In a gripping AMA this morning, QuickSwap’s founders Roc Zacharias and Sameep Singhania joined the Binance community Telegram to answer all of their most pressing questions. The discussion encompassed everything from how issuing dQUICK instead of QUICK for liquidity mining rewards will decrease sell pressure on the token to QuickSwap’s newest feature: limit orders. Since the Binance Telegram group is so active, some might find searching back through it to find the AMA a bit too cumbersome a task. Fear not though, Dragonites! Here’s an easy-to-follow recap of this morning’s AMA.
If you’d like to follow along and read the full conversation, you can do so by clicking here.
Zuni (Binance Angel): ?Hi chat and welcome to another special AMA with the QuickSwap team! It’s my pleasure to introduce to you Roc Zacharias (@LDA_Roc) and Sameep Singhania (@sameepsi) from QuickSwap. ?
Roc and Sameep, thank you for joining us today. Would you please introduce yourselves to the chat and share a quick overview about QuickSwap?
Sameep: Thanks Zuni for introducing us today :)
First of all, I would like to thank Binance and their community to give us the chance to talk directly to you guys via this AMA
Zuni: It’s our pleasure ??
Sameep: I am a software engineer by heart, core blockchain developer and co-founder of QuickSwap. I love solving complex use cases. That’s why Blockchain garnered my attention in 2017. I did a lot of stuff in the blockchain before finally starting up with QuickSwap. I am glad to be part of some of the top notch DeFi projects like Paraswap and QuickSwap.
Zuni: Wow that’s an amazing background
Roc: It’s a pleasure to be here with the Binance and the wider crypto community!
My name is Roc Zacharias. I’m one of the co-founders of QuickSwap, and also the CEO of Lunar Digital Assets, which is an advising team to QuickSwap alongside the Polygon team. LDA focuses on the marketing and business development outreach of QuickSwap among other things. I’m a huge Ethereum and Polygon fan and believe Polygon is going to continue to grow exponentially as you all have seen it doing for the last 6 months.
QuickSwap is the largest L2 DEX in the world with more daily users than every Ethereum project in the world minus UniSwap most days, but we’ve passed UniSwap in volume and daily users a handful of times, this is thanks to our low gas fees and fast trading times.
Sameep: QuickSwap is our dream project. It’s an AMM on the Polygon network. In simple words, it’s a clone of Uniswap V2 on Polygon but much cheaper and faster.
We always wanted to solve for UX problems, primarily transaction costs and time. QuickSwap helped us achieve that.
It’s great to see users doing transactions as small as 1 cent on QS. That is something which we wanted to achieve with QS.
Roc: Yes, this is important for bringing crypto not just to wealthy investors in western countries, but to all countries in the world, particularly developing nations.
Zuni: Ya, definitely it’s something really useful. In latam it’s a feature that we appreciate a lot
Ok, Thank you both for that quick introduction!
Chat, if you’d like to learn more about QuickSwap, do check out these links below. Follow the team on Twitter and join in on conversations about QuickSwap via their Telegram channel.
Website: https://quickswap.exchange/#/swap
Telegram: https://t.me/QuickSwapDEX
Twitter: https://twitter.com/QuickswapDEX
Reddit: https://www.reddit.com/r/QuickSwap/
Analytics: https://info.quickswap.exchange/home
Let’s jump right into the first segment of today’s AMA session. Team, here’s our first question for you.
Roc: Our community is very friendly and helpful. We’d love to see you in our Telegram, and we have asked our community to join Binance TG as well!
Segment 1
Zuni: Q1. Sameep: Who came up with the idea for QuickSwap, and what inspired its inception?
Sameep: I was expecting this one. Thanks for asking. It’s important to understand the purpose of setting up QuickSwap.
It’s a very long and interesting story. The inception of QuickSwap was inspired by the increasing eth and gas prices. In July-August last year ETH prices and tx cost on ETHEREUM was increasing exponentially and the platform was virtually unusable by small to mid sized users. We realised that if we want to bring the next 1 million users to the blockchain then we need to fix this major UX problem. And then we decided to set up a DEX on layer 2, as we think a DEX is the primary need for any decentralised ecosystem. We discussed it with the Polygon team, especially Sandeep, and that’s how QS came into existence :)
Roc: Ya. Sandeep and the entire Polygon team are amazing and helped a lot
Sameep: We owe a lot to them and our community
Zuni: Thanks for sharing that information. Let’s move to the 2nd question
Q2. Roc: What are some of the greatest challenges you’ve faced in launching your DEX, and how have you responded to or overcome them?
