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- 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.
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.
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