Recently a new token QUICK is trending in the cryptocurrency market. Many people have made huge profits from this cryptocurrency token. But before investing in any token you must need to know about the token, its purpose, and future scope. Today we are going to introduce you to the QuickSwap token in this post.
What is QuickSwap?
QuickSwap is a Decentralized Finance (DeFi) on the Polygon Network that uses the Automated Market Marker model and provides a level of trust and security. It is a fork of the originator of Automated Market Makers Uniswap and we can also say it is a copy of Uniswap providing the same liquidity and pool models.
In QuickSwap users add their tokens to the liquidity pool and earn transactions fees from them. QuickSwap is getting popular due to its speed and low fees offered by the Polygon Network.
How Does QuickSwap Work?
QuickSwap is using the Automated Market Marker model to create liquidity pools of tokens for users to swap. In QuickSwap users don’t trade as makers or takers, they interact with a smart contract. They can provide liquidity by adding their tokens to the liquidity pool to earn transaction fees.
When users provide liquidity by adding tokens to liquidity pools they get LP(Liquidity Tokens) tokens as a receipt for their pool. And when they reclaim their tokens these LP tokens get burned. Users can also use these in yield farming where their tokens get reinvested in the pool to earn more interest.
QuickSwap’s Automated Market Marker model provides a 0.3% fee shared proportionally based on the liquidity provided by the providers.
How Does QuickSwap Make Money?
QuickSwap is an open-source Defi platform and it doesn’t make any money by charging fees from its users. The users who are providing liquidity earn a 0.3% fee on any swap made using a liquidity pool.
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How to use QuickSwap Decentralized Finance (DeFi)?
If you want to use QuickSwap then you can use it on your mobile and Desktop. But for your safety, you have to make sure you are using (quickswap.exchange) this URL. You can easily exchange your tokens from one of the available liquidity pools.
Follow these steps to use QuickSwap:
- Open quickswap.exchange in your browser from your smartphone or desktop.
- Now you need to connect your wallet with QuickSwap. The best suitable wallets are Trust Wallet and MetaMask. Make sure your wallet supports Polygon Network.
- Then Go on the Swap tab to start exchanging tokens from liquidity pools.
- Then select the token you want to swap and the token you want to receive.
- After selecting tokens click on Swap.
- Then a preview of your transaction will appear on the Popup window and you need to confirm it.
What is QuickSwap (QUICK) Token?
QUICK is ERC-20 based official token of QuickSwap that was launched in February 2021. 90% of the supply of the total token will be distributed as a reward to anyone who is providing liquidity in this platform. The holders of QUICK tokens can create proposals and vote on them to add new features on QuickSwap Decentralized Finance (DeFi).
QUICK Token Market Cap, Total Supply, and Current Price
|Token Name||QuickSwap (QUICK)|
|Circulating Supply||327,100.00 QUICK|
|QUICK Token Price||$330.25 (30 December 2021)|
|Ethereum Contracts Address||0x6c28aef8977c9b773996d0e8376d2ee379446f2f (Ethereum)|
QUICK Token Price Prediction 2022
QUICK is the official token of QuickSwap and the DeFi is getting more popularity due to its fast speed and Automated Market Marker model. According to Coinmarketcap data, the current price of the QUICK token is $330.25 and at the time of launch, its price was $400.90. Its All-Time High (ATH) price was $1,669.32 on 30th April 2021. As compared to its ATH its current price is very low and if we see its popularity and uses its price may touch $2000 in 2022.
How Can You Buy QUICK Token?
The QUICK token is already listed in approximately all major and small cryptocurrency exchanges. If you want to buy QUICK tokens then you can choose Binance, Bitmart, WazirX, Coinbase, KuCoin, etc. You can also buy this token from WazirX which is the largest INR cryptocurrency exchange in the world.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.