Roc: The hardest challenge was getting initial liquidity, volume, and users. You need liquidity for volume, but also need volume for liquidity. We were able to kickstart things by bringing some great projects early on like Aavegotchi.
They needed a DEX for their gamified DeFi ecosystem. We had a good relationship with them through one of our co-founders, Nick Mudge who was also part of the Aavegotchi team. They brought over a few million of liquidity to start, which helped us to bootstrap. We’ve talked to hundreds of projects to find good matches. Over time we’ve attracted amazing projects including Aave which was when things really kicked into gear. Bringing them was a dual effort between Polygon and QuickSwap.
Since then we’ve continued to expand our listing team and a huge part of our success is reaching out to projects all over the ecosystem to bring their communities to join QuickSwap for their trading and liquidity needs!
Collaboration with other projects is paramount for us.
Zuni: Thanks for sharing!? I bet we have lots of audience members watching and supporting QuickSwap’s every step! ?
Sameep: We are focused on helping our projects to develop products instead of us doing everything. That has played an important role in our success and growth
So we are always hunting for good teams and projects to build stuff :)
Roc: Ya taking notes from UniSwap’s success through integrations and collaborations
Zuni: Amazing! Q3. Roc: Where do you envision QuickSwap will go from here? Do you have a 5-year plan for QuickSwap’s development?
Roc: A large part of growing QuickSwap is bringing developers, projects, and their communities over. We are in talks with 100’s of projects. QuickSwap is a protocol like Polygon or UniSwap that things are built on. Think of QuickSwap as a liquidity foundation where projects are encouraged to use to build their own projects on top of, just like UniSwap. We spend a massive amount of time on outreach, marketing, and helping projects to build integrations into QuickSwap using our liquidity in the background to power their projects.
Some examples include games, limit orders, leverage trading, prediction markets, price feeds, analytics, other exchanges which use our liquidity, or simply just projects who needs a good place for their community to trade their ecosystem tokens on or to earn yield on their holdings from trading fee APY and QUICK rewards.
Our goal is to bring 100s more projects through partnerships. Most of our internal development at this stage is to improve user experience, our upcoming website redesign, and scaling with one huge surprise coming within the next week if market sentiment is good!
Sameep: And it’s one of the biggest surprises we ever had :)
Roc: Ya it probably will be the most impactful feature we’ve ever added I think.
Sameep: Next to the exchange itself!
Zuni: ?That’s awesome team! Moving on to question 4.
Q4. Sameep: How did your community respond to the major news the week that QUICK was listed on 3 major exchanges within about 24 hours?
Sameep: It’s the biggest news we’ve had in some time. Thanks for asking
Having Binance add a new pair a couple of weeks after listing within 24 hours of Crypto.com listing, Coinbase Pro and regular Coinbase, as well as a few smaller exchanges was a great honor for us. You can imagine how the community responded, very similarly to us, since we didn’t know these things were happening at the time actually.
Surprisingly, the exchanges didn’t even tell us, probably because they don’t want insider trading type situations to happen, so we were incredibly excited ourselves.
Of course we had been talking to exchanges for many months leading up to it, filling out listing forms, compliance documents etc, but we never got a clear “yes” that they’d list or when they’d list until the day it happened.
Zuni: Good job team! You deserve it.
Sameep: Thank you
Zuni: Q5. Sameep: Is developing, running, and managing a DEX everything you dreamed it would be?
Sameep: Well to be honest it was a roller coaster ride to start with. When we first started setting up QS on Polygon the ecosystem was very new at that time. There were very few tools available at that time. And we had to do a lot of stuff on our own to keep the DEX up and running. Even something as basic as RPC providers was a problem in the early days.
Roc: If we dreamed it would be incredibly hard and we would never sleep for a year. Then yes. ?
