Welcome to QuickSwap.exchange!
QuickSwap is a fork of the originator of Automated Market Makers in the now rapidly expanding DeFi sector of the Cryptocurrency industry, Uniswap. Both, of course, are magical. Only, rather than settling for the magic of unicorns, we’ve opted for the magic of dragons. It’s a much faster kind of magic, currently only available in a land far far away, known by the locals as Layer 2. Although it’s very very far far away, to get there requires only a few clicks on a mouse, via the magical MATIC portal, aided by a fanciful Fox with a Mask. Many travelers have questions upon first arriving. Here we provide instruction for newcomers, free of charge, to guide you on your way.
“Any sufficiently advanced technology is indistinguishable from magic.”
— Arthur C Clarke
“Crypto is an amazing frontier and we are the pioneers.
It really does give me the feeling that I imagine many felt when exploring America moving from the east coast, west to Oregon, and California in search of new opportunities like land and gold. This is our generation’s gold rush. And it’s a digital expedition.
There are of course lots of risks, and many protocols will fail, but some of the protocols in this industry will become massive juggernauts of finance, and will be without middlemen, or rent-seekers.”
— Roc Zacharias of Lunar Digital Assets, advisor of QuickSwap
Welcome
Before you dive in let us apologise for the formatting here. Medium doesn’t allow us to use anchor text to jump to different sections in the post. We don’t yet have a website to post these with a drop down feature.
We’ve listed the questions first for easy reference. Once you find the question you’re looking for we recommend using Control/Command+F search to QUICKly find your answer. If the question/answer you’re looking for isn’t here, we’d appreciate you asking in the comments below, or in the QuickSwap Telegram Group and we will get it included ASAP.
Thank you for helping us decentralize finance!
Contents
Disclaimer
- What risks are involved with using QuickSwap?
Getting Started
- How large of an investment do I need upfront to get started Yield Farming
- How do I move tokens between the Ethereum and the Matic Network?
- Why don’t I see a list of coins in the pop-up on the homepage (swap)?
- How do I farm QUICK on QuickSwap?
- How much do I receive in fees for providing liquidity on QuickSwap?
- Which transaction is a fee charged for?
- How can I add a new token or a pair?
- Why is [such-and-such] token not showing up in my MATIC wallet?
- Why when I click on the “Claim” button are my QUICK tokens not claimed?
- How can I claim my QUICK?
- Can I farm QUICK with QUICK?
- What is the Contract Address for QUICK?
- What are the slippage settings for and how can I adjust them?
QUICK Pools and Rewards
- How are the QUICK pools chosen?
- What does the countdown timer on the QUICK page mean? What should I do when the timer runs out?
- If the pools are changed and one of the pools is going to remain the same, do I have to withdraw my LP tokens?
- How can I determine which pool has the best Annual Percentage Yield (APY)?
- How can I determine which pool has the best Annual Percentage Yield (APY)?
- How is the amount of LP tokens I get from a pool determined?
- When will QUICK rewards be distributed to MATIC stakers?
- How can I acquire MATIC for transactions on QuickSwap?
- How can I find out how much traffic is occurring in each pool?
Adoption and Future Plans
- How many people are using QuickSwap?
- Is there another QuickSwap website?
- Is QUICK going to be listed on any CEXs in the future? Or will it only be available through staking?
Features
- Does QuickSwap offer lending and borrowing?
- Does QuickSwap have flash loans?
- How many assets per pool are allowed?
- Must pools be configured in a 50/50 allocation?
QUICK Token
- If you wish, you can read up on QuickSwap’s Tokenomics here.
- What is the QUICK token allocation?
- What is the Total Supply of QUICK?
- What is the current circulating supply?
- What is the QuickSwap inflation rate?
- How will governance work once the initial 60 days are over?
Disclaimer
What risks are involved with using QuickSwap?
The risks of using QuickSwap are nearly identical on any Automated Market Maker (AMM) platforms impermanent loss, a potential smart contract bug and rug pulls are three of the most common risks associated with this sector of DeFi.
As QuickSwap is a fork of UniSwap, without a single line of code being changed, just with a slight cosmetic makeover (UI), powered by the Matic Network for much faster and cheaper transactions, and Uniswap’s been professionally audited and hasn’t been hacked to date, the risks seem reasonable regarding the smart contract itself.
Impermanent loss can occur when price fluctuations occur in an asset pool you’re providing liquidity to. However, profits gained from fees and yield farming can sometimes counter this, allowing LPs to still acquire a net positive, depending on timing, market conditions and other variables.
Rug pulls happen when a coin gets hyped up and a whale suddenly pulls out of a pool after the price has been pumped, often artificially or through hype manipulation. Be vigilant against such games and certainly don’t initiate them.
