QuickSwap is a decentralized application on the Polygon blockchain for swapping ERC-20 tokens. It uses an automated market maker model and allows users to trade any pair of tokens as long as there is a liquidity pool for it. QuickSwap enables cryptocurrency trading that is decentralized, trustless, permissionless, and resistant to censorship.
QuickSwap operates similarly to Uniswap, which introduced the AMM model. Both have comparable liquidity protocols, but QuickSwap is unique in that it is built on Polygon, a layer-2 scaling solution, while Uniswap is built on Ethereum, a layer-1 blockchain.
Liquidity pools are essential for trading on decentralized exchanges (DEXs) in DeFi. They consist of digital assets and provide necessary liquidity for traders on DEXs.Users can create liquidity pools on QuickSwap by locking their cryptocurrency in the protocol's smart contracts, thus making it available for use by others. Liquidity providers receive a share of transaction costs proportionate to their pool share for each user interaction. QuickSwap offers liquidity providers 0.25% of the trade fees as a reward for supplying liquidity.
QuickSwap offers a different approach to trading compared to traditional exchanges. Instead of using order books, where buyers and sellers have to wait for a match, QuickSwap uses liquidity pools that allow for immediate and seamless trading without relying on a third party. The order book method can lead to long wait times, low liquidity, and higher risks of scams and hacks. QuickSwap's approach aims to improve the user experience by providing faster, more reliable, and secure trading.
How Many QUICK Tokens Are in Circulation?
The native cryptocurrency of QuickSwap is QUICK (ERC-20 token), which serves two purposes: governance and staking. It has a circulating supply of 513,997 QUICK tokens and a maximum supply of 1,000,000 QUICK.
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