Sameep: When we first started seeing exponential growth, it was very hard for us to keep up with the scaling of our servers, RPCs, graph nodes, etc, but over time it has become much easier for us to manage everything. Now we see a ton of tools and services moving to Polygon, which has made our lives much easier.
A special thanks to Graph protocol, QuickNode, BlockVigil, Chainstack, Alchemy, Figment, DefiPulse, Dune analytics, and many more for helping us run our DEX on a daily basis.
But yes it has been a dream run for us. It’s never a bull run but a dream run for us
Roc: Yes, it’s been hard, but that makes it most rewarding.
Zuni: Thank you Roc and Sameep for sharing your thoughts and answers with all of us. ???
Once again chat, here below links to all things QuickSwap!
Please remember that you need to join their networks if you want to qualify as a winner of the next segments
Website: https://quickswap.exchange/#/swap
Telegram: https://t.me/QuickSwapDEX
Twitter: https://twitter.com/QuickswapDEX
Reddit: https://www.reddit.com/r/QuickSwap/
Analytics: https://info.quickswap.exchange/home
Venkyy (Binance Angel): Thanks Zuni
I will be the host for the next segments.
Let’s move to segment 2
Segment 2: Quiz
Venkyy: Are you all ready !!
Before we kick off, I’ll just remind everyone of the rules for this part.
Please make note of them.
Rules:
— Participants will need a Gmail account
— QuickSwap Team has prepared 5 questions
— A link to a Google Form with the question will be sent inside the chat
— Each google form will open for 2 minutes
Participants will fill inside the Google Forms:
— Answer
— Binance UID
— Telegram Username
Zuni: Good luck chat❤️
Venkyy: Ready ..5, 4, 3, 2, 1
Roc, are you ready?
Roc: Let’s do it!
Venkyy: Great, so what is the first quiz question?
Roc: Question 1 Binance fam! Which team helped kickstart QuickSwap’s liquidity in the earliest days?
Venkyy: Chat, the google form is open and your 2 mins starts now!
And… time’s up!
[Roc], please share with us the answer for question 1!
Roc: B. Aavegotchi! Aave was obviously also very huge for us, but came a bit later :) Little curve ball for you guys ha
Venkyy: Great, so what is the second quiz question?
Sameep: What main problem does QuickSwap solve?
A. Interoperability
B. NFT trading
C. Trading Gas fees
D. Dragons eat pest animals
Venkyy: Chat, the google form is open and your 2 mins starts now!
Zuni: ? Let’s see how much the chat learned about QuickSwap
Venkyy: And… time’s up! Sameep, please share with us the answer for question 2!
Sameep: C. Trading gas fees. Of course the major UX problem we were aiming to solve.
Venkyy: Alright Roc, back to you
Roc: Q3: What is QuickSwap’s main internal development focused on right now?
A. Limit Orders
B. Memes
C. Cross chain trading
D. Improving User Experience
Venkyy: Chat, the google form is open and your 2 mins starts now!
And… time’s up! Roc, please share with us the answer for question 3!
Roc: The answer is, D, Improving User Experience
Venkyy: Alright Sameep, are you ready to ask the fourth question?
Sameep: As ready as I’ll ever be!
Q4: What is one pain point QuickSwap had to deal with early on that is resolved now?
A: Rapid, exponential growth scaling
B. Hacks
C. Few users
D. High slippage
Venkyy: Chat, the google form is open and your 2 mins starts now!
And… time’s up. Please share with us the answer for question 4!
Sameep: The answer is A: Rapid, exponential growth scaling
Venkyy: Roc, are you ready to ask the fifth question?
Roc: Let’s go! This one’s a hard one.
Q5: What is the largest Layer 2 DEX in the world?
A. UniSwap
B. QuickSwap
C. HoneySwap
D. SushiSwap
Venkyy: Chat, the google form is open and your 2 mins starts now!
And… time’s up! Please share with us the answer for question 5!
Roc: The answer is B, QuickSwap!
Sameep: Isn’t it very obvious, lol
Venkyy: I hope you all got 5/5 correct!!!
Roc: Polygon is definitely winning the Layer 2 scaling wars, and we are proud to be the #1 dapp on Polygon by users and volume :)
I’ll note though that Aave on Polygon has more TVL than us, and we love Aave!
Zuni: That’s good to hear .
