quickswap Archives

2nd February 2024

If ZK Is The ‘End Game,’ Is Polygon (MATIC) Ready For $3?

With zero knowledge (ZK) proofs expected to be a game changer for blockchain scaling, Polygon may be on the brink of a major rally. Taking to X on February 2, crypto market commentator Polynya, asserts that ZK technology is the “endgame” as its “1,000x efficiency upside is irresistible for networks.”

Will “ZK” Technology Be The “End Game”?

This forecast on ZK adoption is massive for Polygon and its native token, MATIC, which has been under significant selling pressure in the past few trading months. As it is, Polygon Labs, the developer of the Ethereum sidechain, has been at the forefront, advocating for the development of ZK scaling solutions.

In 2021, Polygon began assembling a team to develop zkEVM, a technique relying on zero knowledge to scale Ethereum cheaply while being compatible with the EVM. Recent Polygon Labs documentation shows that their zkEVM is in beta and being tested.

However, this hasn’t stopped the team from striking deals with layer-1 protocols interested in harnessing this technology.

In mid-January, NEAR Protocol’s Data Availability (DA) solution was integrated with Polygon’s custom blockchain development kit (CDK). The goal was to make it easier for developers to create ZK rollup solutions suitable for their needs while leveraging NEAR Protocol‘s infrastructure. All this is when ensuring the integration lowers cost and improves performance.

Polygon Labs has also partnered with other platforms, including Immutable–a layer-2 web3 solution for NFTs; Ankr–an infrastructure provider; and QuickSwap–a decentralized exchange (DEX). Most of these platforms plan to operate as layer-2s for Ethereum.

The total value locked (TVL) in layer-2 protocols remains in an uptrend, according to L2Beat. These platforms command over $21 billion. So far, the largest layer-2 protocols, Arbitrum, Optimism, and Base, use Optimistic Rollups.

Layer-2 TVL | Source: L2Beat

Is Polygon (MATIC) Ready For $3?

This is a bullish development for Polygon. Moreover, at this pace, it is likely to cement Ethereum, the pioneer layer-1 and smart contract platform, as a dominant settlement layer despite on-chain scaling concerns and relatively high fees.

From a price point perspective, MATIC will likely benefit as more platforms adopt Polygon’s zkEVM solutions. So far, MATIC is stable but firm when writing on February 2. From the daily chart, MATIC has support at around $0.70. On the upper end, the immediate resistance level is at $1.

Spurred by partnerships as more platforms use zkEVM, fundamental developments might drive MATIC even higher in the coming sessions. If MATIC finds momentum, the medium- to long-term target will be $3, or a 2021 high.

2nd March 2023

What is QuickSwap, and how does it work?

Swap tokens with near-zero gas fees on QuickSwap as it emerges as a fast-growing DEX on the Polygon network.

1st August 2022

Polygon gains 83% in a month, but data show project has been losing traction

MATIC’s market cap is 69% below its all-time high, and the network’s TVL and DApp data haven’t picked up recently.

21st June 2022

Avalanche (AVAX) price drops 45% in a month and data points to further downside

AVAX is testing support at $14.80 and the network’s DApp use is underperforming its competitors, suggesting that the easiest path forward is down.

23rd March 2022

Why QuickSwap Will Split Token After Community Vote, QUICK Rises By 30%

The QuickSwap community has decided to split the platform’s native token, QUICK. Reacting to the upside in the last hour and past 7-days, QUICK could see more upside as the Polygon-based decentralized exchange moves to increase its level of adoption.

Related Reading | QuickSwap Asks The Community, To Split or Not to Split QUICK Token?

At the time of writing, QuickSwap (QUICK) trades at $225 with a 2.6% and 31% profit in 24-hours and one week, respectively. QUICK has seen its largest profits, on low timeframes on March 19 and 20, as the community inclined to split the token in 1:1000 proportion.

