QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Matic Networks Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions,
QuickSwap is a fork of Uniswap that runs on the Polygon network (formerly Matic Network), a Layer-2 scaling solution for Ethereum. Polygon features lower transaction fees compared to the Ethereum mainnet, enabling QuickSwap to facilitate token swaps at a lower cost relative to exchanges like Uniswap v2. QuickSwap's token, QUICK, gives users governance rights over the protocol.
QuickSwap launched in October 2020, four months after Polygon mainnet became live. The launch incorporated a fair launch, community-focused governance structure, in which 96.75% of the token supply was reserved for the community and the remaining 3.25% for the team. There were no pre-sales, private sales or seed rounds. Token holders carry voting power over the network and stakers are able to earn revenue from trading fees. The purpose behind building the QuickSwap protocol was to solve the user experience problems that have existed in Ethereum, which include high transaction fees and high transaction times. These issues have prevented making DeFi accessible to the masses mainly due to transaction fees becoming too expensive during moments of high network activity. QuickSwap has tackled this problem by building on top of the Polygon Layer-2 scaling solution, which benefits from next-to-zero transaction fees and up to 65,000 transactions per second. By building on top of Polygon, QuickSwap aims to level the playing field and solve the user experience problem of high transaction fees and high transaction times while also focusing on redesigning how people interact with Decentralized Exchanges and DeFi by developing user interfaces that will make transacting on Layer-2 easier to use for non technical users.
Taking into account the success behind Uniswap which has been battle tested and processes millions of dollars worth of crypto volume on a daily basis, the team behind QuickSwap chose to fork the code behind Uniswap (which utilizes an automated market making system rather than a traditional order-book) without changing the underlying code. Instead of modifying the code behind the forked Decentralized Exchange, the QuickSwap team have opted to build aditional features on top such as Dragon Lair, where users are able to earn protocol fees by staking their QUICK tokens, adding Limit Order support and Dragon Syrup, where stakers of dQUICK (QuickSwap's interest bearing token) are able to earn additional yields from projects that are traded on QuickSwap.