Take caution to thoroughly do your own research before yield farming, consider any risks involved and your own risk tolerance, and be prepared to accept a loss in some situations. You might consider yield farming with a relatively low percentage of your crypto portfolio reserved for higher risk investments.
Some platforms in the DeFi space are considered degenerate gambling by some, labeling their patrons as “degens”. But, with the help of a good community that understands the potential of QuickSwap, good ideas and active implementation, there’s a possibility to build it out into a long-term project that meets a real need in the space.
Getting Started
How large of an investment do I need upfront to get started Yield Farming?
Yield farming on Ethereum with $100–1,000 in crypto will almost certainly result in a net loss, due to the high Gas fees, especially at peak periods of activity. This problem is avoided on the Matic Network as each transaction costs a fraction of a cent. You can get started with any amount. It may be better to start small unless you’re an experienced liquidity provider.
How do I move tokens between the Ethereum and the Matic Network?
TL;DR
First of all, if you are transferring MATIC use the Plasma bridge. If you are transferring ERC20s or ETH use the PoS bridge.
Step 1 Set up a custom RPC for MATIC in MetaMask, as explained here.
Step 2 Connect MetaMask to the MATIC Web Wallet, found here.
Step 3 Be sure MetaMask is set to the Matic Mainnet. Click on >Matic
Wallet>Deposit and deposit any token running on the Ethereum Network to the Matic Network.
Step 4 You’re now ready to begin exploring Layer 2 and using QuickSwap.
NOTE Before transferring any ERC20 to Layer 2 you should confirm the token you’re sending has been mapped to the Matic Network.
Why don’t I see a list of coins in the pop-up on the homepage (swap)?
When first arriving at QuickSwap, or after a two week period has expired and the QUICK pools have been changed, you may need to click where it says, “Add List” at the bottom of the “Select Token” pop-up on Swap page (the QuickSwap homepage).
How do I farm QUICK on QuickSwap?
On the QUICK page of the site you’ll find the current pools listed which reward QUICK to liquidity providers and the daily amounts allocated to each pool. The QUICK you receive is directly proportional to the percentage of the pool your liquidity occupies and is calculated every block; about every 2 seconds.
TL;DR
- Provide Liquidity to the pool of your choice on the Pool page.
- Receive LP Tokens (also called “Pool Tokens”) in exchange for your deposit (think of it as a sort of receipt, i.e. a redeemable proof of deposit).
- Deposit your LP tokens to the corresponding pool on the QUICK pools page.
- After you’ve confirmed all transactions on MetaMask, which it will automagically prompt you to do, that’s it! You’re now farming QUICK!
- You can withdraw your liquidity at any time. If you wish to remove your tokens, or transfer your liquidity to a different pool, simply follow these same steps in reverse order.
How much do I receive in fees for providing liquidity on QuickSwap?
0.3% is the fee for swaps performed on QuickSwap. These fees are then paid out to the liquidity providers according to their percentage of the pool.
Which transaction is a fee charged for?
A 0.3% fee is charged for swaps. This 0.3% is split among the liquidity providers according to their percentage of that pool.
How can I add a new token or a pair?
Anyone can create a liquidity pool on QuickSwap. It’s a permissionless AMM.
However, if your token/coin has not yet been mapped to Matic you’ll have to apply for that here.
You can find a list of mapped tokens here.
To add a token that has been mapped to Matic to the official QuickSwap list you’ll have to request our developer @Sameep does that. Please leave your request in the Telegram group.
Or you can create your own new list and share it if you wish. If you create a fake or malicious token your address will be reported.
Go here and click on “Create a pair” https//quickswap.exchange/#/pool
Enter the token address of your coin.
Bada boom bada bing! It’s almost automagic!
Why is [such-and-such] token not showing up in my MATIC wallet?
Currently, the Matic Web Wallet displays a maximum of four tokens at one time. If there’s a particular token you want to see, you may have to remove one and add another.
Other third-party wallets are in development.
Why when I click on the “Claim” button are my QUICK tokens not claimed?
In the upper-right there’s a blue button which says “QUICK”. This opens a pop-up displaying your total QUICK before claiming. It has a hyperlink in the lower-right corner of it saying ”Claim”. This button is not to claim your QUICK tokens, but it does take you to the QUICK page where you can do so by clicking on >Manage>Claim>Claim>Confirm. Or, alternatively, you can withdraw your LP tokens from the pool and your QUICK will be claimed automagically.
How can I claim my QUICK?
There are two ways to do this. When you withdraw your LP tokens your QUICK is automagically claimed. The second option is to go to the QUICK page, and click >Manage>Claim>Claim>Confirm (in MetaMAsk).
