Let’s Do Algebra on QuickSwap!

TL; DR:

  • On June 28th, 99.98% of QUICK and dQUICK holders voted to move forward with a V3 ‘Concentrated Liquidity’ model
  • The details about how our V3 will work and why a V3 is a necessary component in QuickSwap’s evolution can be found here
  • We negotiated terms to acquire an exclusive license to use Algebra’s superb V3 Concentrated Liquidity model on Polygon and future Polygon-enabled chains
  • We have now begun converting funds from our treasury into stables to pay for the audits we need to ensure the protocol’s security
  • Our V2 will continue to operate side-by-side with our V3 for as long as it has users and LPs
  • We anticipate launching our V3 ‘Concentrated Liquidity’ model in Q3 of this year
  • Nothing will happen overnight
  • For the time being, QuickSwap’s users don’t need to do anything
  • We will provide more details about the audit, launch date, and how to use our V3 very soon

Dragons are good at maths

So you’re saying Algebra offers all the advantages of a V3 without the pitfalls?

A Tale of Community Governance

Audits

Agreeable Terms

As mentioned above, we were very careful in our negotiations with Algebra. We wanted to make sure that the deal was fair for both parties. Additionally, because both QuickSwap and Algebra are huge Polygon aficionados, we needed to be certain that our collaboration would benefit the Polygon ecosystem as a whole.

What’s in it for Algebra?

In exchange for an exclusive license to use Algebra’s concentrated liquidity model on Polygon and all future Polygon-enabled chains, Algebra will receive:

  • A place in QuickSwap’s well-developed ecosystem
  • 1.5% of all trading fees collected from QuickSwap’s V3, V4, and any other Algebra-built implementations until/unless the protocol fee is 10%. Iff we chose to increase the protocol fee by more than 10% (which would require a governance vote), Algebra and the QuickSwap Foundation will share the increase in a 15/85 ratio outside of the share given back to the QuickSwap community
  • Access to QuickSwap’s and LDA’s extensive network of industry professionals
  • Assistance with marketing, business development, and PR materials

What’s in it for QuickSwap?

In exchange for access to QuickSwap’s extensive network and large user base, QuickSwap will receive:

  • The concentrated liquidity technology necessary to get ahead in the fast-paced world of DeFi
  • An exclusive license to utilize Algebra’s V3 software on Polygon and all future Polygon-enabled chains
  • An exclusive license to utilize any V4 software that Algebra may produce on Polygon and future Polygon-enabled chains
  • We hope to also add Algebra’s small but passionate community of supporters to QuickSwap’s large collective of dragon enthusiasts

What’s in it for Polygon?

  • The combined power of QuickSwap’s high TVL and Algebra’s superb technology throughout all Polygon ecosystems — present and future
  • More efficiently distributed capital within Polygon
  • Better liquidity and access to dynamic fees that fluctuate based on volatility for all of Polygon’s DeFi users
  • A more efficient Polygon-native and Polygon-focused DEX, which will become the DeFi hub on Polygon

Timeline

As stated, the first audit to ensure Algebra’s security is complete. We will publish the results of that audit very soon. The second audit is now underway. We’ve contracted the auditing firm to expedite the second audit, and we anticipate the results in the coming weeks. As soon as we have those results, we will share them with you. When both of the audits are complete, our development team will work with Algebra’s development team to integrate Algebra’s V3 ‘concentrated liquidity’ model on our UI.

Doing Algebra on QuickSwap

We couldn’t possibly be more excited to implement the most significant upgrade in QuickSwap’s history, but we want to remind everyone that changes of this magnitude cannot happen overnight. First, our auditors need to diligently review Algebra’s code to ensure there are no security vulnerabilities. Once the audits are complete, our development teams will need some time to integrate Algebra’s V3 into our UI and test it.

What’s next?

In addition to launching a V3, QuickSwap is also adding several new features to enhance users’ experience on our DEX.

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