Missed Our Community AMA? Check the Recap!
In yesterday’s spellbinding AMA, QuickSwap’s co-founders — Sameep Singhania and Roc Zacharias — joined the community’s Telegram to answer everyone’s most burning questions. Once there, the discussion evolved from plans for the DEX’s future to how UniSwap launching on Polygon will affect QuickSwap. Because some might find reading through the AMA a bit unmanageable, we’ve provided an easy-to-follow recap below.
If you’d like to read the full conversation in all of its chaotic glory, you can do so by starting here.
NrdGrl007 (Nicole): Alright, let’s get started then. First, good morning/good evening @sameepsi & @LDA_Roc . Thanks for joining us.
Roc Zacharias: Good morning everyone!
Sameep Singhania: Good evening from India guys :)
Sameep: Thanks for hosting this AMA. Happy to chat with the community here
Nicole: For anyone who doesn’t already know, Sameep is one of QuickSwap’s co-founders and he remains our lead developer, and Roc is LDA’s CEO. Guys, I know the community has a lot of questions for you. Rather than keep them waiting, how about we jump right in?
Sameep: Haha. Ya, I guess they have tons of questions for us today. Happy to have Roc alongside :)
Let’s get started
Nicole: For sure! That was great last minute news!
Okay, then it helps with our first question: In the last couple of months, I’ve noticed people asking if @LDA_Roc is still around and whether he’ll continue to be involved in QuickSwap’s future. I’m pretty sure I already know the answer to this one, but the community really wants to hear it from you guys… so what’s the deal?
Sameep: Roc, this one is yours :P
Roc: The answer is simple. Of course I’m still around and always will be. QuickSwap is my life. I may not be as active in the community channels as I used to be, but this is natural evolution of co-founders. My time is best spent working on deals and bringing in partners. With that being said, I do realize that the community is the most important part of the project, so I’ve been making a point to spend more time in the community when I can. 🤙
Nicole: That’s more or less what I’ve been telling people, but it helps to have you say it… Okay, so expanding more on this issue, I think it’s really more about improving communication between the team and community. Maybe something like a bi-weekly update would be more feasible than regularly-scheduled AMAs. WYT?
Roc: We could do a newsletter, or monthly state of the DEX type release. I think the community would enjoy that.
Sameep: I think this is one area where we definitely need improvements. Though, we try our best. But this is one part where we are massively lacking. And the reason behind doing this AMA is to bridge that gap.
We will do more such events in the future to keep in constant touch with the community.
But I’m all ears if community has a suggestion to fix this. We also need to consider that we all are very busy doing stuff for the DEX, which sometimes keeps us super busy to communicate.
Nicole: Great, and I agree!
So with increased transparency and communication in mind, let’s move on to Question 2.) Several months ago, QuickSwap announced and started working on a new frontend with an improved UI designed to enhance users’ experience. What can you tell us about when that new UI will launch?
Sameep: “We always wanted to improve the UX of AMM industry. And the first part to it was solving the problems of tx fees and tx times, which we’ve now successfully done. The next part of this problem is make the overall DEX more intuitive for users. That’s easier said than done, which is what we’ve realized over the last few months. We delved into designing a new UX, spent tons of time on it, and hired a separate design agency to work on it.
Doing all the iterations and everything took us a long time to finally reach where we wanted to reach. For now, I can say that we’re in the final stages of development and testing. We should be able to deliver pretty soon.
A few days ago, I asked for the community members to become the beta testers for our new interface, and I’ve received a phenomenal response. I will soon be setting up a group with the CHOOSEN ones to test our new UI.
Bear with us for some more time, and we will have our new and improved UI/UX.
Nicole: Okay, so we’re getting closer but still no finite dates for launch.
The SoonSwap meme lives on! 😂
Roc: Lol. Yes. Giving dates in tech often leads to let downs, and more importantly for me as a marketing person, I think dropping it without a date will have a bigger impact to the community. We are also going to do some other things that are really amazing (one in particular will blow people away) at the same time as the redesign so we want to launch it all at once to get max excitement and impact.
Nicole: Oh excellent! I have a couple more questions about timing and what’s coming next for later in the AMA.
Let’s move on to question 3.) UniSwap recently voted to launch their v3 on Polygon. While that’s obviously great news for the Polygon network as a whole, many people are wondering: how will that affect QuickSwap and QuickSwap’s value proposition?
Sameep: I think it’s huge news for all of us. I don’t understand why people are worried about Uniswap v3 coming to Polygon. It’s one of the best things that could have happened to Polygon and QuickSwap.
QuickSwap will be the Uni v2 of Polygon, and remember, Uni v2 on ETH still has more liquidity than v3.
When Uniswap comes to Polygon they’ll bring a plethora of users along with them, some of whom are very large whales. These users and whales will not just look at Uniswap on Polygon but at other dapps running on the platform as well. And QuickSwap definitely has the charm to attract anyone who comes to Polygon 😉
So overall it can provide us more sets of eyes looking at us.