Can I farm QUICK with QUICK?
Absolutely. Please do.
What is the Contract Address for QUICK?
0x831753DD7087CaC61aB5644b308642cc1c33Dc13
You can find it on the Matic Explorer here.
What are the slippage settings for and how can I adjust them?
The slippage settings are for when you execute a trade, in QuickSwap it’s called a “swap” of tokens/coins. Slippage occurs when the price is impacted from purchasing a large quantity at once, at market price, when there isn’t sufficient liquidity to prevent a significant price impact.
You can adjust your slippage tolerance by clicking the cog in the upper right-hand corner, then select which degree of slippage you’re comfortable with. With larger purchases be sure to check that the settings are where you want them. If any slippage is calculated to go beyond your selected setting the transaction will revert in full.
QUICK Pools and Rewards
QUICK Pools and Rewards
How are the QUICK pools chosen?
For the first 60 days of the project, the launch team discusses what would be most beneficial for the platform and the community. Some of the decisions are experimental and monitored to see how things go. If you have experience yield farming and want to make a suggestion, QuickSwap is a community-driven project, so we’re open to any input you have.
In the near future we will decide how governance happens, as a community. We are already discussing voting parameters and different ideas. Let us know if you have any.
What does the countdown timer on the QUICK page mean? What should I do when the timer runs out?
After each 14 days QUICK Campaign the QUICK pools on QuickSwap are changed, that is, the pools you can farm QUICK with. This timer communicates when that time is up.
To avoid any glitches or complications, it’s best to have removed your LP tokens (also called “pool tokens”) before that timer’s up. You can do it after, but people have experienced UI issues when doing so, however, they were resolved. You don’t, however, have to transfer your LP tokens back for your original pair to redeposit them, of course.
If the pools are changed and one of the pools is going to remain the same, do I have to withdraw my LP tokens?
Yes, you will have to remove your LP tokens and redeposit them once the new pools are live. You don’t, however, have to transfer your LP tokens back for your original pair to redeposit them, of course.
How can I determine which pool has the best Annual Percentage Yield (APY)?
After depositing your LP tokens, the pool you’re contributing to will darken in color. In the lower right of that tab it will tell you how many QUICK you’re currently receiving per day, calculated by what percentage of the pool your stake is in relation to the QUICK/day allocated to that pool.
To learn how to calculate APY, see the next question/answer.
How do I calculate APY?
Many DeFi AMMs have automatically calculated APY for you. Be aware that this can be highly misleading as there are so many variables that can fluctuate over the course of a year. However, if you can’t wait for this to be automated on QuickSwap, and would like to calculate the APY manually, you can do so according to these instructions
Annual percentage yield (APY) is the percentage of growth, or “rate of return”, you earn on an investment over a year with compounding interest. As you earn QUICK, you can reinvest it and add to the principal amount.
This is different than a simple interest rate, which simply pays interest without compounding it.
How frequently you do this will affect your APY. In traditional finance this is commonly done monthly or quarterly. With QuickSwap, it’s not done automatically, but you can do it yourself as often as you like. This will cause your investment to grow exponentially through compounding interest.
The formula
APY = (1 + r/n)n1
R = the interest rate
On QuickSwap R would equal
the current total dollar value of the tokens received from the pool you’ve provided liquidity to, for a year, divided by your initial total capital invested. This will of course vary, depending on the current percentage of the pool your LP tokens are in.
For example, if I deposited $500 of QUICK and $500 of UNI and I’m earning 2 QUICK tokens per day, my initial investment is $1,000.
I must now determine the current value of QUICK in USD in order to calculate R. Let’s say the current value of QUICK is $10 per token. I’m receiving $20/day multiplied by 365 days.
$20 x 365 = $7,300
$7,300/$1,000 = 7.3
R = 730%
N is the number of times you plan to add your rewarded QUICK tokens to your current liquidity in a year, compounding your interest. Banks commonly compound interests either monthly or quarterly.
To be conservative. Let’s say you plan to do this once a week. There are 52 weeks in a year.
R must be written as a decimal.
Now, to translate this growth into dollars, there’s a couple more steps.
Multiply your APY result (925.126) with your starting principal amount ($1,000).
$925,126
Add that number ($925,126) to your starting principal ($1,000).
$926,126
(APY x Principal) + Principal = Annual Total
As you can imagine, in DeFi being so new with the volatility of token prices, the APY is going to change frequently. It’s contingent on who deposits or withdraws from the pool, how much, and the current price of the QUICK token. But the above equation can provide you with a frame of reference by which you can monitor ongoing activity.
