QuickSwap has been on a mission to dominate and take over the perpetual trading industry across Polygon chains… and the party’s just getting started.
To kick things off, QuickSwap launched QuickPerps on Polygon zkEVM in May 2023, its first decentralised Perpetual Exchange that allowed users to trade with up to 50x leverage. Next in May 2024, it launched QuickPerps: Falkor, a decentralised Perpetual Exchange where users can deposit funds from Polygon PoS onto the Orderly Network and trade with up to 50x leverage and zero gas fees.
Last but not least, Hydra was launched, a V2 version of the original QuickPerps perps DEX on Polygon zkEVM offering even more features and flexibility for trades.
And now, QuickSwap is looking to further expand its perp presence, this time on Manta Pacific.
This proposal is for the dragon community to decide if QuickSwap should launch Hydra (with the same UI/UX and features) on Manta Pacific.
TL;DR:
- QuickSwap has launched 2 versions of QuickPerps (Falkor and Hydra) on Polygon PoS and zkEVM, respectively. Both perp DEXs have experienced fast growth from the get-go and continue to attract new trades, totaling over $175 million in combined volume to date since launch
- Manta Pacific has been an excellent addition to the DragonFi ecosystem and is one of QuickSwap’s most recent new chain deployments. The DEX hit over $21 million in TVL on Manta and consistently averages tens of millions in volume per month
- This proposal is for the dragon community to discuss and decide if QuickSwap should launch Hydra (the V2 version) on Manta Pacific, adding another chain on this advanced perps trading infrastructure
- To begin, the governance discussion on the official QuickSwap Reddit will run until Thursday, August 15 at 12:00 PM UTC
- Once the Reddit discussions finish, a formal Snapshot vote will begin and run from Thursday, August 15 at 12:00 PM UTC until Monday, August 19 at 12:00 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
Why Manta Pacific?
Manta Pacific is the first EVM-native modular execution layer for wide ZK applications adoption, boasting 80% cheaper fees than many Layer 2’s (via Celestia and Caldera's OP Stack Rollup solution), making it easy to deploy ZK applications, and amassing near 10.5 million transactions.
QuickSwap deployed on Manta Pacific in October 2023 and remains as the leading DEX on the chain, helping push adoption for on-chain volume and TVL in addition to promoting and growing key community tokens.
From December 2023 to March 2024, the Manta Pacific network saw a massive surge in TVL from $17 million to nearly $700 million, over a 40x increase. Currently sitting at ~$116 million in TVL, the chain continues to find new ways to innovate and boost adoption (most recently through their CeDeFi campaign and memecoin season).
So why would it be beneficial for QuickSwap to deploy Hydra on Manta Pacific?
Not only would QuickSwap be able to help spark perps adoption on the chain (benefitting both ecosystems) but also further expand its presence in the perps industry, dominating on yet another Polygon ecosystem network and helping fulfil the DragonFi 2.0 movement.
Given its past history and successes with launching perp DEXs, QuickSwap has the name recognition, resources, and experience to make perps trading on Manta Pacific a success.
QuickPerps V1 on Polygon zkEVM hit over $140 million in volume, $11 million in peak liquidity, and 12,000+ users - all in just a year since its initial deployment. Falkor on Polygon PoS has already hit over $35 million in cumulative volume and keeps growing in user adoption.
As the QuickPerps brand continues to shine in the spotlight and become more popular across the industry, the potential for growth is limitless.
A new dawn is here for QuickSwap perps. 2 chains so far, with the potential for Manta Pacific to be the third.
Dominoes falling, with more potential networks to come.
Hydra Features & UI/UX
Hydra on Manta Pacific would have the exact same UI/UX as on Polygon zkEVM - this would also be the case for any future chains deployed on Hydra.
As mentioned in the original governance proposal, below please find the major features available on Hydra:
- 3 Asset Classes: Features a perp aggregator where users can leverage trade across 4 different asset classes (crypto, forex, and commodities)
- Higher Leverage: Trade with up to 100x leverage with all possible order types (stop loss, take profit, reduce only) and an innovative trailing stop loss feature
- Optimised for LPs: The perp DEX mechanism allows for individual pools to exist on each chain for each collateral asset, enabling asset isolation, payouts, and the possibility to manage open interest. Moreover, LPs can better manage their risk and optimise their ROI that has the potential to draw in more liquidity and benefit all LPs and traders
- Chain Abstraction Mechanism: Efficiently settles orders by selecting the most favourable route and rate for each trade (more information below)
- Faster Trades & High Liquidity: Traders benefit from faster transaction execution times and deep liquidity for open interest when creating leverage positions
- Guaranteed Price Execution: When opening or closing trades, there will be a guaranteed price execution, regardless of what happens on the chain (i.e. reorgs, slow RPC response times)
- Collateral Flexibility: Users can settle and trade in their preferred collateral asset, versus the existing version where this was limited
- Improved UI/UX: Enjoy a faster, smoother, and more seamless trading experience with a new user interface
- Powerful Oracle Solutions: Reliable price feeds to optimise on-chain trades that will be sourced (currently in the exploration phase) from major oracle providers - Chainlink, Pyth, and API3
- Audits and Security: The perp DEX’s smart contracts have been audited by a top-tier blockchain auditing firm both Hacken and Protofire, plus are also being consistently monitored by Hypernative Labs to maintain the utmost security for users
Metavault, the team/project responsible for building and maintaining Hydra’s underlying infrastructure, aggregates the major decentralised perp DEXs available on each chain supported by their DeFi hub, which currently stands at 12 chains at the moment. This means users executing trades on Manta Pacific via Hydra get the best possible execution prices by tapping into the aggregated liquidity of these other supported chains.
Fee Structure
The proposed fee structure for Hydra on Manta Pacific will be as follows:
- 50% to LPs (liquidity providers)
- 30% to QUICK token buybacks and burns
- 15% to the Foundation
- 5% to developer maintenance
Please note that this same fee structure was outlined in the last governance vote, which was passed by the community by an overwhelming majority.
If the community decides to vote “Yes” on this proposal as well, the above fee structure will be implemented.
Remember that, at any time during the discussion portion, the community can express their thoughts on the above fee structure. This can potentially be adjusted/modified if a large majority of the community is leaning towards a certain direction.
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!