Now, it’s up to you guys to decide whether it’s good for us or bad.
Nicole: I completely agree: What’s good for Polygon is good for QuickSwap and 🐲🧡🦄
Roc: We’ve been in discussions with UniSwap about this trying to find the best ways for the 2 projects to work together to provide the community the best possible experience. UniSwap is our parent, and we love them. They see the value that QuickSwap has provided to Polygon’s community and want to help preserve our grassroots movement. They will be launching V3 and we will be the resident V2. Both are used in different ways and cater to different users. As we can see on Eth Layer 1, UniSwap is still massively popular, as some people prefer it over v3.
QuickSwap also has many things that UniSwap does not, like our farming rewards, Dragon’s Lair, Dragon’s Syrup, QuickStart IDOs (which have been blowing up), and new things coming. QuickSwap is a bit more exciting for farmers and people playing in the ecosystem in my personal opinion. V2 is proven and has been the most successful DEX strategy in all of the industry. We’ve chosen to build new features on top of V3 as opposed to splitting our liquidity by forking to a V3.
I would also consider that SushiSwap came over and were much larger than us on L1, and even with them adding big farming rewards, QuickSwap still stayed number 1 on Polygon. They have more of the ‘fun features’ and farming than we have, so in many ways they’re more of a competitor with us, but we still have over double their liquidity and triple their daily volume.
Keep in mind, when Sushi came to Polygon, this was actually, surprisingly, one of our best growth times.
Nicole: Yes! I’ve said that before. UniSwap is our mother, so we obviously want to find ways to work synergistically together! There’s room for multiple DEXs on Polygon and we welcome them!
Sameep: Uniswap coming to Polygon is a massive growth opportunity for us.
Roc: UniSwap coming to Polygon provides major stamp of confidence in Polygon for the biggest whales, institutions, and users in the industry.
Competition is good for the user and for the provider. We will continue to find ways to differentiate our product and utility to users of the ecosystem. We are working on several next steps for this, including gaming and NFT plays.
Nicole: Indeed! 🐲❤️🦄
Okay, my next question is about a completely different, far less mystical animal…
Question 4.) With the recent Badger DAO exploit, some users are concerned about QuickSwap’s front-end vulnerability. What can you tell us to ensure users of QuickSwap’s safety? And how are BadgerDao and QuickSwap different beasts?
Answers welcome from both of you, but I think a lot of people were hoping for @sameepsi to address this specifically
Sameep: I am not sure if it was 100% front-end attack. The analysis is still underway. But QuickSwap is pretty much safe. All our actions are done at contract level and QS team has no access to user wallets. Our interface has been in use for more than 14 months now without any major issues.
Roc: It’s important to note that QuickSwap has always prioritized security over all else. This is why our core trading engine code has never changed, and for the extra features we only use the strongest battle-tested code.
Most of our new features revolve around our LP code, used in creative ways since we know this code is battle tested by us for 14 months and by UniSwap for long before that.
Nicole: Great answers! You really can’t compare dragons to badgers. Alright, here’s my final question before we open the floor to questions from our community…
Question 5.) QuickSwap doesn’t have a public roadmap, and for good reason, as @LDA_Roc mentioned earlier. The DEX evolves with the needs of its users, so not getting stuck following a prescribed plan is genius imo, but our lack of formalized, public roadmap causes a lot of anxiety for many users. What can you tell us about what’s coming next for QuickSwap?
Sameep: I think we have delivered a lot in last 14 months without any proper roadmaps. We are fueled by the passion to deliver best of DEX to our users.
Roc: We don’t like giving announcements of announcements any more. It diminishes the impact of the news when it hits. I believe it’s better to drop big news without much lead up. We do feel pressure from the community who want to know the next big moves, but it’s just not good from marketing and excitement perspective to tease details of things. It’s better to drop big bombs when things are ready in my humble opinion from working with many projects over the last 5 years as CEO of Lunar Digital Assets. We used to experiment with this using AB testing with Polygon for example, and we found it was better to just let people wait patiently and drop big news with not much notice.
Sameep: I can see tons of new things are coming up for QS. One of them being the new UI and better UX. Apart from that you will soon see things happening around our token as well 😉
Roc: We’ve (LDA) been marketing partner of Polygon for 3 years since their early days. People would pressure Polygon all the time to tell what was coming next. In the early days we would succumb to the pressure, but over time grew to understand the community psychology better. I understand that people want hopium, but you’ve gotta have faith in the team to execute as we have done multiple times in the past. TLDR: announcements of announcements act as bandaids, and don’t help in long term.
For any who don’t know, I’m a Co-Founder of QuickSwap and also the CEO of Lunar Digital Assets marketing and incubation.
Sameep: I think faith is the most important thing. Our community has shown a lot of faith in us since our inception.
