Dragons are trendy! But while QuickSwap’s popular mascot may bring attention to the DEX, our strong tokenomics are what keeps liquidity here. With QuickSwap’s reputation growing, more and more people are asking for clarity about what gives QUICK (our native token) value. Since several changes have been made since our last post on this topic, we’ve set out to provide all the updates you’re looking for.
QUICK’s total supply is 1 million. The current circulating supply (as of writing) is approximately 200k.
QUICK has two use cases. They are:
- Governance
- Staking
QUICK is a fair launch, community-governed project. There was no seed round, no private round, no pre-sale, and no public sale (ICO/IDO/IEO). 96.75% of the total supply was reserved for the QuickSwap community.
90% of QUICK tokens either already have been or will be distributed through our liquidity mining rewards program.
As we mentioned in our previous article, the token distribution model of QUICK has been carefully ideated to foster the growth of an active and engaged participant ecosystem. With QuickSwap, community comes first.
QUICK Distribution: As Fair As It Gets
QuickSwap’s Liquidity Mining Rewards (90%)
Rewards on May 19, 2021
To motivate new projects and communities to come out to Layer 2 and try Polygon, QuickSwap provides incentivised trading pools. Those who provide liquidity for an incentivised trading pool are rewarded with QUICK tokens in addition to a percentage of the fees generated from swaps.
QUICK mining rewards will run for another 3.5 years (4 years total). Gradually, the token emissions will slow down with less being distributed as years pass. This encourages early adoption while also incentivising the community’s continued growth over time.
In general, rewards are distributed to pairs that offer deep liquidity, substantial volume, and those that attract large-scale industry players. With Aave’s recent launch on Polygon, QuickSwap has needed to deepen liquidity for core Aave trading pairs to decrease the slippage for whales who want to swim in our pools. As a result, we’ve incentivised the core Aave pairs with additional QUICK rewards.
Our treasury holds the majority of the funds that will pay out liquidity mining rewards for the next 3.5 years. This wallet is equipped with multisig, and it requires 3 out of 4 signatures from Nick Mudge, Sameep Singhania, Roc Zacharias (LDA), and Sandeep Nailwal (Matic). This is to increase security and to eliminate the chance of a future rug pull. You can find the multisig wallet here.
Dragons love Unicorns: A Tribute to Our Mother (5%)
Because QuickSwap is a fork of UniSwap with not even a single digit of code changed, we’ve allocated 5% of the total QUICK token supply for liquidity mining via UNI-pools. Dragons love unicorns, and we hope that our communities continue to operate side-by-side.
Curators and Advisors (3.25%)
Because QuickSwap is a community-focused project, only 3.25% of the total supply was allocated to QuickSwap’s curation and advisory team. The tokens that were distributed to QuickSwap’s founding members are locked in vesting contracts that release slowly over the next 392 days. You can follow the contracts by clicking the links below:
- 9,538 QUICK were distributed to Nick Mudge’s vesting contract
- 7,630 QUICK were distributed to Sameep Singhania’s vesting contract
- 7,630 QUICK were distributed to Lunar Digital Assets’ vesting contract
A Future Airdrop
To reward early users of our DEX, QuickSwap has reserved 1% of the total supply to be distributed via an airdrop at some future date. Though originally we intended this airdrop for MATIC stakers, we are no longer certain that is the best plan of action. The team is still working to determine the best strategy. It’s possible that a portion of these rewards will go to Matic stakers, while others will go to QuickSwap’s users and token holders. The exact specifications of this future airdrop are yet to be determined.
We know that many community members are anxious for more details about how the airdrop will work and when it will be distributed; however, this baby dragon is still growing up, and we’re waiting until it has sufficiently matured and can handle the extra emissions to initiate the drop. We thank you for your continued patience.
Marketing
We used the remaining 0.75% of the QUICK supply to fund our initial marketing campaign. We distributed these tokens to members of various DOAs and distinguished industry personalities to encourage their interest and participation in QuickSwap.
Join the Decentralised Trading Revolution
QuickSwap is unshackling decentralised trading from the performance constraints of the Ethereum mainchain. Any user will be able to trade any ERC20 token with transaction speeds of ~2 seconds and near-zero gas fees, with transactions secured by the Ethereum mainchain.
No more high fees, no more lengthy transaction times. Just high-speed, low-cost decentralised trading — for everyone.
The next generation of DEX is here.
Get involved in the conversation on Telegram: https://t.me/QuickSwapDEX
Follow us on Twitter to keep up with the latest news: https://twitter.com/QuickswapDEX