On May 27, 2021 QuickSwap was invited to do an AMA in the Crypto Talkz Community!
Here is a quick recap on what was discussed during the AMA for all of you willing to venture into the dragon’s den!
It started off with the hosts and members of the Crypto Talkz Community giving the QuickSwap team a warm welcome. From QuickSwap, Nicole Grinstead, David Brown, and Sameep Singhania participated.
Part 1 — Introductions
Mary Joy C (Host): “👋Hello Chat , Welcome to a special AMA session with QuickSwap❤️”
The Quickswap team showed gratitude for being invited to the Cypto Talkz Community for an AMA and introduced themselves.
Dave: “Hello, I am Dave with the marketing and business development team at QuickSwap DEX.”
Sameep: “So myself Sameep, I am from India. Lots of wonderful things coming out of India these days lol. So by profession, I am a developer at heart. I started working in the blockchain space in 2017, and since then it has been a wonderful journey. Currently, I am the co-founder and lead developer at QuickSwap. I’ve also worked for projects like Paraswap and OpenBazaar.”
Nicole: “Hi everyone! I’m Nicole. I work for Lunar Digital Assets (LDA), which is an advisory team to QuickSwap. I’ve worked in crypto full time for 4 years, and I focus on community management, marketing/blogging, and business development.
The QuickSwap team and Crypto Talkz community host casually bantered for a few moments before Mary began the first round of the AMA with questions from the Crypto Talkz Community Telegram group.
Part 2 — Community Telegram Questions
Q1: Can you briefly describe what QuickSwap is? We would like to know more about it and how it works.
Sameep: “QuickSwap is a DEX or decentralized exchange, like Uniswap. In fact, it’s an exact clone of UniswapV2 contracts without even a single line or letter of code changed. The only difference is that QuickSwap is built on Polygon — Ethereum’s leading layer 2 scaling solution, while Uniswap is built on Ethereum. Because QS is on Polygon, we’re able to offer trading of all the same assets, but at a fraction of UniSwap’s cost. Fees on Polygon are paid in MATIC and the average cost of a transaction on QuickSwap is exponentially less than Uniswap.”
“Both QS & Uniswap are AMMs (automated market makers), which means that they don’t rely on oracles or outside price feeds to determine the prices of assets on the DEX. Instead, prices reach equilibrium through the use of arbitrage. Arbitrageurs profit from price disparity between markets. For instance, let’s say ETH is $2790 on QuickSwap, and it’s $3000 on another Layer 2 DEX. Arbitrageurs (and the bots programmed to do the arbitrage) would buy the asset on QS and sell it on the DEX where it costs more. They would continue doing this until price parity (or equilibrium) is reached…. And while arbitrage is common on L1, due to the low transaction fees on L2, many find arbitrage more profitable (and somewhat less risky) on Polygon, since they don’t have to calculate the high transaction fees on each exchange.”
“QuickSwap is really so much more than a DEX too. It’s a community, a wealth creation opportunity, a home, a family, and much more that I’m sure we’ll get into in your later questions.”
“I would love everyone to try QS at least once.”
Q2: What are your main features that distinguish you from other projects and what competitive advantages do you have?
Nicole: “I think I’ll take this one…”
“Like we mentioned briefly in your last question, I would say the primary distinguishing characteristic of QuickSwap is our strong and passionate community and tokenomics. Many of the people who support the project have been involved from our very early days and were involved with Polygon (formerly Matic) even before that. So they have a deep level of understanding of the technology. Additionally, unlike many crypto projects, QuickSwap was and is community focused. 96.7% of our total token supply was or will be distributed to the community through our liquidity mining rewards program and a few other incentives. Additionally, QuickSwap rewards QUICK holders by allowing single-asset staking of QUICK, so they can earn more of it without risking impermanent loss, which is a great solution for those who want to provide liquidity for the DEX while hedging their potential losses.”
