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Governance Proposal: Should QuickSwap Launch QuickPerps Hydra on Polygon zkEVM?

May 24th 2024

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The perps trading space has been heating up. To help spark adoption and tap into the growing interest across this sector, QuickSwap kicked off its presence in the perps space by launching QuickPerps in May 2023, a decentralised Perpetual Exchange built on Polygon zkEVM enabling users to trade with up to 50x leverage on popular crypto tokens.

It was the very first perps exchange on the chain and, to date, has amassed $140M+ in cumulative trading volume, a peak of $10M+ in TVL, and 12K+ users. As a bonus, the Polygon zkEVM network has become far more user friendly, particularly with drastically reduced gas fees where you can now trade for a few cents per transaction.

Now, it’s time to take it up a notch and introduce a new upgrade to the existing QuickPerps version - a fiery breath of fresh air set to completely revolutonise the perps trading experience.

Introducing QuickPerps: Hydra, the new rebrand of the V2 version of the existing perps on QuickSwap - packed with a brand new UI, flagship features, and much more. Not only will this be a massive upgrade to the existing perps DEX but also an important step for QuickSwap to remain competitive across the perps industry.

This proposal is for the dragon community to decide if QuickSwap should launch a V2 version of the perps DEX (now rebranding to QuickPerps: Hydra) on Polygon zkEVM. All features, benefits, and the fee structure will be outlined in the proposal below.



  • QuickSwap’s decentralised Perpetual Exchange, QuickPerps, has been live on Polygon zkEVM since March 2023 and was its first iteration of a perps DEX
  • In order to remain competitive and keep up with the industry’s latest and greatest tech, upgrading to a more advanced V2 model would introduce a wide array of new features and improve upon existing ones
  • One of the biggest features is that the QUICK token will be able to be used as collateral, giving it more utility and use cases while also enabling a 15% discount on trading fees for users
  • This proposal is for the dragon community to discuss and decide if QuickSwap should launch Hydra (the V2 version) on Polygon zkEVM
  • To begin, the governance discussion on the official QuickSwap Reddit will run until Monday, May 27 at 11:00 AM UTC
  • Once the Reddit discussions finish, a formal Snapshot vote will begin and run from Monday, May 27 at 11:00 AM UTC until Friday, May 31 at 11:00 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

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Hydra Features & Interface

Hydra on Polygon zkEVM is set to upgrade the UI/UX, giving it an entirely different look, feel, and experience from the original V1.

So how exactly will it function and what functionalities will be available on launch?

Here’s a high level breakdown of these game-changing features:

  • 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


The QUICK token will be able to be used as collateral, giving it an extra use case/utility while also enabling a 15% discount on trading fees for users.

As mentioned above, one of the key upgrades and features that makes Hydra an improved version from V1 is the multi-chain trading experience, powered by Metavault’s technology. This aggregates the major decentralised Perpetual Exchanges available on each chain supported by Metavault’s DeFi hub (12 chains at the moment).

This means that when users execute trades on Polygon zkEVM via Hydra, they receive the best possible execution prices by tapping into the aggregated liquidity of these other supported chains without having to take any additional steps.

A superior leverage trading experience at your fingertips.

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Fee Structure

The proposed fee structure for Hydra on Polygon zkEVM will be as follows:

  • 50% to LPs (liquidity providers)
  • 30% to QUICK token buybacks and burns
  • 15% to the Foundation
  • 5% to developer maintenance


If the community decides to vote “Yes” on this proposal, then the above fee structure will be implemented moving forward.

During the discussion phase of this proposal, if the community feels that the fee structure should be adjusted or modified, there is a potential to modify this before the vote goes live.

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Deprecating the Existing QuickPerps (V1)

The launch of Hydra would mean that the original/existing version of QuickPerps (V1) will need to be deprecated.

Hydra would eventually become the only perps version on Polygon zkEVM, and the original QuickPerps will still be accessible as it is deprecated over time.

Deprecation of the original QuickPerps version would be carried out in 3 phases as follows:

  • User deposits will be halted
  • All leverage trades will be disabled
  • The original perps DEX will remain on the QuickSwap UI for 1 month - after this time period ends, all remaining trades will be closed and may be moved to a legacy site

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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!