You know how it goes… in the crypto space, myths spread like wildfire. But what’s more important than anything is discovering the truth, no matter how deep you have to dig.
Ever since its inception in 2020, QuickSwap has built an impeccable reputation as not only the largest DEX on all Polygon chains but also a staple to Polygon’s growth and success. It’s reached massive numbers, including hitting $1+ billion in peak TVL (Total Value Locked) and nearly $70+ billion in lifetime volume, while withstanding the test of time as a centerpiece for the purple community in almost every possible facet.
Despite the dragon DEX’s success, people across the Polygon and other ecosystem communities have been spreading rumors about QuickSwap containing either misunderstandings or misinformation, giving people a false perception.
It’s time to dive into Pillar 5 of DragonFi 2.0: dispelling the 5 biggest rumors about QuickSwap and uncovering the truth that lies within the belly of the beast.
Rumor #1: QuickSwap Is Just a DEX For Basic Trading
One of the most common rumors and perceptions about QuickSwap is that many users (within and outside of the Polygon community) believe that it is simply a DEX for regular swaps and trades.
But there is more to this than meets the eye. In fact, QuickSwap is home to one of the most vast arrays of powerful and advanced DeFi features on its V3 and V2 DEX across 7 different blockchains, including:
- Swaps/trading
- Liquidity providing
- Farms
- Perpetual trading
- Bonds
- Gaming Hub
Plus, contained within each of these DeFi components are even more applications, integrations, and products that make them like no other.
QuickSwap stands as one of the most complete and comprehensive DEX DeFi suites in the blockchain industry today.
Believe it.
Rumor #2: QuickSwap’s Platform Isn’t As Good As Other DEXs For Launching Memecoins
Memecoins are taking the crypto world by storm, and projects are listing on DEXs like wildfire. As a matter of fact, memes are starting to pick up quickly within the Polygon ecosystem.
Many of them have launched on QuickSwap and gained traction - for example, CULO reached nearly a $50 million market cap in just a few months and GOON skyrocketed nearly 3x (hitting a $6 million market cap) in a few days.
One of the rumors spreading around is that the QuickSwap DEX isn’t as ideal as other DEX infrastructures to launch memecoins.
It’s important to note that any issues with launching a memecoin (or token for that matter) don’t necessarily have to do with the DEX itself. It can often take several days for the aggregator to index memecoins or tax tokens, no matter which platform you use.
Contrary to what many believe, QuickSwap is one of the smoothest platforms to launch any token or memecoin. This is not only because of the ease of doing so in a decentralised way but also because of the community support, rewards, and marketing it provides to projects.
Rumor #3: QuickSwap Is Slow & Has Transaction Processing Issues
One of the biggest rumors about QuickSwap is that the DEX is slow when it comes to transactions.
However, the majority of issues that users face aren’t because of QuickSwap’s tech or user interface but instead caused by not using the correct or most reliable RPC.
Using the wrong RPC is the cause of many user problems and actually has nothing to do with QuickSwap at all.
For example, users have indicated that they have difficulty initiating on-chain transactions on certain networks (i.e. Polygon zkEVM), where their transactions are failing or not processing quickly. This is most likely because they’re on the wrong RPC, where they can go to websites such as Chainlist to find the most reliable one to resolve these problems.
Rumor #4: QuickSwap Doesn’t Support Polygon Community Projects
Another rumor is that QuickSwap doesn’t provide ample support to projects across the Polygon community, whether they’re new and trying to build an audience or previously established.
On the contrary, QuickSwap is known as being one of the most supportive dApps and ecosystems across Polygon and has been the primary driver in building adoption for the chain and onboarding new projects.
For example, on January 30, 2023, QuickSwap integrated Gamma’s ALM (Automated Liquidity Manager) technology. Their TVL went from ~$9 million to nearly $120 million in just a few months, almost a 13x.
Whether it’s marketing support via socials or campaigns, providing additional rewards for token pairs/farms, or assistance with networking, QuickSwap has done more for Polygon ecosystem projects than almost anyone else.
The dragons are always looking to help and provide maximum support to Polygon projects looking to come aboard the DEX. Upwards and onwards!
Rumor #5: QuickSwap Doesn’t Offer Competitive Rewards for LPs
People often say that QuickSwap doesn’t offer competitive rewards compared to other DEXs (within both the Polygon and other external Layer 1/2 ecosystems).
But this is far from the truth. QuickSwap offers high rewards for its farms on nearly all of its chains, offering DeFi users and liquidity providers tremendous opportunities to boost their portfolios with additional yield.
Simply visit the DEX and toggle your Web3 wallet to your favorite network to find out for yourself.
You’ll often find extremely high rewards on token pairs upwards of hundreds of percent in APR. Even popular stablecoin pairs, such as USDC, USDT, and DAI on certain chains are providing users with ~15-30% APR.
Let’s set things straight - QuickSwap offers some of the highest farming rewards across the entire DeFi ecosystem. Period.
Another Pillar Down, More To Come
Now that many of these myths have been busted, it’s time to keep bringing more respect to QuickSwap’s name.
Ready for the DragonFi 2.0 journey to continue?