“For our liquidity mining rewards, we offer the most competitive APYs of any DEX on Polygon and we have the deepest liquidity on most pairs. I’m not sure if you’ve seen, but we recently crossed $1 billion in overall liquidity. It feels like only yesterday, we were striving for $150 million so we could be taken seriously, and now, that’s so far behind us. The rewards work by incentivizing teams and communities to bring their liquidity over to QuickSwap by offering QUICK rewards, which are paid out in regular intervals, relative to a pool provider’s % stake in the pool. Additionally, providers also earn their share of 0.25% of the trading fees on the pair(s) they provide for, so the pools with high transaction volume do really well.”
“Speaking of our tokenomics, those who are interested in learning more should check out our recently updated blog about it here.”
“As for competitive advantages, well being the first DEX on Layer 2 has helped us a lot, though we definitely have a lot of competition these days. Mostly though, we welcome it, since DEXs need each other for arbitrage to take place and to equilibrate prices. There’s room for more than one exchange on Polygon, and we’re thrilled that more are taking an interest in the network.”
Q3: “What’s the future of DEFI on the Polygon network?”
Dave: “We are investing in the future of DeFi!”
Sameep: “I think DeFI has a great future on Polygon. With low transaction fees and faster transaction times, I think it makes sense for DeFi to come to Polygon. And we are already seeing that with Aave, Curve, and Sushi recently coming to the platform.”
Nicole: “I couldn’t agree more. The future of money is DeFi, and for DeFi to be accessible to everyone, transactions have to be fast and almost free. I’m thrilled to be a part of its development… Tired a lot, LOL, but thrilled.”
Dave: “The future of DeFi and QuickSwap is providing low cost to the users! We see Polygon and this Layer 2 roadmap to take DeFi mainstream. DeFi should be simple and low cost. Polygon brings this solution into reality.”
Q4: Any idea about Stablecoins on Layer 2?
Sameep: “Almost every stable coin is already available on Polygon: USDC, USDT, DAI, FRAX. You can go to QuickSwap and buy or sell anyone of them already.”
Nicole: “Actually, we’ve recently seen the launch of the first Polygon-native stable coin, and that’s very exciting! Additionally, existing stable coins that bridge over from layer 1 are functioning well on L2 with really great opportunities to earn high yields with minimal risks. I love the options and have almost all of my savings earning yield on Polygon right now :)”
Sameep: “More stable coins are coming up, and I’m sure they will be available on layer 2 very soon. But the most used ones are already there.”
Dave: “We have $176M in USDC on the DEX. We have seen explosive growth in the stable coin market in 2021.”
Q5: How has staking gone for the exchange?
Sameep: “It has been wonderful so far. Right now we have 2 different kind of staking on our platform:
- LP token staking
2. QUICK staking in the Dragon’s Lair
“We currently have 80 pairs in our liquidity mining program and a large amount of liquidity is locked in that staking program. Now, if we talk about the dragon’s lair, then more than 50% of the total circulating supply of QUICK is currently being staked in it.”
“You can read more about Dragon’s Lair in this article.”
Nicole: “Single-asset staking of QUICK has been great for people who want to hedge their risk of IL. Great innovation!”
Sameep: “Yes, I would recommend everyone to at least just check it once.”
Q6: What are your thoughts on NFTs over the next few years?
Dave: “We see NFTs growing massively in the next few years. We have seen sports teams and celebrities support this market with millions of new eyes seeing crypto as an asset class. Additionally, we recently teamed up with PolyDoge and sent 7000 NFTs to QUICK stakers!!!”
Nicole: “I think NFTs are important and innovative for many reasons. Obviously, they’re a great tool for introducing people to crypto, as artists and celebs seem to love them. But beyond their use as art pieces, I’m really interested in NFTs as enterprise solutions. I think we haven’t even begun to imagine all their purposes yet.”
Dave: “We even have a QuickSwap dragon NFT that was created by moon wolf and drippies! Open sea NFT market is also now on Polygon. Polygon is the right move for any NFT artist. It’s cheap to transact and buy/sell NFTs on multiple exchanges.”
