Polygon Extends $1 million Grant to QuickSwap to Boost Liquidity on the Platform

Polygon has just extended QuickSwap, a leading decentralized exchange on Polygon, a one million dollar grant to boost adoption. QuickSwap is ranked as the second most popular application running on Polygon according to data published by Dapp Radar. 

Sameep Singhania founded QuickSwap after growing frustrated by the high gas fees on the leading DEXs. Building the DEX on Polygon - a platform enabling high throughput and fast transactions - has helped QuickSwap become one of the more popular DEXs in the Decentralized Finance (DeFi) ecosystem. Data from Dapp Radar indicates that QuickSwap has reached $650 million in total value locked (TVL) on the platform. 

The QuickSwap grant is intended to bolster liquidity across a few trading pairs such as 

  • MATIC-QUICK
  • MATIC-USDT
  • MATIC-ETH
  • MATIC- USDC

Polygon’s grant  comes after seeing the success of Aave in April. The Total Value Locked (TVL) surged on both Polygon and Aave following a grant in support of boosting liquidity.  

By running on Polygon, QuickSwap lets users trade cryptocurrencies with near-zero gas costs. To yield farm on QuickSwap, users provide liquidity to the pool of their choice by navigating to the pool page, receiving LP tokens in exchange for a deposit, and depositing LP tokens to a corresponding pool.  

QuickSwap’s native Quick token allows users to vote on governance proposals and can be staked, which rewards users with a portion of QuickSwap’s trading fees - the exchange charges a 0.3% fee on trades, and stakers earn 0.04% in rewards from these trading fees and 0.25% of the trading fees is rewarded to liquidity providers. 

Polygon has seen growing popularity amongst  DEXs and DeFi applications. The website DeFiprime.com lists 10 DEXs and 45 DeFi projects built on Polygon.  Some popular DEXs running on Polygon include Balancer, Curve, and IDEX.

About QuickSwap

QuickSwap is a permission-less decentralized exchange (DEX) based on Ethereum, powered by Polygon. By accessing Polygon Web Wallet with Metamask, QuickSwap users can exchange tokens, mine liquidity, and buy cryptocurrencies with a credit card.

Be a part of our social ecosystem!

More from the Polygon Blog
Polygon Announces Polygon Miden - A STARK-Based, Ethereum-Compatible Rollup

TL;DR: We are excited to announce the newest member of the Polygon solution suite - Polygon Miden, an upcoming STARK-based, EVM-compatible rollup. The project is led by Bobbin Threadbare, former Facebook’s core ZK researcher who led the development of Winterfell. Today we are releasing Polygon Miden’s core component - Miden VM, the first open-source STARK-based […]

Read More
Why Web3 Developers Are Choosing Polygon Over Other Solutions 

When it comes to deploying on Ethereum, there is only one place that lets developers easily migrate their projects, offers a broad range of scaling options and has some of the industry’s lowest transaction rates. These are just some of the reasons why the number of teams using Polygon jumped 100-fold in the past year. […]

Read More
EY and Polygon to co-develop Ethereum scaling solutions for enterprises and launch Polygon Nightfall - a privacy-focused Rollup

EY, a global professional services and technology firm, is collaborating with Polygon on building and implementing scaling and enterprise solutions for the Ethereum ecosystem. As part of this collaboration, EY and Polygon will work on Polygon Nightfall, a public, privacy-focused Rollup. In addition to this, EY will offer its other flagship blockchain products on Polygon […]

Read More
What's new in matic.js v3

Matic.js is an open-source javascript library for interacting with the Polygon bridge. It provides APIs for deposits, withdrawals, transfers, etc. The latest version v3 is an all-in-all improvement over its predecessor, which was used in multiple applications. The newest iteration was developed after analyzing and understanding several improvements, feedback, and issues sourced from our community. […]

Read More
Bringing Blockchain to real use cases: Next 2 Billion users

Polygon will be at Blockchance to present findings from its month-long Africa tour about the state of blockchain on the continent.  Polygon Hermez undertook the journey with the support of the Ethereum foundation and found a booming and vibrant blockchain community. On Dec. 4, Polygon’s Enterprise Lead Antoni Martin will present our insights from the […]

Read More
Wintermute Announces $20M Fund To Bootstrap Polygon Dapp Development

The first funded project is Router Protocol, a crosschain messaging protocol that aims to build infrastructure enabling seamless communication between various blockchains. Wintermute, a leading digital asset market maker, and Polygon, an Ethereum scaling platform onboarding millions to the Web3, have today announced a strategic partnership to grow the Polygon ecosystem. Wintermute is launching a […]

Read More
crossmenuchevron-down-circle