Should QuickSwap Do a Token Split to Make $QUICK More Appealing?

TL;DR:

  • This vote was originally scheduled for March 10–15. It was rescheduled and will now take place from March 12-March 17.
  • Last week, we opened a discussion forum about the possibility of doing a token split to redenominate QUICK’s total supply
  • If approved, this would mean that QUICK’s maximum supply would increase, but every QUICK holder would receive an equivalent amount of xQUICK, relative to the supply increase the community agrees upon
  • We believe that redenominating QUICK and thus making the price per unit lower, will make the asset more appealing to those who are impacted by unit bias
  • After much debate, it seems as though much of our community is now on board with the idea of a split, though we haven’t yet reached consensus on whether a 1:100 split or 1:1000 split is best
  • Thus, we would like to introduce governance votes in two phases:
  • The snapshot for the first vote will take place on Saturday, March 12th
  • The vote will begin immediately after the snapshot and will run until Thursday, March 17th
  • If the vote passes, we will announce further details about the next phase of voting
  • Details about the proposal, voting eligibility, and how to participate in QuickSwap’s upcoming governance vote follow

To Split or Not to Split? That is the Question

For example:

How the Split Would Work

After the split:

One more thing…

Eligibility

You are eligible to vote if you meet any of the following conditions:

  • You hold QUICK in a MetaMask Wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
  • You deposited your QUICK into the Dragon’s Lair and are now holding dQUICK in its place while you accumulate more QUICK.
  • You deposited your QUICK into the Dragon’s Lair and then deposited your dQUICK into one of our Dragon’s Syrup pools that is still running on the old model.
  • You deposited your QUICK into a Dragon’s Syrup pool and are farming other tokens with it.
  • You are providing liquidity for select QUICK pairs on QuickSwap and have staked your LP so you’re earning trading fees and dQUICK rewards. Select pairs include:

You are not eligible to vote if:

  • You hold QUICK on a centralized exchange wallet (such as Binance, Coinbase, Crypto.com, etc) to which you do not hold the private keys.
  • You hold QUICK in a self-custodial wallet (like MetaMask), but you hold that QUICK on Ethereum, BSC, or any network other than Polygon.
  • You are providing liquidity for a QUICK pair not mentioned above on QuickSwap or for any QUICK pair on another DEX. (To be clear: only the QUICK you are using to LP for pairs not mentioned above will be excluded from the snapshot. If you also hold QUICK that you are not using to LP with, you will be eligible to vote with that).

Timeline

Roar Dragons, Roar!

To participate in the vote:

  1. Visit https://snapshot.org/#/quickvote.eth (after the snapshot on Saturday, March 12th)
  2. Connect your MetaMask Wallet (or other Polygon-compatible, self-custodial wallet)
  • Make sure you’re connected to the Matic Mainnet
  • The combined $QUICK and $dQUICK in your wallet at the time of the snapshot will dictate the weight of your vote
  • $QUICK staked in select liquidity pools will also be counted in the weight of your vote
  • $dQUICK staked in Dragon’s Syrup pools will also be counted in the weight of your vote

Which way to vote?

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