Sameep: “I think NFTs are inevitable. Actually digitization is inevitable. If COVID has taught us something, then it’s the importance of digitization. NFTs are just the digital form of real world assets. The next big thing in the industry will be NFTs. But that’s just my personal opinion.”
“During Covid we realised the true benefits of technology, and I think NFTs will be next in line to prove ownership of real world assets in an immutable fashion. NFTs will also make buying and selling of such assets a mere game play.”
And that concluded the first round of the AMA
Mary Joy shared some valuable information regarding QuickSwap that could benefit everyone interested in the project.
Mary Joy C: “📌Here below are links for you to get the latest updates about QuickSwap”
Telegram News Channel: https://t.me/QuickSwapAnnouncements
The QuickSwap team and the host waited a moment to let everyone absorb the information provided thus far and then began the next segment of the AMA.
Part 3 — Questions from Twitter
The second segment of the AMA was the Twitter-oriented segment. In this segment, the QuickSwap team answered questions posted by the community on Twitter.
Mary: “First twitter question :).”
Q1. “As I know the protocol will be governed by QUICK token holders. Can you tell us about the other features/utilities of $QUICK?”
Nicole: “Sure, for now, QUICK has two utilities: governance and staking. You can read more about QUICK’s use cases and tokenomics here.”
Sameep: “That’s a wonderful question and we keep getting it almost all the time.
So apart from Governance QUICK has these utilities:
1. In our LP mining program some of the rewarded pairs are actually QUICK pairs, like MATIC-QUICK. So QUICK holders can provide liquidity in these pools and earn more QUICK tokens
2. We also have a single asset staking program which we call Dragon’s Lair. Users can stake their QUICK in the dragon’s lair and earn more QUICK tokens
“In QS for each trade there is fee of 0.3%. Out of this 0.3% 0.25% goes to the LP and 0.04% goes to the dragon’s lair in the form of QUICK tokens.”
Dave: “We have many features. Liquidity Mining with APYs that are much higher than many of our competitors. We also offer $QUICK rewards on a weekly basis. We have great partners and new pools like Beefy and Auto Finance this week!”
Q2. May I ask about your incentives, and how will they help future investors?
Dave: “We offer many incentives. High APYs for liquidity mining, QUICK staking, and even airdrops of NFTs like POLYDOGE!”
Sameep: “Our first and foremost incentive is to build a product which is used and loved by everyone, and we are seeing that with QuickSwap.”
“The main idea behind the birth of QS was to build something which even a low-worth trader could use. On UniSwap it was becoming very hard for the small traders to trade because of high tx costs. So we thought of building QuickSwap on Polygon to give users a chance to make small trades with almost 0 fees.”
“Right now, our incentives are to bring more and more users and projects to Polygon and QuickSwap. There are already a ton of projects using QuickSwap behind the scenes.
BTW, We do not have any so-called “investors” because we consider our users as our main investors.
Mary Joy C reminded everyone to check out the QuickSwap Twitter for more information on the protocol.
Mary: “📌 Chat please give it a follow”
Q3. “QuickSwap still requires a lot of information. For example, the team behind this project, where can I see your team information?”
Nicole: “Great question, and we do get asked this a lot. We actually created a whole blog post dedicated to this and you can find it here. As for those who are here today, I think we introduced ourselves at the beginning, but glad to share more if you like?”
Q4. “What are your plans to raise awareness and adoption among the community to make more people understand about QuickSwap? Why is this project going to outperform, outvalue, and outprice other crypto projects?”
Dave: “We have decided to partner with some of the largest names in DeFi. We see the road to success by working side by side with industry leaders.”
Sameep: “Our first and foremost plan is to improve the UX. UX of not just QuickSwap but the entire AMM industry. We want to change the way AMMs work. It should be easy even for a newcomer to get started within a few minutes, and we are already working towards this direction. As to raising awareness, we are partnering up with different projects to collaborate. And recently QuickSwap has been getting a lot of media attention and by some of the most famous crypto media outlets.”
