QuickPerps: Falkor went live on Polygon PoS in late May, shaking up the perps industry and cementing QuickSwap as a leader in perps trading across the network.
To date, Falkor has amassed $50,000,000+ in cumulative trading volume and supports 40+ different tokens for leverage trading. And this is only the beginning - there’s much more to come.
QuickSwap’s goal is to continue branching out its Falkor perps DEX to support a plethora of blockchain networks, adding more flexibility for users and drawing in more communities from other ecosystems to stay competitive.
QuickSwap has always been focused on the Polygon ecosystem, which is a layer of Ethereum, and now with this move, will finally be building directly on Ethereum L1. This is a huge step towards QuickSwap’s aligned mission with Polygon to scale Ethereum!
As of today, to use Falkor, users can only access Falkor from the Polygon PoS (Proof of Stake) network. But what about adding support for other networks to appeal to a broader audience?
Ethereum is the largest Layer 1 by market capitalisation and has $1.5B+ in daily on-chain trading volume, $71B+ in TVL (Total Value Locked), and 272M+ unique wallet addresses. Some of the largest communities of DeFi users sit within the Ethereum mainnet ecosystem.
Furthermore, perps trading is garnering a tremendous amount of traction across the Ethereum ecosystem. 2024 has seen massive numbers across perp DEXs on the network, currently amassing $608M+ in daily derivatives volume and reaching as high as $1.3B+ in March 2024.
Orderly Network recently went live on the Ethereum mainnet, opening the door to a golden opportunity for QuickSwap and its Falkor perps DEX. What this means is that Falkor can now deploy on Ethereum, which would give ETH mainnet users direct access to next-level perps trading on QuickSwap.
Just how big is this? By launching Falkor on the Ethereum mainnet, QuickSwap has the potential to bring in tens to hundreds of millions (if not billions) in perps trading volume and cement its place in the broader perps industry.
Expanding Falkor to be accessible from the Ethereum mainnet is not only an incredible opportunity but also a key factor in maintaining QuickSwap’s competitive edge. QuickSwap is a powerhouse that has done millions in perps volume already on smaller chains - adding Ethereum to the mix will only significantly boost these numbers.
This proposal is to decide if QuickSwap should launch Falkor for zero gas fee perps trading on Ethereum.
TL;DR:
- Since launch only a few weeks ago, Falkor has gotten off to a fiery start and amassed a large amount of trading volume and users for decentralised perps trading on Polygon PoS
- QuickSwap is looking to expand its perps presence by making Falkor easily accessible via other popular blockchain networks, tapping into a greater external community base and drawing in new DeFi audiences
- Ethereum is the biggest Layer 1 blockchain in market cap and user base, with the largest community of DeFi users. With users on Ethereum constantly exploring faster, cheaper, and more decentralised ways to trade (perps, for example), there’s still a large unmet need within the ETH ecosystem
- For this proposal, the dragon community will discuss and vote on whether QuickSwap should add support for Falkor on the Ethereum mainnet, allowing users on ETH to deposit funds onto the Orderly Network and access perps trading
- To begin, the governance discussion on the official QuickSwap Reddit will run until Monday, September 2 at 5:30 AM UTC
- Once the Reddit discussions finish, a formal Snapshot vote will begin and run from Monday, September 2 at 5:30 AM UTC until Firday, September 6 at 5:30 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
How Will This New Deployment Work?
Falkor is already live on Polygon PoS, where users can deposit their USDC directly into vaults to begin leverage trading.
With this new addition, users who have their wallets switched to Ethereum will now be able to deposit their USDC (on the ETH mainnet) into vaults which enable 0 gas free perps trading.
Another key difference is that the USDC would be deposited instantly after the transaction has been confirmed on the Ethereum side versus longer waiting times when depositing from Polygon PoS, which currently takes around ~500 block confirmations to successfully process a deposit.
Users will be able to access the exact same state-of-the-art features on Falkor, such as trades with up to 50x leverage, zero gas transactions, advanced order types, self-custody of assets, and much more. The current 40+ supported tokens for leverage trading will also be accessible, with many more to come.
Any user from Ethereum will be able to deposit their funds onto Falkor without having to bridge or transfer assets to Polygon PoS. Ethereum users will get to experience a smooth and seamless user interface and trading tools like never seen before.
QuickSwap x Orderly Fee Splits
Per the original Falkor governance proposal that the community voted in favor of, the fee splits for the Ethereum deployment of Falkor would remain the same.
As a reminder, the incentives and fee split details are below from the previous vote:
- Volume Mining Incentives: After Orderly’s ORDER TGE (Token Generation Event), their trading incentives will go live and they will (at a minimum) match any incentives/rewards that QuickSwap provides in the form of QUICK tokens. Orderly will match all trading incentives 1:1 (and potentially more, to be determined)
- Orderly Fee Split: Orderly will charge a fixed fee at launch, but will move to a tiered system down the line. They will use their portion of the fees to provide all of the liquidity needed for whatever volume that the QuickSwap community brings - this will be done through market makers on their end. This means that the QuickSwap community will not need to worry about attracting any liquidity, which is a great benefit and will allow the QuickSwap to focus purely on what matters most - volume and revenue
- QuickSwap Fee Split: QuickSwap will charge custom fees which can be adjusted and optimized based on factors like the level of competition on Polygon PoS over time. Of the fees collected by QuickSwap, 70% will go to QUICK stakers and/or QUICK burns (to be decided by the community in this vote), and 30% will go to the QuickSwap Foundation - see below for more details and options regarding the proposed fee split
- Grant: Orderly Network will be providing a grant to the QuickSwap Foundation to be used for development, maintenance, marketing, and other costs pertaining to the Falkor integration. The Foundation has received permission from Orderly to give 50% of this grant to the QuickSwap community. If QuickSwap is able to achieve certain metrics, Orderly will increase the grant amount as these milestones are hit
At launch (before Orderly TGE), Orderly will charge a flat 3bps fee and QuickSwap will be able to pick any fee to add on top - it will most likely be 3bps) to start, but can be optimised:
- Regular Tier: (Under 300m 30d volume), 3bps taker / 0bps maker
- VIP 1: (>=300m <1bn 30d volume), 2.5bps taker / 0bps maker
- VIP 2: (>= 1bn <2bn 30d volume), 2.25bps taker / 0bps maker
- VIP 3: (>=2bn 30d volume), 2bps taker / 0bps maker
QuickSwap’s portion of the fee split will still remain as follows, which the community voted in favor of this structure in the original proposal: 35% DL, 35% Burn, 30% Foundation.
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 decentralised governance. QuickSwap’s future is in your hands, so make your voice heard!