QuickSwap Crypto Exchange With Low Fees
What is QuickSwap and how it works
The QuickSwap crypto exchange eliminates the above problems plaguing traditional exchanges and then some. It uses smart contracts to facilitate Ethereum-based permission-less crypto swapping, but with significantly higher speed and a fraction of the cost due to its Polygon (Matic) integration.
QuickSwap functions in a fashion similar to Uniswap which means that any ERC20 token is eligible for exchange on the platform. If some token isn’t officially supported, QuickSwap’s system incentivizes users to provide liquidity in the form of an ERC20 token and accept the unsupported token in return. This will enable users with unsupported tokens to use this trading pair to get their currency swapped instantly.
Liquidity Providers are awarded a portion of QuickSwap’s 0.3% processing fee incurred by anyone who uses a provider’s trading pair. They are also given QuickSwap’s very own QUICK tokens.
QuickSwap criticism
Not all ERC20 tokens are officially supported. For users interested in trading smaller market cap coins it might be still more comfortable to use Uniswap.
Users still need to transfer ETH or other cryptocurrency to Matic wallet to use QuickSwap. Transferring crypto into exchange which supports fiat also requires to pay gas fees. So payment fees in total become lower, but the question is not completely solved.
How QuickSwap differs from other Crypto Exchanges
The disruptive factor of QuickSwap’s platform lies in its Polygon integration. Because of this, users can get their currency exchanged almost instantly with negligible gas fees. Whereas presently, Ethereum charges about $4.88 for a “fast” transaction with a wait time of 30 seconds, the cost for the same is about $0.000002 on Polygon and the processing time is about 1 second.
In this way, QuickSwap aims to remove the cost barriers that deter new era investors from using a Decentralized Exchange (DEX).
The Need for a Fast Decentralized Crypto Exchange
Trading in decentralized finances or DeFi has reached new heights of popularity in recent year. With increasingly ambitious projects cropping up every day and big banks starting to dabble in the market, the world of cryptocurrencies is abuzz at the moment. However, the huge amount of traffic and the stress this causes to various blockchains every day poses a few problems regarding cost and efficiency.
Most renowned exchanges in the space like Uniswap and SushiSwap depend completely on the Ethereum mainchain. However, the mainchain can only work at a limited capacity as it takes a significant amount of time to add a new block to the chain. With millions of transactions being requested every second, confirmation times, as well as processing fees on these platforms, have skyrocketed.
In a way, these services are suffering from their own success. For example, in September 2020, during Uniswap’s UNI token introduction event, the transaction fees on converting from Ethereum (ETH) touched an all-time high of $6.31 for a priority request, which takes about 30 seconds. For slower requests, the price was $3.98, and the waiting time was upwards of 11 minutes.
Trading fees on tokens other than ETH were even worse during the event. In Ethereum, there is a cost known as “gas fees” involved when performing any transaction on the network. This price is usually set by miners according to the computational power of the network and the number of transactions being requested.
During the event, the gas fees reached $20-$30 for one ERC20 trade to be processed in a feasible amount of time. ERC20 transfer price stands at around $15 for a “fast” transaction, according to Ethereum’s official website (May, 2021).
Huge gas costs and processing fees are major deterrents in persuading the larger population to adopt DeFi. Mainstream acceptance is a far cry.
Most Noticeable QuickSwap Features
The QuickSwap Crypto Exchange not only performs just as efficiently as its competition but goes above and beyond to provide users with a truly seamless and secure exchange service. Here we look at all the features that make QuickSwap stand out.
- Non-Custodial Trading Permission-less Listings
- Transactions powered by Polygon/Ethereum
- Liquidity Mining
- Community Governance
Non-Custodial Trading
In traditional crypto exchanges, users have to deposit whatever currency they are looking to swap into the custody of the exchange first. This move not only incurs an initial fee but also poses a number of security threats. At worst, shady exchanges may pull off “exit scams” to steal their customer’s tokens. At best, the platform may be inefficient and slow.
QuickSwap lets users swap tokens directly from their personal wallets. This eliminates any security risks and lets users always have complete custody of their tokens.
Permission-less Listings
QuickSwap allows for asset listing without requiring anyone to provide permission. Any user with a valid token pair can enlist themselves as a liquidity provider. This is also a convenient way for everyday people to earn passive income by facilitating unsupported coin swapping.
Transactions powered by Polygon/Ethereum
Polygon is a Layer-2 solution for Ethereum’s scalability and speed issues. Using the Polygon network, transactions can be processed near-instantly, and with negligible gas costs. However, finality is still achieved on the Ethereum mainchain.
This approach to swapping cryptos provides the best of both worlds. QuickSwap not only guarantees speedy transactions using Polygon but also enjoys the safety and power of Ethereum.
Liquidity Mining
Trading pair suppliers for unsupported currencies are rewarded in the form of QUICK tokens. This encourages the formation of a strong alliance of liquidity providers’ and facilitates a distributed governance structure for all those who have “skin in the game”.
Community Governance
QuickSwap is a DEX or decentralized exchange, which means that no singular user has complete control of the system. All QUICK holders exercise governing power on the platform. They can decide what changes should be made to QuickSwap’s underlying protocol and also vote on things such as choosing QUICK token mining pools.
Conclusion
QuickSwap is a completely open-source decentralized crypto exchange headed by some very capable people in the industry. Its democratic governance and ease of use make it an ideal choice for voluminous crypto swaps and facilitates mass adoption of DeFi. No insane fees, no waiting – just an inexpensive low-latency DEX for everyone.
QuickSwap could be the next step in the evolution of cryptocurrency exchanges.