QuickSwap is the leading DEX on Polygon and has been driving adoption for the chain on a massive scale since its inception. As QuickSwap has continued to expand its line of partnerships on a larger front, especially over the last year, the time has come for QuickSwap to look into expanding its horizons into the constellation of stars.
Both the Cosmos and Polygon ecosystems have been growing exponentially over the last few years, receiving their claim to fame through their flagship products, underlying tech, integrations, and much more. With so many promising developments happening within both blockchain environments, and QuickSwap having such a strong presence on Polygon, having a small exposure to the Cosmos ecosystem presents a promising opportunity.
That’s why the QuickSwap team is exploring a new partnership with Kinetix, a next-generation one-stop-shop native DeFi hub built on Kava that allows users to swap, LP, farm, trade perpetual swaps, and more. Kinetix has recently launched its decentralised Perpetual Exchange and is on the verge of deploying more products within its DeFi suite, built on Kava’s powerful EVM-compatible IBC infrastructure.
As part of this partnership, QuickSwap would add Kava (Kinetix) to the list of chains in the main dropdown menu on the DEX’s website and, in return, receive a portion of the KFI (Kinetix native token) supply, and then indirectly get revenue and rewards from Kinetix (more information below). Kinetix will do the same for QuickSwap, giving the Cosmos community access to Polygon trading and liquidity as well.
The purpose of this governance discussion is to ask the community if QuickSwap should partner with Kinetix to help unite the Cosmos and Polygon ecosystems and, if so, to decide on the amount of KFI rewards that will be distributed between the QuickSwap Stakers and Foundation.
TL;DR:
- QuickSwap is looking to help unite both Cosmos and Polygon by partnering with Kinetix, a native DeFi hub on Kava, and is asking the dragon community to weigh in
- The partnership would include QuickSwap’s adding Kava (Kinetix) on the dropdown menu of available chains that directly links to their website and product, and vice versa.
- In addition, the QuickSwap and Kinetix team have outlined a proposed rewards structure for a specific allocation of the KFI token supply that will go to QuickSwap which will include QUICK token LM incentives on Kinetix/Kava/Cosmos (more information below)
- To begin, the governance discussion on the official QuickSwap Discord & Reddit will run until Saturday, September 9 at 12:30 PM UTC
- Once the Discord & Reddit discussions finish, a formal Snapshot vote will begin and run from Saturday, September 9 at 12:30 PM UTC until Wednesday, September 13 at 12:30 PM UTC
- Once you’ve read this entire blog post, make sure to visit the official QuickSwap Discord server & Reddit discussion forum to share your perspective with your fellow community members
Kava (Kinetix) Added to QuickSwap Network Menu
The first key element of this partnership is (as outlined above) that QuickSwap and Kinetix will both add each other to their websites. QuickSwap will add Kava (Kinetix) to the QuickSwap network menu selection on the main website, and Kinetix will do the same. This would give QuickSwap users and the dragon community instant access to the Kinetix DeFi hub and EVM-compatible Kava chain, while also giving the product and ecosystem more exposure (and vice versa).
Background, and Forward Prospects: Polygon & Cosmos, A Strong Alliance
A key benefit to this partnership/collaboration is that it bridges the two communities and acts as a gateway for QuickSwap to broaden its horizons into the Kava and Cosmos ecosystem as well as bring Cosmos users to the Polygon ecosystem. An interesting analogy would be how friendly countries make trade alliances to lower commerce friction and increase trade. The Polygon and Cosmos ecosystems have always been friendly, and this is a great way to help unite Polygon, Cosmos, and the broader EVM Chains ecosystems. QuickSwap has made a stance to focus on Polygon ecosystem chains like Polygon PoS, zkEVM, and Dogechain, so it is unlikely that the QuickSwap community would want to launch on Kava natively. With this partnership, the QuickSwap community will have a stake in the Kava/Cosmos ecosystem, while not having to dilute its message and focus on Polygon-specific chains.
Kava is recently making big waves in Web3 with USDT the largest stablecoin, coming natively to The Cosmos through Kava. Thus far, over $100 million in liquidity has been minted on Kava over the last months, and the goal between the two communities is to bring $300-$500 million of liquidity in the medium term to The Cosmos directly and natively through Kava, with even more in the long term. If this vote goes through, QuickSwap, through Kinetix will be positioned to receive trading fees from this growth, with minimal effort.
Many may know, and some may not; part of Polygon’s original PoS stack uses Tendermint, which was originally created by the Cosmos ecosystem, and Polygon CDK and many other next-gen industry tech stacks/frameworks draw inspiration from the IBC interoperability concept. The QuickSwap Foundation has actually tried for years to bring interoperability between Polygon and Cosmos and still hope someday this will happen. They’re two of the greatest tech stacks in the world and would benefit greatly from working together. Moreover, this is a great way to unite the communities until the day comes when IBC and Polygon Supernets can unite at a more fundamental level, which is something many in Polygon and Cosmos would like to see. Eventually, QuickSwap’s cross-chain perps could aggregate between the two ecosystems as well, but research and exploration on that is still ongoing.
Rewards Distribution
If the community were to vote in favor of this proposal, QuickSwap would receive 1% of the KFI token supply. KFI is Kinetx’s native token that helps power its ecosystem of DeFi products and serves as a reward mechanism for participants.
Out of the 1% KFI supply allocated to QuickSwap, the team is proposing that 50% of the supply goes to the QuickSwap Foundation, and the remaining 50% is distributed to QUICK stakers.
For the 50% allocated to QUICK stakers, these KFI token rewards would be distributed through a syrup pool that would last 6 months. QuickSwap Foundation will vote with its tokens for liquidity on Kava and unlock rewards for QUICK pairs to the community.
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 Discord & 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!