With QuickSwap’s DragonFi 2.0 initiative kicking off this week and setting the stage for what’s to come for the DEX and ecosystem’s future, Polygon CDK chain deployment is at the top of the priority list to make this vision a reality.
In 2023, QuickSwap DEX has gone live on Polygon zkEVM, Manta Pacific, and Astar zkEVM’s testnet. And there are plans to not only continue but rapidly pick up this momentum leading into 2024.
Now it’s time to introduce the next proposed step in chain expansion. QuickSwap and OKX, the 2nd largest CEX with over $2.8 billion in daily volume and 25 million monthly visitors (as of December 12, 2023), have built a strong relationship with one another over the past few months and years through campaigns and other initiatives.
OKX recently launched the testnet for X1, their new ZK-powered Layer 2 and EVM-compatible chain that bridges the gap between the OKX and Ethereum communities. Built with the powerful Polygon CDK tech stack, OKX has dived straight into the Polygon ecosystem with a splash.
This proposal has been introduced for the dragon community to decide if QuickSwap should launch on the testnet of X1, OKX’s Layer2 chain built with Polygon CDK. QuickSwap deploying on X1 would mark a huge opportunity to further unite the OKX and Polygon ecosystems while making the DEX a first mover on the chain to spark adoption.
If the community votes in favor of this proposal, QuickSwap would first launch on the testnet in 2023 and would have another vote down the line for mainnet.
TL;DR
- QuickSwap is aiming to continue to push and fulfill the DragonFi 2.0 narrative to become a leader on Polygon CDK chains
- OKX has launched X1, a new ZK-powered Layer 2 and EVM-compatible chain that offers high scalability, low transaction costs, and instant finality. The network is designed to merge the OKX and Polygon ecosystems
- This proposal is for the QuickSwap community to decide if the community should launch its Uni V3 multi-fee tier contracts on X1 (testnet first in 2023, mainnet is estimated to come in early 2024), which would make it the first DEX to deploy on the chain and may open up many more potential future initiatives, collaborations, and opportunities with OKX (this could also help push OKX over the edge to list New QUICK on their CEX)
- If approved, the community would launch Uni V3 contracts to start but could decide to launch Algebra in the future if the community requests - this will result in more revenue to the Dragon’s Lair and Foundation because no fee would be paid to Algebra
- The fee structure will be voted upon in a broader future vote next week
- To begin, the governance discussion on the official QuickSwap Reddit will run until Saturday, December 16 at 4:00 AM UTC
- Once the Reddit discussions finish, a formal Snapshot vote will begin and run until Monday, December 18 at 4:00 AM UTC
- Once you’ve read this entire blog post, make sure to visit the official QuickSwap Reddit discussion forum to share your perspective with your fellow community members
About X1
X1 is a ZK-powered Layer 2 network created by OKX and powered by Polygon CDK. The chain uses OKB as the native token, where users can move value across both the OKX platform and X1 chain with ease.
The purpose of the chain is to serve as a portal to connect OKX products, users, and tokens to the Web3 space and Polygon/Ethereum ecosystems. You can view this similar to Binance’s Binance Smart Chain, and Coinbase’s Base chain!
It’s also developer-friendly to allow people to more seamlessly build in the Web3 space, equipped with strong infrastructure models for dApp creation.
Here are some of the other core features that X1 brings to the table:
- Polygon CDK Tech Stack: Leveraging Polygon CDK, X1 offers near-instant finality, unified liquidity, and independent data availability
- Secure and Scalable: Developers can deploy any EVM smart contracts and bring assets from OKX, Ethereum, and compatible chains aboard X1, all with high security and scalability
- Uniting OKX and Polygon: Both ecosystems are contributing to the development of Polygon CDK, inspiring more innovation, collaboration, and technology adoption
- Low Tx Costs: X1 uses zkSNARK which helps make transactions more compact and far cheaper
- Interoperability with other L2s: When Polygon’s LxLy bridge is fully activated, OKX will be able to bridge trustlessly between Ethereum and all other L2s in the Polygon CDK ecosystem such as Polygon ZKEVM, Polygon Validium, Dogechain, Immutable ZKEVM, Manta, Astar zkEVM, and all other chains which join the CDK ecosystem!
OKX has 50 million users and billions of assets on its centralised exchange platform. The potential for X1 to become one of the leading Layer 2 chains is massive, and QuickSwap has an opportunity to immediately tap into its community, ecosystem, and other resources.
OKX Liquidity Mining Incentives & Grant
- OKX has not finalised all details for their grants, liquidity mining, or airdrop incentives, but has assured the community that big things will come here, and details should be available well before mainnet launch
- The OKX OK1 team has indicated that they will give very strong support to QuickSwap, as they believe QuickSwap is the heart of the Polygon ecosystem and will bring tons of value in the form of tech and a massive community of Dragons to the OKX ecosystem!
- The first piece of support that they’ve confirmed they will give to the QuickSwap community is that they wil provide $5 million of seeding to QuickSwap’s V3!
QuickSwap and X1: Pushing the Polygon Ecosystem a Step Further
QuickSwap launching on OKX’s X1 chain would be a huge milestone for both ecosystems and advancing the Polygon CDK and DragonFi 2.0 narratives.
Many CEXs have helped provide support and funding for ecosystems on DEXs, such as Coinbase and Base. With QuickSwap launching on X1, the relationship between the DEX could play out to become a similar scenario to the relationship between Binance and PancakeSwap. The OKX team has expressed a strong desire to give the highest level support to the QuickSwap community and DragonFi 2.0 Ecosystem!
With QuickSwap’s diverse set of DeFi products and strong dragon army, alongside OKX’s massive user base and presence in the blockchain space, the DEX has the potential to bring tremendous traction to its X1 chain and kickstart efforts.
Not to mention that QuickSwap deploying and being a first-mover on X1 opens up the doors to many more possibilities with OKX and their team - including a potential token listing, exciting campaigns/quests, liquidity incentives, etc.
It’s up to the community to make it happen!
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 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!