Polygon has granted QuickSwap, a leading decentralized exchange on Polygon, a one million dollar grant to boost adoption. According to Dapp Radar, QuickSwap is the second most popular application on Polygon.
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.
About Polygon
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions and more. Polygon’s scaling solutions have seen widespread adoption with 500+ applications hosted, ~600M total transactions processed, ~60M unique user addresses and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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