Nicole: Cool! From experience, I can confirm that announcements of announcements aren’t all they’re cracked up to be. For now, the community will just have to be patient
All that said, it sounds like a lot of big plans are already underway. Okay, before I open the chat up for questions, I want to remind everyone that if they aren’t already doing so, they should be sure to follow all of QuickSwap’s social channels to make sure they’re staying up-to-date with all of our development
Roc: Also our Reddit! https://www.reddit.com/r/QuickSwap/
At this point, the Telegram channel was opened for users to ask the team a few direct questions.
@Ototyreal: Personally I do think we need more education on the DeFi front, so my question is: Will the new UI include a learn section where users can go and read on some common issues? Making this possible will demand a lot of information gathering.
Roc: Yes, yes, and yes!!!!!!!! We are going to have organized guides, links, FAQs, and more intuitive user experience overall.
Sameep: We are taking a baby step towards improving the DEX’s UX. And we would love to hear the feedback once the new UI is out. But I think this is a great suggestion.
@Ototyreal: So good to hear, we’ve only seen this on CEX mostly. QuickSwap can be a model.
Radomir Pastucha: Hi, are you thinking about combining/merging Paraswap and QuickSwap? QuickSwap can become an aggregator with its own pools. By doing this you can become one stop shop for trading for everyone on Polygon.
Second question would be about the Dragons Lair. It would be a good idea to implement the possibility for boosting reward for those who want to hold dQUICK for longer with an optional time lock. I believe this might reduce sell pressure.
Sameep: Both QuickSwap and ParaSwap are different products which can’t be merged. I am saying this because I have built both of them 😉
QuickSwap is a platform on top of which products like ParaSwap operate. The purpose of QuickSwap is to provide a DEX with high liquidity and volume. The purpose of ParaSwap is to tap into the liquidity of QuickSwap and all such platforms and provide users with the lowest price impact and slippage.
Having said that we are already building an engine which will do internal aggregation of swaps within QuickSwap.
Roc: We are not considering a merge with ParaSwap. They do fine as their own, there isn’t a benefit in merging the 2.
We’ve long considered having lockup for users who want higher APYs, but after a lot of public and internal discussion, we’ve decided against this for now. We could do it in the future, but for now our APYs are incredibly high already, anything more may be diminishing returns. Right now Dragon’s Lair is around 40–50% and was even higher than this some recent days, then you add Syrup rates of around 50–60% and you’re at 100% APY without even compounding. That’s out of this world for single asset staking with no impermanent loss!
@EatLead117: We have seen many projects add / branch into NFTs. Is the NFT market something that QuickSwap has planned for the future in any form?
Nicole: I noticed that @LDA_Roc mentioned NFTs in one of his answers from earlier.
Sameep: NFT is an interesting space, and we’re definitely exploring venues to have NFTs within QS. Someone reached out to me with an interesting idea yesterday. It was related to PFP for each or some swaps/trades done on the platform. And I really like this idea.
Roc: We are discussing with some NFT projects about how we can integrate other NFT platforms into QuickSwap. Don’t want to give anything away before we have more meat on the bones, but we will definitely be doing more with NFTs, that’s all I can say for now.
@FriskyHamTitz: Any news on us supporting the graph that make it easier for 3rd party integration?
Sameep: You mean graph protocol? We were the first ones to deploy graph protocol on Polygon. Even before the official graph team, lol. So, yes we are definitely using graph since day 1.
@FriskyHamTitz: Can I have a link to our graph node?
Sameep: Our subgraphs are publicly available. You can deploy your own version on graph protocol, if you need. For now we are using a self hosted version of the graph to better serve our users. So, as of now we share link to the graph API on an as needed basis: https://github.com/QuickSwap/QuickSwap-subgraph
Roc: Btw guys we were in Miami for the last week for DCentral DeFi and NFT conference. We had booths, and spoke on stage multiple times, as well as threw the official after party (hosted by Polygon, QuickSwap, and Lunar Digital Assets!) and I was blown away by how many people use QuickSwap. Out of every 10 people I talked to at side events, 8 or 9 use QuickSwap regularly. I couldn’t believe it, lol.
I was also surprised at how many hedge funds and institutions came to our booth and said they’re deploying capital on QuickSwap. Some were in early stages, some had been deploying capital for many months.
@sladendsilva: In dual farming, QUICK seems to be left out. The Polygon grant was used for MATIC ETH and USD farming more than QUICK. What was the reason behind it?
Sameep: That’s because we want to encourage more native token liquidity(ETH, USDC, USDT, MATIC) then QUICK. The DEX is made out of all these tokens not just QUICK.
@cowuhsocky: Is the Dragon’s Syrup program projected to continue in perpetuity at this stage?
Roc & Sameep: Yes!
So after an hour of questions and answers, we wrapped up the AMA to let the team get back to the tough job of building out QuickSwap with a friendly reminder that everyone should join QuickSwap’s Telegram and look forward to the future of the world’s biggest layer 2 DEX.
Let us know how you think we did in the comments, and join us across social media to stay in-the-know!