Dave: “We have also created regional QuickSwap Telegram channels to spread the development news in over ten languages.”
Sameep: “So we started in Oct, 2020 and today we are sitting at more than $1B TVL. Has anyone ever achieved that before organically? I don’t think so. So I think we are already outperforming.”
Nicole: “I think we’re already demonstrating the power of guerilla marketing and strength in the community. Our Twitter has grown to over 30k subscribers entirely organically in just a few months, and we have one of the most active and engaged community chats on Telegram. We’re working diligently on improving UX. And, one of my favorite elements is that as a DEX, QuickSwap evolves to suit the needs of its users.”
“A few things we are willing to share that are already in the works include: a full independent audit, both of the DEX itself and of our staking contract, and users can expect it in the next couple of months. Additionally, we will be having airdrops, though we aren’t certain of the specifics of those yet and some of that really does depend on market conditions and other factors that are outside of our control. We’re working with several big name influencers and thought leaders to come on and help us promote and grow the DEX. The team is focused on getting more listings on top tier CEXs, and we hope to have more news to share about that in the near future.”
Mary Joy C Asked Dave: “Can you share the links to all these Telegram channels?:)”
Dave Shared all the Regional QS Groups as Mary Requested:
Dave: “We started with a community-based approach, and that’s how we have grown organically.”
Q5. “Have you considered releasing NFT based on the aesthetics of QuickSwap and its magical dragons? It seems to me that the project lends itself a lot to open up to the NFT market.”
Nicole: “I think @LDA_Dave provided some insights about this already. Thus far, we’ve had several different community members and groups create QuickSwap-inspired dragon NFTs, but maybe we should consider releasing some official NFTs. I guess I haven’t had much time to think about that, but if you think it should be a priority, we can add it to the list! What do you think guys?”
Dave: “We are for sure open to working alongside NFT creators and artists on polygon.
So far we have worked with three.”
Sameep: “Well, I will keep it a secret. A surprise is waiting. Dragon is waiting to be unleashed. And we will unleash it soon 😎”
The Twitter-based segment of the AMA was now over, and the participants moved to the final segment: Questions from the live audience
Part 4 — Questions from the Live Telegram Audience
As soon as the host unmuted the chat, participants erupted with over 500 questions for the QuickSwap team asked in under two minutes!
Q1: “You mentioned that QuickSwap is more than a DEX, but also about community, a wealth creation opportunity, a home and family. Apart from the liquidity mining rewards program, how else is the community involved? Does QS have any community events in your plans?” — By Karoceh
Sameep: “Apart from rewards there is governance. And we are moving towards complete governance for the community to participate more.
“We would love to host community events. But as we all know Covid-19 is at large, and it’s best if we stay at home and enjoy the dragon show :)”
Q2: 🙋♀ About on how to move tokens between the Ethereum and the Matic Network, it says that when transferring MATIC use the Plasma bridge & while transferring ERC20s or ETH use the PoS bridge. So can you first differentiate these 2 bridges & can you teach us the process? — By JP’s Queen
Nicole: “There’s a link to a full tutorial in the pinned message in our Telegram group and also 2 tutorial videos.”
Q3: “Are you focusing on QuickSwap? If so, could you please list the achievements that the QuickSwap team has made in the past?” — By Sixcitryp6
1. TVL- $1.02billion
2. 24hr Volume- $310,613,047
3. Transactions(24hrs)- 315,274
4. Total Pairs- 3802
5. Total QUICK depositted in Dragon’s Lair- 103,893.94
6. Total fee generated in 24hrs- $1,068,399
7. Total QUICK token holders on Polygon- 24,611
8. Total QUICK token transfers on Polygon- 3,768,987
9. Total QUICK token holders on Ethereum- 4904
10.Total QUICK token transfers on Ethereum- 52,610
1. All time- $9.3B
2. Last 30 days- $7.24B
3. Last 7 days- $2.87B
Q4: Due to the great acceptance that QuickSwap is having, have you thought about establishing interoperability with other chains in the future? — By Jazz Music
Dave: “We are helping other non-polygon cryptos onboard our DEX on a daily basis.”