QUICK with bullish momentum on the daily chart. Source: QUICKUSDT Tradingview

Via their official Twitter handle, QuickSwap reported that the token split by 1:1000 was approved by 84% of the participants. Previously, the project asked the community if they wanted to split QUICK at all.

At that time, 93% of the users voted yes to the token split event. On their different social media platform, the team behind the project and several community members began a heated debate to determine the potential benefits and trade-offs for this token split.

QUICK’s total supply will growth from 1 million tokens to 1 billion tokens. Conversely, the price of the token will be reduced but token holders will preserve their investment value. They will hold more QUICK as a consequence of the process. The team behind the project said:

Increasing QUICK’s maximum supply will reduce the asset’s price per unit, making it more appealing to crypto enthusiasts who compare QUICK to other DEX tokens without considering supply.

This event is aimed at increasing QuickSwap’s levels of adoption as the token will become more accessible for retail investors. The team behind the project added:

We’ve submitted our conversion contract to external auditors. When they are finished auditing the code, we will provide more details about how to convert.

As the team members clarified, the token split will take time. QUICK holders, liquidity providers, stakers, and other participants were asked to continue with their usual activity “until further notice”.

Can QuickSwap Replicate Polkadot’s Success?

In the coming weeks, QUICK holders will receive instructions on how they will convert their tokens. The team added:

We believe this change to QUICK’s tokenomics will positively impact all QUICK and dQUICK holders in the long term. By increasing QUICK’s total supply from 1 million tokens to 1 billion tokens, we are bringing QUICK more inline with other DEX tokens whose mode maximum supply is 1 billion.

During their voting and debating process, as NewsBTC reported, some users compared the upcoming token split with Polkadot’s. This project went through a similar event back in 2020.

Related Reading | Polygon’s QuickSwap Considers Token Split, Why It Could Be Bullish For QUICK

After, DOT became of the top 10 cryptocurrencies by market cap, saw an increase in its trading volume, and active daily addresses. However, as the team behind QuickSwap said, there are no guarantees that QUICK will experience something similar.

DOT after completing token split, the increase in monthly circulating supply suggest an increase in the token’s adoption. Source: Token Terminal

14th March 2022

QuickSwap Asks The Community, To Split or Not to Split QUICK Token?

Decentralized exchange running on Polygon, QuickSwap has officially begun a voting process regarding QUICK. The platform’s native governance and utility token, QUICK holders will vote on rejecting or approving a process called “redenomination”.

Related Reading | Why Polygon Will Implement Ethereum’s EIP-1559 Update

If approved, the QUICK token will be “split” thus increasing its total supply from the current 1 million to 100 million or 1 billion. The latter will be decided in posterior voting if the community decides to approve the event at all.

In that sense, the current voting process began on March 12, with a snapshot, and will be closed on March 17. QUICK holders will only need to answer one question: Should QuickSwap do a token split to make QUICK more appealing?

The team behind the DEX has called this process one of the most, if not the most, important governance decisions to date. There is apparently a lot of support for the split, but a portion of QUICK holders have expressed their concerns.

4/ Those who are opposed to the token split have expressed their concerns & addressed them with the team, including co-founder @CryptoRocky who sure knows how to take a punch pic.twitter.com/pyHtSBMdj4

— QuickSwap (@QuickswapDEX) March 5, 2022

The proponents of this proposal believe QUICK is “undervalued” when compared to other decentralized exchange tokens. As seen below, the total market of UNI, 1INCH, CAKE, SUSHI, DYDX, and other similar platforms sometimes stands at billions. A much larger supply than QUICK’s.

Source: QuickSwap via Medium

As the chart also shows, tokens with greater supplies than QUICK have also seen an important positive performance. DYDX and JOE, the tokens for dYdX and TraderJoe, respectively, recorded a +400% and as much as +1,700% profits.

