At long last, the house of the dragons reigns supreme again. After several months of working on the integration and testing our V3 on Dogechain, we are finally ready to launch the beta of Algebra’s V3 Concentrated Liquidity model on QuickSwap’s primary chain — Polygon.
Our V3 beta will be live on Monday, September 12th. That’s very exciting, but there are a few things you need to know first.
- QuickSwap’s V3 beta will launch on Polygon on Monday, September 12, 2022.
- The New Dragon’s Lair, for New $QUICK staking, will open a few days later, but conversion and distribution will not begin immediately.
- The Old Dragon’s Lair, for Old $QUICK staking, will continue to earn a portion of V2 trading fees until our V3 reaches $1 million in daily volume.
- We will begin several new liquidity mining rewards pools to incentivize LPs on V3.
- Those rewards pools will pay out in New dQUICK.
- We will begin the process of moving LP rewards to our V3. LPs for V2 pairs will continue earning a portion of the pairs’ V2 trading volume.
- We will release a more detailed guide of how to use our V3 on Polygon with its launch.
- We are offering up to a $100k bug bounty for the discovery of bugs related to our smart contracts only. This bounty will expire when we launch our V3 on mainnet.
The Dragon’s Lair — $QUICK Staking
New QUICK Staking
Ever since our community voted to do a 1:1000 token split and increase QUICK’s max supply to 1 billion, enthusiastic dragons have been buggin “Wen New QUICK staking?” The answer is, finally, very soon!
The new Dragon’s Lair will open within a couple of days of our V3 beta. New $QUICK holders will be able to stake their New QUICK to start earning a portion of the trading fees collected on our DEX.
However… conversion and distribution of the trading fees to New QUICK stakers will begin only when V3 reaches $1 million in daily trading volume. We do not believe this will take very long, but it’s important for stakers to understand that they will not begin receiving payouts until then.
QuickSwap will hold all other protocol fees that come from the Predictions Market and trading on QuickSwap’s Dogechain extension until the New Dragon’s Lair is live. We will then distribute those rewards to New QUICK stakers.
Old QUICK Staking
For the time being, the old Dragon’s Lair will continue paying a portion of the trading fees collected from our V2 DEX to Old $QUICK stakers. When our V3 reaches $1 million in daily trading volume, payouts to Old QUICK stakers will cease, and all staking rewards will be distributed to New QUICK stakers in the New Dragon’s Lair.
Old QUICK holders and stakers must understand that this is the beginning of the deprecation of Old QUICK and the Old Dragon’s Lair. Soon, the Old Dragon’s Lair will not pay any APY for staking, and Old QUICK’s only remaining utilities will be speculation and arbitrage.
Old QUICK holders can hold out for as long as they like because our conversion contract will remain open. Eventually, everyone who wants to use their QUICK will need New QUICK. Learn how to convert your Old QUICK to New QUICK in this tutorial.
Liquidity Mining Rewards
For several months, we’ve been reducing our inflation to prepare for our V3 launch. Because V3 is so much more capital-efficient than V2, we want to incentivize LPs to move their liquidity over.
New Liquidity Mining Rewards Pools
When we launch our V3 beta on Monday, September 12th, we will announce several new liquidity mining rewards pools. Liquidity providers will be able to choose a pair, select a range, and provide liquidity to earn a portion of the V3 trading fees plus QUICK rewards. These pools will pay rewards in New dQUICK.
Current Liquidity Mining Rewards Pools
QuickSwap’s liquidity mining rewards pools change every two weeks. Our current cycle ends on Wednesday, September 14th. At that time, we will begin reducing liquidity mining rewards paid to V2 LPs in favor of V3.
Some incentivized V2 pools will remain.
QuickSwap will offer a $100k maximum bug bounty for the discovery of bugs related to our V3 smart contracts. This bounty will run from when our V3 beta goes live until we release it on our mainnet.
This bounty will be available only to those who find and privately report security vulnerabilities that are relative to our V3 smart contracts.
All rewards are subject to the team’s discretion. Rewards will be paid in varying amounts, depending on the extent of the vulnerability discovered. QuickSwap will pay a maximum of $100,000 for any and all bug bounties.
We will release a form for reporting bugs when the V3 beta launches.
Will the House of the Dragon Rule Polygon?
With our V3 launch in addition to the other new features we’ve already begun to implement as we build out QuickSwap’s DragonFi Ecosystem, we hope to claw back some of the volume lost to our competitors. Implementing Algebra’s advanced V3 concentrated liquidity model is the biggest upgrade QuickSwap has ever seen.
We hope you’ll join us for this next leap forward and share our enthusiasm for QuickSwap’s epic and supreme reign on Polygon.