptocurrency.
QuickSwap Features
QuickSwap (QUICK) allows users to trade in any combination of ERC-20 (Ethereum Request for Comment) tokens.
QuickSwap users who supply liquidity can earn 0.25% fee on trades from their share of the pool. Users can earn dQuick tokens as additional rewards.
Users who stake to QuickSwap’s Dragon’s Lair staking pool can earn a 0.04% share of all trading fees. They also offer QuickSwap analytics to scan items. Users can earn additional rewards by depositing LP tokens.
What Value does QuickSwap (QUICK) offer?
They claim QuickSwap (QUICK) was the top Polygon Network exchange with a $173.240 million Total Locked Value on 21 February 2023.
QuickSwap processed 98,195 transactions in 24 hours on 21 February 2023. It also reported a $43.92 million 24-Hour Trading Volume on 21 February 2023. They claim QuickStop distributed $33,858.39 in rewards and supported 43,868 total trading pairs on 21 February 2023. Plus, they claim the dQuick liquidity token was paying a 14.2787% token on 1 February 2023.
Trending assets on QuickSwap include Wrapped Ethereum (WETH), USD Coin (USDC), Wrapped Polygon (WMATIC), Tether (USDT), and QuickSwap.
In contrast, CoinMarketCap gave QuickSwap a $54.188 million Market Cap, a $104.479 million Fully Diluted Market Cap, a $35.357 million Total Locked Value (TVL), an $34.529 Centralized Exchange (CEX) Volume and a $715,312 Decentralized Exchange (DEX) Volume, and a 24-Hour Market Volume of $35.357 million on 21 February 2023.
They base those numbers on a Circulating Supply of 513,997 QUICK and a Total Supply of one billion QUICK. Interestingly, QuickSwap was CoinMarketCap’s fourth-most trending cryptocurrency on 20 February 2023. It was CoinMarketCpa’s 417th ranked cryptocurrency on 21 February 2023.
If you are seeking a DeFi token that could grow with the crypto asset market. I think QuickSwap is worth examining. If one DeFi token could reach a mass market, I think QuickSwap could be it.
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