As we move on to Segment 3, here’s a quick reminder.
Please don’t spam
Don’t use copy pasted questions
Don’t send the same question multiple times
⚠️ In order to be eligible for any prizes for Segment 3, you need to have joinedQuickSwap’s Telegram Group! http://t.me/QuickSwapDex
The 10 best-asked questions from the chat will win $QUICK tokens!
Segment 3 — Questions from the Community
Zuni: Hey team, are you ready to get a storm of questions?
Roc: Absolutely!
Zuni: Ok let’s go. Open in 3, 2, 1
Hundreds of questions poured in from the community. Roc and Sameep each chose a few questions to answer.
@DoriePruett: Could you please elaborate more about your tokenomics? What’s the total supply and What kind of plans do you have regarding the token unlocks in the future?
Roc: QuickSwap was a fair launch project. We raised no funds, and the founders and advising teams (LDA and Matic) total took only 3.25% of the supply. The rest of the tokens are released over 4 years for liquidity farming in the form of QUICK rewards for providing liquidity to the exchange. The community can vote on more things they want to use tokens for. For example if we wanted to add advisors, market makers, add a new feature which uses tokens etc. For now almost all tokens go to liquidity providers :) QuickSwap had no VCs or investors, so no one could dump on the public, the public was able to get the benefit of the token growth from day 1! No VC unlocks ever, and team tokens are released in small amounts daily for 1.5 years.
@arunraj999: What is dQuick ? Can you quickly explain about dQuick ? And how will dQuick help to reduce some of the sell pressure on Quick Swap’s native token ?
Sameep: dQUICK is Dragon’s lair token. You get it when you stake your QUICK In the dragon’s lair. If you are holding dQUICK then are receiving a portion of the trading volume. The portion of trading volume which is distributed to the dQUICK holders is 0.04% of the total trading volume.
You can read more about dQUICK here https://quickswap-layer2.medium.com/everything-you-need-to-know-about-dquick-the-dragons-lair-e2df6fb861af
@huroay: Is QuickSwap only available for swap? If not, What all services QuickSwap is offering in addition to Dex?
Roc: You can swap tokens, provide liquidity to earn trading fees like UniSwap + QUICK reward subsidies, you can lock your QUICK in the Dragon’s Lair to get dQUICK which earns you a portion of the entire DEX trading fees as well and this rate is usually around 25–70% with no IL. We’ll be adding a new huge feature very soon which will add a whole new utility as well!
@DeloiseEggleston: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Roc: QuickSwap trading times are about 1–2 seconds, it’s Quick :)
@chanuka31: Who is the biggest opponent of your project? Do you have a plan for your project in the future to defeat your opponent or collaborate with them? I think it will be a big step forward for your project.
Sameep: We are not focused on the competition based strategy. Our strategy is to grow the ecosystem and we can’t achieve that by simply competing with everyone else. IMO its best to have multiple DEXes out there to grow the ecosystem. Its like having multiple bank in TRadFi
@khalid9313: Limit orders are new to QuickSwap. Can you tell me something about this new feature in QuickSwap? Will it be like Polygon’s limit order, or will it be different?
Roc: Here is a link to our limit orders, check it out :) https://quickswap.exchange/#/limit-order
@Rbn1210: Do you have any plans to integrate the QUICK token on a chain other than POLYGON? For example BSC, ETH or others that are currently popular,??
Roc: We’ve been asked by 3 well known projects to launch QuickSwap on their chains as their first DEX, and we are considering it, but so far we believe that we should focus Polygon, so we can continue to be the leader on Polygon, as opposed to spreading our time and resources thin across multiple chains. If we go to multiple chains, our QUICK rewards would be diluted. We can see this with other DEXs that go to multiple chains. They are small-medium on multiple chains, as opposed to us focusing just Polygon and being the leader there. We love Polygon, so it would take a lot to get us to move, but we listen to proposals by other chains.
@BeRuZ55: How does QuickSwap facilitate the cooperation and collaborative development within the community. If someone had an idea that would work well on
QuickSwap , how can we get support?
Sameep: I love this question. The biggest catalyst for QuickSwap’s growth is its community. WIthout community we are nothing. I think we are the very few DeFi projects which has grown 100% organically. So, we definitely look towards our community for help and support. And they have helped us a lot since the very beginning.
