Since its 2020 launch, QuickSwap has been issuing liquidity mining rewards to incentivise LPs to contribute liquidity to the QuickSwap DEX. As of today, the funds reserved for liquidity mining rewards make up 96% of the $QUICK token supply. Employing these funds to attract LPs and capital has been a major success, and has been instrumental in driving growth in both QuickSwap’s V2 TVL and Gamma V3 pools and farms.
In the years since its launch, both QuickSwap and the broader DeFi sector have matured substantially. Today, standard LP rewards programs no longer represent cutting-edge strategies to out-maneuver the space’s leading DeFi platforms. Fortunately, QuickSwap has several important initiatives lined up for launch in 2023, among them QuickPerps and a slick mobile app.
These near-term initiatives and others still in the works will play significant roles in driving adoption and raising awareness for QuickSwap. They will also contribute significantly to the growing Polygon DeFi landscape. In order to properly bring new platforms and DeFi tools to market, compete with the space’s leading DeFi platforms, and market effectively, simple liquidity mining programs alone are no longer the only or best option in all cases.
The purpose of this governance discussion is to ask the QuickSwap community if the scope of funds reserved for liquidity mining should be expanded to include other strategies such as trading competitions, quests, and user acquisition campaigns, initiated either exclusively by QuickSwap or in collaboration with other platforms.
TL;DR:
- Since its inception, QuickSwap has been issuing liquidity mining rewards to incentivise LPs to contribute liquidity to the QuickSwap DEX.
- QuickSwap is asking the community if the scope of funds reserved for liquidity mining incentives should be broadened to include growth-focused trading competitions, quests, and user acquisition campaigns.
- To start, the governance discussion on the official QuickSwap Reddit will run until Saturday, May 20 at 8:30 AM EST
- Once the Reddit discussion concludes, a formal Snapshot vote will begin and run from Saturday, May 20 at 8:30 AM EST until Tuesday, May 23 at 8:30 AM EST
- Once you’ve read this entire blog post, make sure to visit the official QuickSwap Reddit discussion forum to share your perspective with your fellow community members: https://www.reddit.com/r/QuickSwap/comments/13kxwk3/quickswap_governance_discussion_should_quickswap/
Why Targeted Campaigns & Competitions?
As QuickSwap continues to grow and expand its product line, user acquisition and retention will remain crucial in driving activity and growth. Many DeFi platforms conduct campaigns and competitions in order to engage their existing user bases while also targeting new audiences, either with close ecosystem partners or large campaign platforms that specialise in expertise and reach. The main idea here is expanding and giving flexibility to rewards, to no longer be just vanilla liquidity mining. Volume and trading fee revenue are in many ways more important metrics than liquidity which is a necessity, but a means to an end with the end being volume and user growth.
QuickSwap has already launched several successful campaigns in the past, including a February 2023 campaign with Galxe and Polygon ecosystem partners focused on Gamma V3 liquidity, and a Polygon V3 trading competition which is currently underway.
Other campaign platforms have also run separate campaigns and have delivered strong results. Layer3, a large campaign platform with a robust, DeFi-savvy community, ran two campaigns focused on Polygon liquidity and Gamma V3 liquidity respectively. Each increased long-term activity and grew QuickSwap’s user base.
These types of quests and campaigns can help drive adoption and grow our Dragon community, creating and retaining loyal, long-term users. Leveraging the funds allocated towards liquidity mining rewards to help fund new campaign initiatives for new and existing products such as zkEVM and QuickPerps stands to offer tremendous upside.
Note: QuickSwap will not at any time use any of aforementioned funds for internal expenditures. Funds will only be expended externally to attract new users and encourage behaviors via activities such as quests, trading competitions, referral programs, and other user acquisition campaigns to expand QuickSwap’s user base, and, of course as always liquidity mining incentives.
How to Vote
- Visit https://snapshot.org/#/quickvote.eth after the snapshot at 8:30am EST, May 20, 2023
- Connect your MetaMask Wallet (or other Polygon-compatible, self-custodial wallet)
- Make sure you’re connected to the Polygon Network or Matic Mainnet
- The combined weight of New $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
3. Select the open proposal titled, “Should QuickSwap Broaden the Scope of Funds Reserved for DAO Liquidity Mining Rewards?”
4. Click on the option you prefer
5. Confirm your selection in your wallet
Join the Discussion
As always, QuickSwap community members are encouraged to participate in and contribute to QuickSwap governance discussions and proposals across all of QuickSwap’s online forums, especially on Reddit. As a Dragon, you are a valued community member and your opinion matters — but you have to participate in community voting procedures to make it count.
As always, critical decisions guiding QuickSwap’s strategic development will always be determined by way of decentralised governance. QuickSwap’s future is in your hands, so make your voice heard!