How is the amount of LP tokens I get from a pool determined?
It can vary widely as it’s not only based on your percentage of each pool, but also on how much the first liquidity provider at the start of the campaign deposited.
Uniswap has a decent explanation of this here.
When will QUICK rewards be distributed to MATIC stakers?
Upon launch, we promised 1% of QUICK would be rewarded to MATIC stakers. When this will occur hasn’t been decided just yet. It will be done strategically and reasonably soon. Stay tuned and we’ll have an answer for you shortly.
How can I acquire MATIC for transactions on QuickSwap?
You can also easily swap any token or coin you have in your MetaMask wallet with some Matic right on QuickSwap. A little bit of Matic goes a long way.
You can also pick up Matic from an exchange. Several options are listed here.
QuickSwap is now equipped with a brand new bright & shiny ‘CLAIM MATIC’ button.
Anyone arriving to Layer 2 without any $Matic in their MetaMask wallet will see a ‘CLAIM MATIC’ button in the upper right hand corner.
They can claim 0.1 Matic for TXs if they have 1 DAI/USDC/USDT in their Matic wallet.
How can I find out how much traffic is occurring in each pool?
You can find this and other info on our analytics page here https//info.quickswap.exchange/
Adoption and Future Plans
How many people are using QuickSwap?
The growth of QuickSwap correlates to the adoption of the Matic Network. Matic Network was built to be a scaling solution for Ethereum. Whether this will be supplemental to other scaling solutions or become the primary vehicle whereby faster and cheaper transactions take place, remains to be seen. The whole team is working hard at driving adoption and bettering the end-user experience. At the end of the day, the market will decide. With each new user, Network Effects are squared by another multiple, so your support matters, squared!
Is there another QuickSwap website?
Other than the analytics page, Quickswap.exchange and the QuickSwap Medium blog is the only QuickSwap presence online. See the answer to the next question for more.
Is QUICK going to be listed on any CEXs in the future? Or will it only be available through staking?
We are currently in discussions about this. Exchange listing for any crypto project is contingent on a large number of factors. It’s impossible to predict an exact date, but we’re optimistic that as the user base grows, and the team works hard, we will be listed on a mainline CEX.
Features
Does QuickSwap offer lending and borrowing?
Currently such an option does not exist on QuickSwap.
Does QuickSwap have flash loans?
Currently such an option does not exist on QuickSwap.
How many assets per pool are allowed?
Only 2.
Must pools be configured in a 50/50 allocation?
Yes. All the pool pairs on QuickSwap require an equivalent USD value on deposit.
QUICK Token
If you wish, you can read up on QuickSwap’s Tokenomics here.
What is the QUICK token allocation?
90% of QUICK is allocated to the community to be farmed over a 4 year period.
6% will be airdropped over a period of several weeks sometime in the first year if the project.
4% is reserved for the team and marketing.
We may vote in the near future on forming a community treasury to fund development of the project.
What is the Total Supply of QUICK?
1,000,000 is the total supply, once fully diluted over a four year period.
What is the current circulating supply?
In the near future we’ll have exact amounts automatically displayed. For now, you can manually get a good ballpark estimate by taking the 4,239 QUICK issued on Oct 7, 2020 + 1,000 X the total number of days QuickSwap has been in operation.
The number of tokens distributed into circulation changes depending on the structure of the rewards pools which changes weekly.
Or you can subtract the number you find at the top of this page from 100,000,000 https//explorer-mainnet.maticvigil.com/tokens/0x831753DD7087CaC61aB5644b308642cc1c33Dc13/token-holders
On Jan 1 it will be approximately 90,000 QUICK. Precise numbers will be readily available once QuickSwap is listed on a coin analytics site.
What is the QuickSwap inflation rate?
See the answer to the above question as the answer to this will vary over a four year period.
How will governance work once the initial 60 days are over?
We are discussing different methods of governance and how voting will work and how to best give the QUICK token utility and value. We will communicate decisions with the community in the near future.
Magic
Does Quick the dragon have magical abilities? And what about the QUICK token itself?
Don’t feel too bad for asking, most people have questions about how magic works these days.
All dragons have magic, Quick, especially so. Regarding the token, Gandalf the Grey said it best when he said,
“There are many magic [tokens] in this world Bilbo Baggins, and none of them should be used lightly.”
Resources
Learn about the founding developers of QuickSwap here.
Monitor QuickSwap on DappRadar.
QuickSwap is powered by Matic Network, a high throughput cost-efficient Layer 2 scaling solution for Ethereum. Learn more about it here.
Tutorials on switching from Layer 1 to Layer 2 Video, Article
Tutorials on Using QuickSwap Video