@Abir_Noob: Many issues surround the Swap/DEX due to its exclusivity, including slippage, rugpulls, Smart Contract security, poor network, and compromising users real-world safety. How can Quickswap deal with these common issues, especially for the younger generations?
Roc: Security is very important to us, this is why we have not changed a single line of code in the UniSwap core trading code. All of the development and features we release lie on top of that code. We have no admin keys, and our multi sig for the QUICK treasury for governance/reward tokens is a 3/4 multisig with QuickSwap having 2 keys, LDA having 1, and Polygon having 1. So no one team can do anything without cooperation from another.
We cannot change the core code even if we wanted to. We have the minting function also turned off in the code so we cannot rug in that way either.
@Mickey0555: With a very fast swapping capability, how much volume can QuickSwap facilitate in a second without any kind of system overload?
So far what is the highest volume you have?
Sameep: Polygon and QuickSwap is best when it comes to supporting numbers of transaction per second. We have served as many as 700k+ transactions in 24 hours during our peak times. The highest 24hr volume was somewhere around $1.2billion
Roc: Yes during this day we were the #1 DEX in the world, even more volume than UniSwap, Pancake, Sushi etc
Sameep: We will constantly build the ecosystem. Mark my words ECOSYSTEM not just QS. Our core focus is always on developing the entire ecosystem. QS is just one of the enablers for that growth. And as Roc mentioned previously a big surprise is coming up in the next few days, if market conditions are right, which is aimed towards this goal.
@Surtur45: QuickSwap has eliminated many of the entry barriers of the DEXes, however many users are limited due to not knowing how to use and configure its parameters. Do you plan to teach users through tutorials or guides?
Roc: One of our primary focuses is always to improve User Experience and User Interface. We want it to be so easy, that you won’t even need tutorials. We’ve made a LOT of moves to make things easier, as those who were around from our early days probably know all too well, lol. It used to be much harder to bridge, and use QuickSwap. It’s worlds easier now, but still not good enough for grandma.
Sameep: We want to build an experience like robinhood. Using QS should be as simple as any other traditional app
@Be1798: How do you see the current inflation of QUICK? Daily there are 800 new QUICK tokens added as rewards. Let’s say by average, 150 are bought for dQUICK holders in Dragon’s lair. So it seems there are 600 new QUICK on the market daily. Isn’t this too high inflation? Is there any plan to address this, or do you believe that with more trade volume and fees generated there will be higher buyback in the future?
Roc: We’ve been dropping inflation massively. It was at 1330 not long ago, now it’s down to around 570/day :) Every week we drop it.
Zuni: It has been great to have you team?, thank you for being with us today to talk more about QuickSwap’s business.
Here are some important links for our community to follow the project.
Website: https://quickswap.exchange/#/swap
Telegram: https://t.me/QuickSwapDEX
Twitter: https://twitter.com/QuickswapDEX
Reddit: https://www.reddit.com/r/QuickSwap/
Analytics: https://info.quickswap.exchange/home
Thank you, chat for your time! For those of you who had your questions selected in Segment 3, please make sure your username is not private. Please PM me and share your information in order to claim your prize.?
Last but not least, thank you to the wonderful team at QuickSwap!??
Sameep: Thanks guys for having us today :) See you all on QuickSwap
Roc: Join our Telegram, Twitter, and Reddit guys, and keep an eye for our new feature and news in the next week! Thanks everyone for having us, it was an honor.
Last thing I’ll say is if you haven’t tried Polygon. Try it! It’s very easy. Just bridge any ERC 20 over using wallet.matic.network/bridge
Once you bridge which takes around 5–10 minutes, you never have to pay gas fees again, you can trade on QuickSwap, borrow and lend on Aave, and play tons of games, move NFTs for less than a penny of gas etc!
Venkyy: It was our Pleasure team QUICK to have you with us for AMA .
Roc: Thanks @Venkyy_Toroop and @ZuniBNB!
So after almost two hours of questions and answers, Binance’s angels wrapped things up with a friendly reminder that everyone should join QuickSwap’s Telegram and look forward to the future of the world’s biggest layer 2 DEX.
Let us know how you think we did in the comments!
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