Decentralized applications (DeFi) are a hot market in the cryptocurrency world. Meanwhile, decentralized exchanges are closer to their final goal than other applications. Decentralized exchange QuickSwap is one of the popular platforms in the field of DeFi, which started its activity in late 2020. According to the developer team of this platform, their main goal is to enable users of the cryptocurrency world to make their transactions at the lowest cost and in the shortest possible time.
QuickSwap exchange is introduced in one sentence as an easy and fast way to exchange ERC20 tokens. Generally, people who make transactions with reasonable and normal amounts are looking for a way to pay the lowest possible fees. This decentralized platform will be the right choice for these people. In the rest of this article, we will give a full introduction to QuickSwap exchange and how to use it.
Introducing Quick Swap exchange
Decentralized QuickSwap exchange, one Automated market maker (AMM) is This exchange, like Sushi Swap, One of the forks of UniSwap exchange is considered. This exchange carries out currency transactions with small fees and in the shortest possible time. The reason for this is that Quick Swap in Poligan network (Polygon) is executed.
QuickSwap supports all ERC-20 tokens. This exchange is known as an automated market maker that is very popular in Decentralized Finance. Many professional crypto market traders consider UniSwap and QuickSwap similar to each other. But the most important thing that distinguishes these two exchanges from each other is that QuickSwap is built on the Polygon network and UniSwap is built on the Ethereum network.
Quick Swap exchange fee
As a digital currency exchange, QuickSwap charges a reasonable fee from its users. Currently, if you intend to make a quick and immediate currency transaction on the Ethereum network, you have to pay a significant fee in most exchanges. For example, UniSwap may charge a fee of $40 for such a transaction. This is despite the fact that the Quick Swap exchange performs this transaction with a much lower and insignificant fee in a short period of time. This exchange is an easy and cheap way to access DiFi products. To achieve this goal, it has used layer 2 solutions. Finally, it is good to know that QuickSwap charges about 0.3% of the volume of a transaction as a fee.
The volume of transactions in the QuickSwap exchange
It is true that we talked about the superiority of QuickSwap decentralized exchange over UniSwap, but in the end their trading volume does not confirm this superiority. The volume of transactions in the Quick Swap exchange is about 84 million dollars. Also, the volume of transactions in the UniSwap and SushiSwap exchanges is equal to 1.2 billion dollars and 275 million dollars, respectively. Of course, these figures are approximate. Since the higher the number of trades done on an exchange, the higher the fees are paid to liquidity providers, UniSwap would be a more logical choice for them.
The reason for the popularity of Quick Swap
The facilities and services that Quick Swap provides to its users are a strong reason for its popularity in the market. In fact, it can be said that in addition to lower fees and faster transaction execution, there are other facilities in this exchange, which include the following:
- Layer 2 transactions
- List assets without requiring permission
- Non-custodial transactions
- Mining liquidity and receiving liquidity token
- Yield Farming
- The system of sovereign society
The strengths and weaknesses of the QuickSwap exchange
All the reasons we mentioned for the popularity of this decentralized exchange in the previous section can be considered as a strong point for this platform. For example, users pay a small fee for their transactions, liquidity providers can receive the platform’s governance token as a reward, participate in the decisions of the network, and many other things are among the main strengths of QuickSwap. But despite all these things, the volume of transactions of this exchange is relatively low and this issue can be considered a weakness. Because it prohibits investors and liquidity providers from cooperating with this network.
Quick Swap exchange training
If you enter the main page of the QuickSwap platform, you will notice that this exchange has different sections. Each of the options on the top bar of the main page of the site belongs to a special operation. In the following, we will learn how to work with Quick Swap.
Swap
By selecting the Swap option, you can exchange tokens in this exchange. If you click on this option, a page will open in front of you where you have to choose the cryptocurrencies you want to trade. You can also change these items in the settings option on this page:
- Slippage tolerance: price changes due to market fluctuations
- Transaction deadline: the period of time after which the transaction is canceled.
Then click the Swap option to exchange your tokens.
Pool
Another option on the main page of the QuickSwap platform is related to liquidity providers. If you intend to contribute to the liquidity of this exchange, select the Pool option. Then click on Add Liquidity option. Then choose the type and amount of the currency pair you want. Finally, after checking the transaction information, click on the Supply option. After that, a page containing information and details of the transaction will open for you. If confirmed, you can click on the Confirm Supply option.
Farms
option Farms At the top of the main page of the QuickSwap site for Depositing or staking Quick token is used. You will enter into an investment strategy by staking your digital currencies. Because you get interest for it. For this, after entering the Farms section, select the LP Mining option. The first pool in front of you on this page is Dragons Lair. Now you have to select the Manage option and then the Deposit option. After that, in the new window that opens for you, you must enter the amount of digital currency you want. Finally, click on the Approve option to complete your operation successfully.
Buy
option Buy To buy the desired digital currency with fiat currency. But this feature of Quick Swap exchange is not available for Iranians. In fact, sanctions and restrictions in Iran do not allow us to use this option. But users from other countries can buy the amount of digital asset they want with their common fiat currency.
Automated market maker or QuickSwap decentralized exchange
QuickSwap is one of the decentralized exchanges in the world of digital currencies that supports multiple cryptocurrencies. This exchange has its own native token. Its native token is also called QUICK and is a sovereign token. Quick Swap exchange as one of Forks of the UniSwap platform is also known. For this reason, many UniSwap bugs have been fixed in it. You can perform your currency transactions with low fees and high speed. But there are still possible risks and dangers for Iranian users. Finally, you can use the Iranian Valex exchange to buy digital currency so that you can successfully conduct currency transactions on Quick Swap.
What is Quick Swap? Complete tutorial on how to use the QuickSwap exchange for the first time on the Wallex blog. appeared.
