In the crypto space today, projects continue to look for opportunities to build communities and raise funding to move the needle and create an established brand name and presence in the industry.
However, in order to do so, gaining credibility and trust from broader communities is needed. This day and age, particularly with the continued amount of rug pulls and malicious actors frauding users, achieving this is becoming increasingly challenging.
But what if there was a better way?
This is where Team Finance comes in with their Liquidity Locker, an advanced tool that allows teams and projects (particularly newer ones to the market) lock their tokens/liquidity on dApps (decentralised applications) to prevent rug pulls and build investor confidence.
In this governance proposal, the dragon community must discuss and decide on whether QuickSwap should integrate Team Finance’s Liquidity Locker tool. Their technology would be integrated directly on QuickSwap’s UI where Polygon ecosystem projects/teams could lock their liquidity, and users would be able to directly view the participating projects and provide liquidity directly to those pools.
TL;DR:
- Building a community and raising funding in the crypto space is essential to building a brand, however gaining credibility and trust in the industry is challenging given countless instances of rug pulls
- Team Finance has built a Liquidity Locker tool that lets teams/projects lock their tokens/liquidity on dApps to prevent rug pulls, thereby fostering greater transparency and creating higher investor confidence
- QuickSwap is looking to integrate Team Finance’s Liquidity Locker directly on the DEX interface, allowing Polygon ecosystem projects/teams to lock their tokens directly on the DEX and gain more visibility from the dragon community
- To begin, the governance discussion on the official QuickSwap Reddit will run until Monday, July 1 at 6:00 PM UTC
- Once the Reddit discussions finish, a formal Snapshot vote will run until Friday, July 5 at 6:00 PM 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
What’s A Liquidity Lock & Why Is It Important?
Locking liquidity prevents holders of LP (liquidity provider) tokens on a dApp from withdrawing their funds from a liquidity pool. It works by the underlying application sending the user’s LP tokens to a time-locked smart contract where the funds are prevented from being withdrawn for a certain period of time.
This offers teams and projects an easy, transparent, and effective way to further build trust with communities and encourage trading activity for their token - especially those that are not yet established or don’t have an existing track record.
So why are liquidity locks important in the blockchain industry?
They help prevent fraudulent activity from potential malicious projects and team members, such as rug pulls, where they (the main liquidity provider) withdraw all their LP tokens and prevent the remaining LPs from selling.
When projects elect to lock their liquidity, this is a way of showing full transparency and reliability to the community, which has the potential to draw users to provide liquidity to pools.
About Team Finance’s Liquidity Locker Tool
Team Finance’s Liquidity Locker tool allows projects and teams to seamlessly, quickly, and securely lock tokens across 15+ different blockchains.
When interacting with a liquidity locking tool, token holders can set specific time durations for when they can unlock their funds, split locks into smaller locks with different owner addresses and end dates, and transfer ownership of a lock to another wallet address.
As long as the lock is active, the user can’t withdraw their tokens from the liquidity pool - they can only withdraw their LP tokens once the lock expires.
Here are some of the other core features that Team Finance’s Liquidity Locker offers:
- 24/7 Customer Support: We understand the importance of getting your locks right. That's why we have comprehensive support via Telegram to help with any questions or issues, day or night
- Dashboard: Projects can share their token page dashboard to others that reveals lockup details, vesting schedule, token metrics, and more
- State-of-the-Art Smart Contracts: Team Finance’s smart contracts are non-custodial, secure, and audited
Team Finance has held up to $6 billion TVL (Total Value Locked) through their smart contracts and worked with over 30,000 different crypto projects, establishing themselves as a powerful technology solution.
Fee Structure & Cost For Projects Using The Tool
Any project that wants to lock their liquidity using Team Finance’s Liquidity Locker (via QuickSwap) will need to pay a $150 flat fee, which will be split 50/50 between QuickSwap and Team Finance as revenue sharing.
If this governance vote were to pass, the above budget agreement/fee structure would be implemented between QuickSwap and Team Finance.
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!