Quickswap Launching New V3
QuickSwap is a next-generation layer-2 decentralized exchange.
A top asset platform on the polygon network for exchanges.
Where you can deposit, swap, pool, as well as farm your crypto assets with ease.
It is on a basic level, an automated market maker for traders and cryptocurrency enthusiasts, meaning that trades are done fast and safe without interference by an intermediary.
In this article, we will be looking at the polarizing feature added to the platform. The new V3 launch; V3 Beta.
So be assured that questions like:
- What is QuickSwap?
- What are the use cases of QuickSwap?
- How is QuickSwap launching the new V3?
- How Important is the V3?
- Why are they launching V3?
To be answered clearly. Intrigued? Let’s quickly dive in.
What is QuickSwap?
QuickSwap is a top crypto asset platform like Uniswap deployed on the Polygon Network. Formerly known as the Matic Network.
By leveraging the Layer-2 network, QuickSwap enables users to trade any ERC-20 assets with near-zero gas costs.
Empowering traders, whilst reducing the barriers of entry to decentralized exchanges (DEXs) for the general crypto user.
The project adopts a community-focused token distribution model, and users can participate in protocol governance.
$QUICK is its native utility token.
Use cases of QuickSwap
Research shows that the maximum token supply rounds to 1,000,000,000 $QUICK.With this in mind, here are some of the uses of QuickSwap.
Governance
Token holders can easily propose and vote on network governance decisions through the platform, using the tool made available specifically for it.
Liquidity Mining
Users, both old and new, can deposit tokens towards the liquidity pairs on the platform and earn a share of the platform‘s transaction fees.
They also receive LP tokens in exchange for their token deposits, which they can choose to stake, as they can be staked on the platform to earn more $QUICK tokens.
Staking
Cryptocurrency traders and users can stake the $QUICK tokens on the platform for rewards and earn a share of the platform transaction rewards.
These and more make QuickSwap uniquely spellbinding.
Want to know more? keep reading as we continue to explain and simplify the concepts highlighted earlier.
QuickSwap Launching New V3
The house of the dragons continues to reign supreme. After several months of working on the integration testing of V3 on Dogechain, the board finally launched the beta of Algebra’s V3 Concentrated Liquidity model on QuickSwap’s primary chain — Polygon.
The V3 beta is live today after its launch on Monday, the 12th of September ready and serving as expected. QuickSwap’s V3 allows liquidity providers to allocate capital at specific price ranges for each trading pair. As long as the price of the pair remains within the range, the liquidity provider receives rewards proportional to the volume and liquidity that they allocated.
The V3 protocol that Quickswap acquired uses concentrated liquidity, similar to UniSwap V3, but may be more efficient because it offers dynamic fees that adjust based on volatility. Instead of the 0.3% trading fee V2 DEXs charge, The V3 DEX will offer variable rates.
With the V3 Liquidity Providers get to choose between providing liquidity to V2, V3, or both. Those who prefer to take a less active role in managing their liquidity will likely continue to LP on V2, but trades will automatically route through the best option, whether that’s using V2, V3, or both.
However, here are a few things you need to know about the new V3.
#1. QuickSwap’s V3 beta launch on Polygon on Monday, September 12, 2022, opens the New Dragon’s Lair, for $QUICK staking, with conversion and distribution.
#2. Several new liquidity mining rewards pools to incentivize LPs on V3 are ongoing. These rewards pool payout in New $QUICK.
In the process of moving LP rewards to V3, as part of the program, LPs for V2 pairs continue to earn a portion of the pairs’ V2 trading volume.
Conversion
Old QUICK holders can hold out for as long as they like because the conversion contract remains open. Eventually, everyone who wants to use their $QUICK will need a New $QUICK.
Current Liquidity Mining Rewards Pools
QuickSwap’s liquidity mining rewards pools change every two weeks.
At this time, there is a reduced liquidity mining reward paid to V2 LPs in favor of V3.
Liquidity Mining Rewards
Because V3 is so much more capital-efficient than V2, it is advised to move from V2 to it. Even the team is bent to incentivize LPs to move their liquidity over.
New Liquidity Mining Rewards Pools
On the launch of the V3 beta on Monday, September 12th, several new liquidity mining rewards pools, Liquidity providers can choose a pair, select a range, and provide liquidity to earn a portion of the V3 trading fees plus $QUICK rewards.
Bonus tip: Old $QUICK Staking
For the time being, the old Dragon’s Lair will continue paying a portion of the trading fees collected from V2 decentralized exchanges (DEX) to Old $QUICK stakers.
When V3 reaches $1 million in daily trading volume, payouts to Old $QUICK stakers will cease, and all staking rewards will be distributed to New $QUICK stakers in the New Dragon’s Lair.
Why Launching The New V3?
Will the House of the Dragon Rule Polygon?
Well with V3 launching, plus the addition to the other new features, QuickSwap’s DragonFi Ecosystem is currently in implementation, to claw back some of the volume lost to competitors.
Implementing Algebra’s advanced V3 concentrated liquidity model is the biggest upgrade QuickSwap has ever seen.
conclusion
There’s much to gain by simply joining the platform, and taking your next leap forward.
Sharing your enthusiasm for QuickSwap’s epic and supreme reign on Polygon, as well as your experience won’t be a bad idea.
So go ahead, engage!