It is unclear if QuickSwap’s native token will enjoy similar gains. However, the team behind the platform believes it will be beneficial for all token holders in the long run as it could help attract new users, and boost adoption:

The QuickSwap team fervently supports this change because after conducting extensive market research, we believe this change will help facilitate further integrations and attract new buyers who are currently put off by QUICK’s high price per unit.

Why QuickSwap Wants To Split Its Token?

The main concern for detractors seems to be the possibility of QUICK losing its value as a result of a greater supply. It seems like a common idea in the crypto market that only assets with fixed supply can enjoy price appreciation.

The team behind QuickSwap has tried to set these concerns at ease. In an official post, they clarified that QUICK holders’ positions won’t be diluted, nor will they lose value:

Each token holder would retain the value they held at the time of the split and the percent of QUICK’s max supply. All a split would do is increase the total number of units, thereby decreasing the price per unit.

Only users holding their QUICK outside of centralized exchange platforms, such as Binance, will be eligible to vote. To participate users need to click on the following link and connect their MetaMask wallet or other wallets compatible with the Polygon network.

As NewsBTC reported, the token split could bring more users to the DEX. In the crypto market, there are a few cases where this has happened. Polkadot (DOT), the 10th crypto by market cap, went through a redenomination that some believe allowed it to increase its number of users and boost its value.

Related Reading | Polygon Token Price Analysis – New All-Time High This Week For MATIC?

At the time of writing, QUICK trades at $172 with an 8.8% profit in the last week. The price seems to be positive responding to the potential token split.

QUICK trends to the downside on the daily chart. Source: QUICKUSDT Tradingview

4th February 2022

QuickSwap Soars 7% After Partnering With CelsiusX, More Gains Ahead?

Largest decentralized exchange on Polygon, QuickSwap recently announced a cooperation With CelsiusX. The DeFi arm of Celsius, the decentralized financial services network founded by Alex Mashinsky, the partners are set to bring more liquidity and create yield opportunities for users on the sector.

Related Reading | Celsius CEO: “Elon Is A Tourist In Crypto”

The partnership also aids to onboard more users, from retail investors to institutions, into DeFi. In order to achieve this objective, CelsiuX will offer 2 popular cryptocurrencies, Cardano (ADA) and Dogecoin (DOGE), with a low presence on Polygon and will provide more liquidity for Ethereum (ETH).

These cryptocurrencies will be available on QuickSwap as synthetic versions called cxADA, cxDOGE, cxETH. Per an official post, these tokens have low to non-existent liquidity for traders on Polygon. The partnership will seek to meet such a demand.

Dogecoin (DOGE) has seen a massive rally from its lows below $0.010 in 2021 to an all-time high above $0.70. The cryptocurrency has been promoted by heavily influential personalities in business, such as Elon Musk and Mark Cuban, and it’s a symbol of the “GameStop Movement”.

In the meantime, Cardano rose on the back of its large community and their bet that the network will become an Ethereum killer project one its DeFi ecosystem matures. Cardano introduced DeFi capabilities back in 2021 after successfully completing tree Hard Fork Combinator events.

Both ADA and DOGE have some of the most active and engaging communities in the crypto space. The collaboration between QuickSwap and CelsiuX will give these users a new venue to trade their favorite tokens.

The team behind QuickSwap exclusively told NewsBTC the following on their collaboration with CelsiusX:

CelsiusX is bringing 3 assets (cxDOGE, cxETH, and cxADA) that currently have little to no utility or use on Polygon over and each of their respective communities with them. The team will be seeding the liquidity for 3 trading pairs, $10 million in liquidity for each pair. In addition to added liquidity, we expect to see a major increase in volume.

QuickSwap And CelsiusX, A Partnership For The Future Of DeFi

The collaboration will be comprised of three core elements: liquidity, incentives, and utility. The first will facilitate trading for institutions, users, and other market participants following QuickSwap’s vision of providing liquidity for “any token”.

