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Dragons, Vote: Should QuickSwap Pay Liquidity Mining Rewards in dQUICK Instead of QUICK?

August 10th 2021

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TL;DR

  • QuickSwap is a community-first project. When our members speak, we listen.
  • In a recent AMA, some community members suggested that the DEX should take measures to reduce sell pressure on $QUICK.
  • Several suggestions for how to do that were quite advanced, but one that resonated well with nearly everyone was paying liquidity mining rewards in dQUICK instead of QUICK.
  • The snapshot will occur on August 10 10:00PM PST. All QUICK and dQUICK that is not on Ethereum chain or staked in a liquidity pool will be included in the snapshot. However, QUICK that is staked on Dragon’s Lair as dQUICK will be included.
  • What follows is our proposal and instructions on how you can participate in QuickSwap’s upcoming governance vote

Automatic Staking

To help reduce some of the sell pressure on QuickSwap’s native token, we would like to know: Do you think we should pay liquidity mining incentives in dQUICK rather than QUICK?

If this proposal were to pass:

✅ $QUICK earned from providing liquidity would be automatically staked to begin earning interest from trading fees immediately
✅ Those who chose to would still be able to withdraw it and deposit in compound pools, but the default starting point would be the Dragon’s Lair, earning interest from trading fee
✅ Earned QUICK would compound automatically

Timeline

This vote will run from Aug 10 — Aug 15 10:00 PM PST.

Roar Dragon!

Whether you love this proposition or you’re not so sure, we want to hear your voice. As a member of the QuickSwap community and a $QUICK holder, you get a say in QuickSwap’s evolution.

To participate in the vote:

  1. Visit https://snapshot.org/#/quickvote.eth
  2. Connect your MetaMask wallet. Make sure you’re connected to Matic network. The $QUICK in your wallet dictates the weight of your vote
  3. Select the open proposal titled, “Should LP Rewards be paid in dQUICK?”
  4. Click on the option you prefer
  5. Confirm your selection in MetaMask
  6. Then head back over to QuickSwap to stake so you don’t miss out on the staking rewards

Make sure all your QUICK is not staked in any liquidity pools on August 10, 10:00PM PST as they will not be included in the snapshot. However, QUICK that is staked on Dragon’s Lair as dQUICK will be included in the snapshot.

Yes or No?

If you’re on the fence about the proposed change, we invite you to come discuss the topic openly in any of our online forums. At QuickSwap, our primary goal is to ensure that our DEX not only survives but thrives, and we know we can’t do that without valued community members like you. Drop by our Telegram anytime to let us know what you’re thinking!

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By QuickSwap Official on August 10, 2021.

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Exported from Medium on May 2, 2023.