Q5: “What is the reason you set up #QUICKSWAP projects? And why did you name your project #QUICKSWAP?” — By Spazeee
Sameep: “We wanted to build a DeFi ecosystem where even small trades would be possible. Trades of $2, $10 should be possible, that was the vision behind QS. On ETH, it was impossible to do smaller trades because of the high gas fees. QS was one of the first steps towards building this DeFi ecosystem on Polygon.”
Q6: “#QuickSwap will be governed only by the community. But the success of the platform lies in good decisions being made, how are you doing to educate the community on decision making?” — Jennifer Solett
Nicole: “I would say we lead by example, and we’re learning as we go. While QuickSwap will eventually be entirely community governed, for now, we have to make several decisions to figure out the exact right formula. Once we’ve done that, we hope to be mature enough to be able to pass our knowledge and experience along to the community.”
Q7: Currently there was a great robbery to a DeFi similar, so I ask you how safe is QuickSwap as a DEX project and what technology or mechanism did your team develop to have a reliable platform for users?
Sameep: “QuickSwap is as secure as UniswapV2. We have used their contracts without changing even a single line of code. And I think UniswapV2 is already battle tested, but we are working with auditors to get the codebase re-audited.”
Q8: “📕 I see that QuickSwap is powered by the Matic network, what led you to tell Matic to create this exchange? Do you think you will become an important opponent for PancakeSwap (BSC) and Uniswap (ETH)?” — By Kevin Salom
Nicole: “I would say we don’t want to compete with UniSwap or PancakeSwap. We want to exist independently and collaboratively. UniSwap is basically QuickSwap’s mother, so we hope we can continue operating in tandem for a very long time to come.”
Q9: “Sir, on Medium you said that #QUICKSWAP was the idea of the originator of UNISWAP. What made ‘Dragon’ superior to ‘Unicorn’?” — By Yudasagara
Nicole: “I don’t think we said dragons are superior to unicorns. Both are magical creatures, and yes, QuickSwap was born of UniSwap as it’s a fork of the same code.”
Q10: “QuickSwap will be governed by QUICK token holders but how can users get this token? How many tokens are needed to do a proposal? And does your voting/governance system have any function that prevents holders with many tokens from having lots of power and possible monopolization?” — By Pepensado
Sameep: “There are multiple ways to get hold of QUICK:
1. Buy it on CEX like gate.io and Poloniex
2. Buy it on DEXes like QuickSwap and UniSwap
3. Participate in LP mining program
4. Dragon’s Lair
“As I said before we are in the process of moving towards complete governance. But as of now we are using snapshots for the purpose of governance”
Q11: “If QuickSwap is basically similar to UniSwap, what are the salient differences that really set them apart? And what are the advantages of QuickSwap itself? — By Dian
Nicole: “Unlike UniSwap, QuickSwap is built on Polygon, so the gas fees are significantly lower and the block times are much faster. The biggest advantage of QuickSwap is the low cost transactions. I love UniSwap, but I don’t love paying $35, $100, or more to make a single trade. QuickSwap makes it possible to swap assets at much, much lower prices.”
With that the final segment of the QuickSwap AMA came to an end. The host and guests thanked each other and the audience for their participation. The QuickSwap team invited everyone who still has questions to join them on social media anytime to ask, and provided the links one last time.
QuickSwap is a fork of the originator of Automated Market Makers in the now rapidly expanding DeFi sector of the Cryptocurrency industry, UniSwap. Both, of course, are magical. Only, rather than settling for the magic of unicorns, we’ve opted for the magic of dragons. It’s a much faster kind of magic, currently only available in a land far far away, known by the locals as Layer 2. Although it’s very, very far far away, to get there requires only a few clicks on a mouse, via the magical MATIC portal, aided by a fanciful Fox with a Mask.