On the second item, the DEX and CelsiusX will offer users more incentives to trade the synthetic versions of these tokens. Liquidity providers and traders will receive rewards by operating on cxDOGE and cxADA. Finally, the partners will provide DOGE and ADA holders will more utility opportunities on Polygon by adding it to a larger DeFi and multi-chain ecosystem.

On their official announcement, CelsiusX added the following on their cooperation with QuickSwap, which they called “just the tip of the iceberg” in their attempts to merge CeFi and DeFi:

As token interoperability increases and additional non-ERC20 (non-Ethereum compatible) crypto tokens look to migrate over to the Polygon ecosystem, CelsiusX + Polygon can repeat the playbook to create liquidity and use cases for any token.

As of press time, the DEX’s native token QUICK trades at $190 with a 5.1% profit in 24 hours and 8.6% profit in one week. The token has seen a positive impact from their partnership with CelsiusX and could continue to score more profits on the back of improvements to its interface and reward mechanism.

QUICK with minor gains on the daily chart. Source: QUICKUSDT Tradingview

Data from Material Indicators shows that there are some significant bids set below QUICK’s current levels. These could operate as critical support in case of further downside with $185 as it most important level.

Related Reading | Celsius Crosses New Company-High In BTC Assets

To the upside, there is low resistance until $205 which suggest bulls could have a shot of reclaiming previous highs.

QUICK Price (blue line on the chart) and support levels (bid orders below price). Source: Material Indicators.

18th May 2021

Polygon ($MATIC) Sees 75K Active User Growth

Dapps are continuing to shine recently. As if the chart wasn’t enough to convince you, $MATIC has been a star performer too. Data released this week from DappRadar shows a substantial uptick in Polygon-based decentralized applications. This follows our piece from just a few weeks ago, highlighting $MATIC’s big rally. Let’s recap some of DappRadar’s findings.

The Polygon Network

The data out from DappRadar shows a number of metrics worth calling out with regards to the second-layer solution to Ethereum. It starts with calling out nearly $1B in value flows through their layer 2. Additionally, the materials note that the top twenty Polygon dapps interacted with more than 75,000 active user wallets in just the past week. Finally, in the past month, Polygon-tracked dapps on DappRadar increased from 61 to 93; 46 of those fall in the DeFi and Exchange categories.

Polygon’s Pitch Point

As the DappRadar materials point out, there are a couple sticking points for Polygon that are main drivers for it’s reason emergence: lower gas fees, and fast transactions. It’s not surprising to see Ethereum gas fees slowing motivations for DeFi applications recently. However, unlike other Ethereum-based ecosystems, $MATIC looks to bring other advantages to the table too. Major pitch points include validation system security, scalability by way of joint PoS consensus and Heimdall architecture, and PoS chain Plasma. Major competitors include Polkadot ($DOT), Cosmos ($ATOM), and Avalanche ($AVAX).

Polygon’s leading dapps in DeFi include QuickSwap, Aave, and ParaSwap – Aave made the expansion over to Polygon in March. QuickSwap reported a 210% user increase last week, and a 240% increase in transactions over the same period.

$MATIC has performed exceptionally well during recent times, where many mainstay cryptocurrency’s have seen pullbacks, in what many describe as “DeFi Summer”.

$MATIC has been performing exceptionally well this year | Source: MATIC-USDT on TradingView.com

Exposure & Expansion

Projects and platforms continue to assist $MATIC with recent growth. Recent partnerships include Decentraland and Maker, and recent platform support includes Coinbase and Binance. Additionally, the team announced Tether (USDT) and USDC integration in September last year. Other unique engagement has taken place in the network as well, such as COVID-19 test verification used by government officials in India.

It’s not just $MATIC seeing rapid growth, either. DeFi is arguably undergoing a radical transformation, as we highlighted recently.

$MATIC launched in 2017 and moved to mainnet by the end of the year; the network went through the Polygon rebrand just a few months ago. $MATIC has now surpassed a $11B market cap and has cracked the top 25 of top coins per market cap, according to CoinGecko, hitting record-high price and coming close to $2 this week.