INTRODUCING QUICKSWAP: A PERMISSIONLESS ETHEREUM-BASED DECENTRALIZED EXCHANGE BASED ON POLYGON NETWORK’S LAYER-2 SCALING INFRASTRUCTURE.
Peer-to-peer networks are less scalable as a result of decentralization. Because blockchain networks are protected by peer-to-peer network consensus processes, this concern applies to them.
Early blockchains were plagued with what industry experts termed the scalability trilemma as they could only offer two features at a time, which meant they had to choose between security, scalability, or decentralization.
To overcome the scalability trilemma, blockchain technologies decided to experiment in various ways. These methods are known as Layer 1s, which are the foundational layers of a public blockchain.
Through consensus algorithms and sharding, modern layer 1 blockchains resolve the scalability trilemma. Layer 1 blockchains include Bitcoin, Ethereum, and Solana, to name a few.
The Ethereum ecosystem is the broadest and perhaps most active of the Layer 1 blockchains that support smart contracts. Excessive service charges on the Ethereum network, on the other hand, have irritated clients.
Owing to excessive gas expenses on the Ethereum network, competing blockchains such as Solana, Avalanche, and Cardano, and have emerged. While these blockchain technologies are frequently quicker and less expensive than Ethereum, they lack Ethereum’s security and network effect.
QUICKSWAP: A DEX ON LAYER-2?
The current situation of the DeFi domain is troubled by a basic issue: as more people utilize DeFi services, network traffic will increase, creating acceptance barriers.
Moreover, high gas prices and long transaction times are not conducive to attracting more of the current cryptocurrency market to DeFi, let alone mass adoption.
These technological hurdles must be overcome for DeFi to thrive. As a result, high-performance, low-cost technologies are in high demand.
QuickSwap is actively campaigning on the Layer 2 DEX front, providing a solution to the serious problems that beset traditional DEXs.
Established on the Ethereum Network, QuickSwap is a highly efficient, decentralized exchange that leverages Polygon’s Layer 2 scaling technology to address these issues.
LAYER 2 SOLUTIONS: WHAT ARE THEY AND WHY DO THEY MATTER?
Layer 2 solutions are programs that are designed to aid in the scaling of a blockchain. Sidechains are a term used to describe Layer 2 solutions. Polygon, Arbitrum, Polkadot, Immutable X, and the Bitcoin Lightning network are examples of Layer 2 solutions.
Layer 2 technologies are significant as they provide scalability and greater bandwidth while maintaining the Ethereum blockchain’s authenticity, allowing for total decentralization, accountability, and reliability while lowering carbon emissions
These Layer 2 solutions use rollups to handle transactions that originate on the mainnet, or Layer 1 and then post them back in groups. Layer 2 solutions help to speed up transactions and lower gas costs while maintaining the mainnet’s security and decentralization.
Ethereum layer 2 solutions provide the potential to drastically alter the blockchain ecosystem. Layer 2 solutions ensure that users may preserve all of the security features found on the Ethereum Mainnet whereas still transacting swiftly and at very little or no cost.
This sort of development may entice more individuals to test out the Ethereum blockchain and all of its features.
Because it is significantly reliant on another blockchain for security, the Polygon blockchain is fundamentally different from other blockchains. Polygon is, in effect, a component of the Ethereum ecosystem as a whole.
MATIC staking protects Polygon, which is a smaller pool of cash than the miners who protect the Ethereum network. When users transfer their funds to the Ethereum Network, Polygon is significantly less expensive to utilize and offers quicker payout timeframes.
To put it into perspective, transactions on Polygon may be validated in as low as 1 second, at a cost that is insignificant to the average customer.
WHAT DISTINGUISHES QUICKSWAP FROM THE COMPETITION?
QuickSwap eliminates the expense of entrance and utilization for the average crypto subscriber, allowing the next generation to participate in DeFi.
Anybody can start trading any ERC-20 token on QuickSwap, just like they can on other popular DEXs.
QuickSwap was established for the community, with the intention of being run entirely by the community.
On QuickSwap, liquidity mining and yield farming are opportunities for liquidity providers to receive incentives.
Users that offer liquidity for leveraged trading pairs on QuickSwap will not only receive a portion of the project’s 0.3 percent transaction fees, but they will also receive QuickSwap’s native QUICK governance token and will be able to contribute to the administration of the platform.
FEATURES OF QUICKSWAP
QuickSwap has all of the key specifications of renowned DEXs, but it also has the missing key ingredients for a better experience as transaction costs are low and token transfers are fast.
QuickSwap’s outstanding features include but are not limited to
● TRANSACTIONS AT LAYER 2
QuickSwap gives consumers the opportunity to transfer assets at flash speeds with very mild gas prices by employing Layer 2 for transactions.
Polygon, a Layer 2 Ethereum scaling solution, powers QuickSwap transactions. This implies that asset swaps may be conducted in less than 2 seconds for a quarter of the price of gas on the Ethereum network.
● LISTINGS WITH NO PERMISSION
Any user can publish any ERC20 token on QuickSwap by channeling funds for the transaction pair. There is no requirement to get permission from anyone or any organization before listing an asset.
Users could also make passive income from QuickSwap, as they can list any ERC20 token on QuickSwap by channeling funds to facilitate instant asset swaps if an asset isn’t supported on the platform, and get paid commissions on every occasion that other clients trade using that trading pair.
● NON-CUSTODIAL TRADING
QuickSwap allows users to trade immediately from their wallets without any need to deposit assets on the exchange before trading, unlike controlled exchanges. As a result, users maintain total control over their holdings during the entire transaction.
● ADMINISTRATION OF THE COMMUNITY
QuickSwap’s governance process will be owned by QUICK token holders. Holders will be able to propose recommendations for protocol improvements and vote on issues that affect the whole community, including how the treasury allocates cash, in the future.
For more information, join the QuickSwap community: