HOW TO USE QUICKSWAP WITH METAMASK
QuickSwap, we know, is an Automated Market Marker on the Polygon Network. It’s a copy of Uniswap and offers the same liquidity pool model. Users add pairs of tokens to liquidity pools and earn transaction fees from others who swap their tokens using the pools.
QuickSwap has seen popularity due to the speed and low fees offered by the Polygon Network. It’s also compatible with the Ethereum blockchain, thereby allowing you to swap ERC-20 tokens.
There is, however, always the risk of impermanent loss. Impermanent loss is a possible risk for anyone who provides liquidity to a liquidity pool. If the price of the tokens changes relative to when you add them, you'll end up with less dollar value when you withdraw.
Note that this occurs if the prices rise or fall. The loss is impermanent as it's only realized once you remove your funds from the liquidity pool. However, If the prices revert to their original levels, the impermanent loss will reverse. You may also get to the point where the fees received outstrip your impermanent loss
QuickSwap’s cryptocurrency is called QUICK. You can easily buy and sell it on Binance. You can also swap other tokens for QUICK using QuickSwap’s liquidity pools.
So QuickSwap (QUICK) is an Ethereum token that powers QuickSwap, a decentralized exchange that runs on the Polygon Network in order to provide faster and cheaper transactions on Ethereum. QUICK can be used to create and vote on proposals governing QuickSwap and can be staked to earn a portion of trading fees.
Now, QuickSwap being an AMM on the polygon network, Polygon was formerly called matic, is an infrastructure for creating Ethereum compatible networks. These blockchains can also interact with one another, creating a layer 2 ecosystem of interconnected blockchains.
The Polygon Network is the project’s official sidechain that works with a Proof of Stake consensus mechanism. The Polygon Network's popularity comes from its speed as a scaling solution and cheap gas fees. Transaction fees are paid in MATIC tokens. As the network is compatible with the Ethereum Virtual Machine, developers can fork existing DApps (Decentralized Applications) such as Uniswap onto the side chain.
However, before we talk about How to Set up MetaMask for Polygon (Matic) Using QuickSwap, let's talk briefly about metamask itself. At the time when blockchain came to public notice for the first time, there was no other way to imagine its applications than in the development of cryptocurrencies like Bitcoin.
Almost a decade later, blockchain has evolved in more than the foundation of a peer-to-peer payment system. Other than Bitcoin, many other blockchain networks such as Ethereum have evolved with a wider focus.
Ethereum offers the functionalities of smart contracts for delivering something more than simple payment systems. How would anyone access the applications on blockchain networks like Ethereum? MetaMask provides the ideal answer for this question and also raises many questions about what it is and its work.
So, what's the metamask wallet? The Metamask wallet is basically a crypto wallet that provides support for ETH-based tokens such as ERC-721 and ERC-20 tokens. It is available as a browser plugin that you can install easily, just like any other browser extension. Interestingly, you can enjoy a seamless connection to any Ethereum-based decentralized app after installing the Metamask Chrome extension or Firefox extension. You could easily access any decentralized application like yield farming protocols and NFT marketplaces with the wallet.
However, With the facility of web browser integration in the form of plugins, you can have convenient experiences in the use of MetaMask. This is probably one of the foremost reasons for its rapidly increasing rates of adoption. As the demand for a decentralized web starts to gain momentum, MetaMask can serve as a gateway for you into a new world of exciting opportunities with dApps, web browsing, and DeFi, and blockchain technology.
MetaMask definitely has many promising advantages when you think of simplicity in connecting to dApps and the expanding DeFi ecosystem. It also provides better scope for integration as emerging dApps are designed for compatibility with the wallet. On the other hand, it is also reasonable to wonder about concerns such as ‘is Metamask safe,’ especially when the platform stores private keys in the browser of the user.
Therefore, you might have to compromise on security for better ease of use and interaction with dApps. Hence, The crypto wallet has served as a prolific gateway into the growing dApp ecosystem. As of August 2021, the Metamask wallet crossed the mark of 10 million monthly active users, establishing its credibility as a non-custodial wallet. Learn more about the wallet and how it can transform the decentralized web for the world.
Now, How do you Set up MetaMask Using QuickSwap, they're just few steps to be followed
To begin with, visit QuickSwap.exchange and connect your MetaMask wallet. Then Click the “Connect to a wallet” button in the upper right corner of your screen then Select MetaMask from the menu. Right after this process, MetaMask will open, then click “Next” then “Connect”
Now, Back on QuickSwap, in the upper right corner, select “Switch to Matic”. Following this, the MetaMask Wallet will open. Then you can Click “Switch Network”. And just after this, you get a positive message saying you're now on the polygon network. Easy peasy!🤗