QuickSwap has been a leader on Polygon since the very beginning and responsible for bringing adoption to hundreds of ecosystem projects, bringing them massive on-chain volume, liquidity, and/or product awareness through marketing.
The first time this happened outside of the Polygon ecosystem was with Kinetix, which is an AI-powered DeFi hub built on Kava EVM and Base. In September 2023, a governance vote was passed by the dragon community where Kava (Kinetix) would be added to the QuickSwap website’s dropdown chain menu - in return, QUICK token holders would receive 1% of the KAI token supply. The KAI token syrup pool distribution launched on Monday, July 8 and is now live for QUICK stakers!
Kinetix just recently completed an IDO (Initial DEX Offering) in June and has adjusted their ecosystem to become more geared towards AI to build a more powerful and user friendly product base. Since the vote, they’ve expanded their offerings to AI DeFi, perpetual trading, farms, and are planning more in the future.
Now, QuickSwap is looking to branch out even further by establishing an official Friendly Fork model. If the proposal is approved, QuickSwap would start by partnering with SparkDEX, which would be the first official Friendly Fork of the QuickSwap DragonFi ecosystem, built on Flare Network, a data-focused Layer 1 blockchain based on the EVM that provides decentralised access to high-integrity data for applications within the DeFi, social networks, RWA realm.
Not only will this be a major opportunity for QuickSwap users to have direct, easy access to this new and exciting protocol but also spark (pun intended) the beginning of a fruitful collaboration with Flare Network and its vast community. Flare has over $870+ million market cap with $2+ billion FDV (Fully Diluted Valuation), demonstrating the sheer size of their token and massive potential for the ecosystem.
TL;DR:
- In September 2023, QuickSwap partnered with Kinetix to add their DeFi ecosystem hub as a selectable option in the DEX chain dropdown menu and received 1% of the KAI token supply in exchange (which was distributed to QUICK stakers)
- SparkDEX wants to launch their protocol as a Friendly Fork of QuickSwap, leveraging certain components of QuickSwap’s battle-tested infrastructure,technology, and network
- This expedited governance proposal has been put forth to ask the dragon community if QuickSwap should partner with SparkDEX (Flare Network) as a Friendly Fork. In return, QUICK token holders would receive 2% of SparkDEX’s token supply (more details outlined below on potential distribution methods)
- To begin, the governance discussion on the official QuickSwap Reddit will run until Thursday, July 11 at 1:00 AM UTC
- Once the Reddit discussion finishes, a formal Snapshot vote will run from Thursday, July 11 at 1:00 AM UTC until Saturday, July 13 at 1:00 AM UTC
- 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
QuickSwap Friendly Forks: Kicking off With SparkDEX
The overarching objective of this proposal is for the QuickSwap community to begin laying the groundwork for spearheading future Friendly Forks of the DragonFi ecosystem tech and codebase.
In the context of this proposal, the beginning stages of SparkDEX becoming a Friendly Fork via this model would create an alliance between themselves and QuickSwap, where SparkDEX would be using QuickSwap’s resources, connections/relationships, and technology/infrastructure to help it seamlessly grow and flourish within the DeFi space.
The Friendly Fork model could include, on case by case basis, the following:
- Forking QuickSwap’s Tech & Code: Allowing SparkDEX and others in the future to fork all QuickSwap DragonFi Ecosystem products (front and back end code)
- Listing SparkDEX on the QuickSwap Website: SparkDEX would be added to the list of chains in the main dropdown menu
- Advisory Services: QuickSwap has built one of the most robust and successful DeFi ecosystems in the world. At one point, it had the highest volume of any DeFi product in the entire Web3 industry. Leveraging knowledge from previous successes, QuickSwap community would share learnings and advice with Friendly Forks such as SparkDEX
- Business Development: QuickSwap has hundreds (possibly thousands) of integrations built on top of its DragonFi ecosystem. QuickSwap can make introductions and help facilitate integrations, partnerships, growth plans, and more to Friendly Forks such as SparkDEX
- Co-Marketing: QuickSwap and Lunar Digital Assets (LDA leads QuickSwap’s Marketing) can assist with collaborative marketing to support any Friendly Forks of the QuickSwap DragonFi ecosystem product suite
- Launchpad: For projects launching a token, QuickSwap may be able to support with a full Launchpad strategy in the future. A governance vote was recently passed voting in favor of QuickSwap building a Launchpad with TrustSwap, which is set to be deployed in 2024
The SparkDEX and Flare Network teams previously approached QuickSwap with the intent to support one another and initiate this governance proposal. Please note that SparkDEX is not being launched by the QuickSwap team - QuickSwap would only provide the services listed above to support the growth, development, and success of SparkDEX.
With QuickSwap providing major support to the SparkDEX team, this opens up an optimal avenue to fork the QuickSwap DEX in a manner that’s constructive to the QuickSwap community, given that the dragon community will receive a future distribution and benefit from attracting SparkDEX and Flare Network’s communities (and vice versa).
Moreover, the cross-pollination of users across both communities is particularly important because it means both projects will grow even further in liquidity, volume, and users. A massive win-win for QuickSwap and SparkDEX!
All in all, the Friendly Fork model can be a fantastic way for projects to kickstart efforts and grow rapidly in the blockchain space. Many protocols have implemented similar models and seen success, including the likes of PancakeSwap, Magpie Protocol, and others.
Future Friendly Fork models could also mean additional opportunities for other ecosystem projects to leverage QuickSwap’s groundbreaking technology and infrastructure, giving them access to the DEX’s vast network of partnerships and integrations, strategy and advisory services, co-marketing, and much more. The dragons welcome any interested projects with open arms to become a part of the dragon community and its governance structure.
SparkDEX Token Distribution To The QuickSwap Community
If the community were to vote in favor of this proposal, QUICK token holders would receive 2% of the SparkDEX token supply - as mentioned, the ticker symbol is to be determined.
Once QuickSwap receives the 2% portion of the SparkDEX token supply, distribution of these tokens to QUICK holders would be facilitated via a syrup pool, airdrop, or other method, which is still to be determined. More information about how exactly this would work would be made available if this governance vote were to pass.
Out of the 2% of the SparkDEX token supply allocated to QuickSwap, 50% of the supply would be distributed to QUICK stakers, and the remaining 50% would be managed by the Foundation.
The SparkDEX token would be the protocol’s native utility token that would help power its ecosystem.
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.
Critical decisions guiding QuickSwap’s strategic development will always be determined by way of decentralized governance. QuickSwap’s future is in your hands, so make your voice heard!