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Governance Proposal: Should QuickSwap Launch QuickPerps: Falkor?

March 7th 2024

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QuickSwap launched QuickPerps in May of 2023, a decentralised Perpetual Exchange built on Polygon zkEVM, enabling users to trade perpetual swaps with up to 50x leverage across blue-chip crypto tokens.

To date, QuickPerps has hit staggering numbers, including $133+ million in total trading volume, a peak of $11+ million in QLP liquidity, and 12,500+ total users - all while being deployed solely on Polygon zkEVM, which is still in Beta and being pushed minimally for now.

Now it’s time for a new chapter. To turn the page. A massive upgrade to leverage trading from Polygon and changing the game in the industry.

Turning QuickPerps into a fiery new beast with its new Falkor deployment.

QuickSwap has partnered with Orderly Network to create Falkor, launching on Polygon PoS first with the potential for accessibility from other future chains. This revolutionary Perpetual Exchange will introduce an orderbook for an enhanced UI/UX where users can leverage trade through a “vault” for zero-gas trades. Falkor solves the infamous re-org issue that has stopped other Perpetuals protocols from launching on Polygon PoS. This has the potential to kick off Polygon Perpetuals season, given how powerful this was for the Arbitrum ecosystem. 

Imagine a CEX (centralised exchange) trading experience but in a decentralised fashion, directly on QuickPerps - extremely low transaction costs for vault deposits where users can then trade leverage without gas within a Falkor vault, then withdraw back to PoS or other chains.

Multichain. Smooth. Optimal UI/UX. These are the things that QuickSwap has always strived to deliver to the community, now coming even further to the forefront with Falkor. 

This proposal is to decide if QuickSwap should launch QuickPerps: Falkor, including details surrounding volume mining rewards, fee split, and a grant from Orderly to QuickSwap. Deploying this new decentralised Perpetual Exchange would be a game-changer and put QuickSwap in a greater position as one of the leading leverage trading solutions on Polygon PoS and other networks in the future.


  • QuickSwap has already seen major success from the launch of QuickPerps, its decentralised perpetual exchange built on Polygon zkEVM Beta, in 2023
  • Polygon’s growing ecosystem offers a ripe opportunity to deploy a more multichain friendly solution for leverage trading to provide users with a more CEX-like experience from a UI/UX and efficiency perspective when it comes to trading costs, scalability, and liquidity
  • Falkor is the next generation of leverage trading on QuickSwap - powered by an integration with Orderly Network, this new decentralised Perpetual Exchange would launch on Polygon PoS and allow users to deposit funds into a vault where that can seamlessly leverage trade (up to 20x) with zero-gas trades via an orderbook model
  • For this proposal, the dragon community will be deciding if QuickSwap should launch Falkor while also aligning on the details of the volume mining rewards, fee split, and grant
  • To begin, the governance discussion on the official QuickSwap Reddit will run until Sunday, March 10 at 1:30 PM UTC
  • Once the Reddit discussions finish, a formal Snapshot vote will begin and run from Sunday, March 10 at 1:30 PM UTC until Thursday, March 14 at 1:30 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

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Multichain, Zero-Gas Perps Trading on Polygon PoS

Falkor is the next iteration of QuickSwap’s decentralised perpetual exchange, which will initially be available on Polygon PoS, but eventually can be launched on all QuickSwap Citadels.

Orderly Network provides powerful trading infrastructure, a robust liquidity layer, and high composability for perpetual future orderbooks, all through a seamless plug-and-play model.

Their integration would create a Polygon PoS vault, where users can connect to QuickSwap and deposit their tokens into this vault, leveraging the chain’s extremely small transaction fees, scalability, and liquidity.

No bridging is required, meaning a smoother user experience coupled with much higher security, all taking place on-chain with the benefits of self-custody of their tokens.

Once the funds are deposited into the vault, they would then be made available on Orderly Network where they can trade perpetual swaps (leverage trading) with up to 20x leverage.

When a user has finished trading and wants to withdraw their funds, they can do so to any supported chain. That means that even if a user deposited their tokens into the Polygon PoS vault via QuickSwap, those tokens can be withdrawn to a different supported network.

One of the most exciting features that Falkor will bring to the table is an enhanced UI/UX via an orderbook, which will give users a CEX-like perps experience but in a completely decentralised way.

In addition to the main available tokens for leverage trading (MATIC, BTC, ETH), Falkor will also support up to 20x leverage trading for the QUICK token on Polygon PoS.

Note that Falkor will not support regular spot trading. 

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Agreement Details: Volume Mining Incentives, Fee Split, and Grant

The below details outline the agreement between QuickSwap and Orderly Network. 

If the community votes “Yes” for this governance proposal, the below conditions of the agreement will apply in addition to the launch of Falkor:

  • 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

When the community moves to the voting stage for this governance proposal, the options listed (if selected during the vote) will imply a “Yes” to launching Falkor and focus specifically on what QuickSwap’s portion of the fee split should be.

The options will be as follows:

  1. 70% DL, 30% Foundation
  2. 70% Burn, 30% Foundation
  3. 35% DL, 35% Burn, 30% Foundation
  4. Do not launch Falkor


During the discussion phase, the QuickSwap community can voice their opinions on this fee split via the Reddit and/or Discord forums, which can be revised prior to the vote going live if there is a strong consensus for an alternative proposed breakdown.

With all of these benefits for the QuickSwap DragonFi community, Falkor will help solidify QuickSwap as a leading Perpetuals exchange. This will bring a whole new source of volume and revenue to the QuickSwap community. 

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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!