Introduction to QuickSwap’s Meteoric Rise
In the bustling realm of decentralized finance (DeFi), QuickSwap has emerged as a powerhouse on the Polygon network. Starting the year with a meager $300,000 in assets locked, this Uniswap clone has skyrocketed to over $105 million in liquidity by March 2021. Talk about a glow-up!
QuickSwap’s Recent Trading Triumphs
In a mere 24 hours, QuickSwap has racked up a jaw-dropping $38.5 million in trade volume, eclipsing its closest competitor, Loopring, which managed a modest $8.4 million. Other players in this L2 DEX game include ZKSwap at $2.5 million, and Leverj and Nash rounding off the list with less than a million swinging their way.
L2 DEX Trading Volume Breakdown
- 1. QuickSwap: $38,503,800 (>30% own token❗)
- 2. Loopring: $8,429,098
- 3. ZKSwap: $2,530,652 (>50% own token❗)
- 4. Leverj: $1,339,688
- 5. Nash: $913,475
- 6. Deversifi: $805,710
So, why is QuickSwap dominating this space? Well, the good people at CoinGecko have provided us with the numbers, and they don’t lie!
The Token Surge: QUICK’s Ascent
The governance token for QuickSwap, dubbed QUICK, has been on an absolute tear, climbing from under $1 to an astounding $557 in just three months. This token now represents nearly 20% of the entire liquidity within the platform. Who knew governance could be so lucrative?
Attracting Users Through Aavegotchi
According to QuickSwap founder Nick Mudge, much of the drop in gas fee saddle that Ethereum users have been wrestling with can be alleviated with QuickSwap’s user-centric approach. Aavegotchi’s NFT staking game, launched on January 21, has contributed significantly to bringing users over to Polygon. Mudge believes that QuickSwap is not only a critical player in Polygon’s DeFi ecosystem but will continue to evolve alongside it.
“QuickSwap is the center of the Polygon DeFi ecosystem and will grow as the ecosystem grows.” – Nick Mudge
Polygon’s Influence on the DeFi Landscape
Polygon serves as a scaling solution designed to enable projects to create Ethereum-compatible blockchains with lower transaction costs. This is particularly timely, given how Ethereum’s gas fees have become more than most can stomach. The native crypto of Polygon, MATIC, has experienced a jaw-dropping increase of 1,135% within 2021 alone, soaring from $0.0182 to $0.2249.
In summary, QuickSwap, along with its ecosystem partner Polygon, has crafted a solid foundation for DeFi players looking for efficiency without breaking the bank. With more tokens and daily trade volumes surging, it seems that the future is not just bright; it’s glowing.
