QuickSwap is introducing the first phase in our governance vote about whether or not we should do a token split to make $QUICK — our native governance and utility token — more appealing.
TL;DR:
- This vote was originally scheduled for March 10–15. It was rescheduled and will now take place from March 12-March 17.
- Last week, we opened a discussion forum about the possibility of doing a token split to redenominate QUICK’s total supply
- If approved, this would mean that QUICK’s maximum supply would increase, but every QUICK holder would receive an equivalent amount of xQUICK, relative to the supply increase the community agrees upon
- We believe that redenominating QUICK and thus making the price per unit lower, will make the asset more appealing to those who are impacted by unit bias
- After much debate, it seems as though much of our community is now on board with the idea of a split, though we haven’t yet reached consensus on whether a 1-100 split or 1-1000 split is best
- Thus, we would like to introduce governance votes in two phases
First, we will vote on whether or not we should do a split at all
If the first vote passes, we will then vote on whether we should do a 1:100 split or a 1:1000 split
- The snapshot for the first vote will take place on Saturday, March 12th
- The vote will begin immediately after the snapshot and will run until Thursday, March 17th
- If the vote passes, we will announce further details about the next phase of voting
- Details about the proposal, voting eligibility, and how to participate in QuickSwap’s upcoming governance vote follow
To Split or Not to Split? That is the Question
We want to be very clear that this vote is only about whether or not QUICK should be redenominated. If this governance proposal passes, we will then vote on whether we should do a 1:100 redenomination or a 1:1000 redenomination.
We believe that QUICK would benefit from a token split because this would bring our supply more in line with other DEX tokens, to which many compare QUICK.
For example:
The final column in the above chart illustrates the vast divergence between QUICK’s max supply (1 million) and other DEX tokens’ max supply (ranging from 13.67 million to 19.9 billion with a mode of 1 billion). For more detailed analytics about why we believe $QUICK and all $QUICK holders would benefit from a token split, please review this Twitter thread.
How the Split Would Work
If this governance proposal passes, the next phase would be to introduce another governance proposal in which $QUICK holders would vote on whether we should increase the supply from 1 million to 100 million or from 1 million to 1 billion.
This wouldn’t dilute anyone’s current QUICK position. If we increased the supply by 100x, a QUICK holder who currently owns 1 QUICK would own 100 xQUICK after going through the conversion contract. If we increased the supply by 1000x, a QUICK holder who owns 1 QUICK now would own 1000 xQUICK after the split.
At the time of writing, 1 QUICK = $155.54.
After the split:
1:100
100 xQUICK = 1 QUICK, $155.54
1 xQUICK = ~$1.56
1:1000
1000 xQUICK = 1 QUICK, $155.54
1xQUICK = ~$0.16
Each token holder would retain the value they held at the time of the split and the percent of QUICK’s max supply. All a split would do is increase the total number of units, thereby decreasing the price per unit.
One more thing…
The QuickSwap team fervently supports this change because after conducting extensive market research, we believe this change will help facilitate further integrations and attract new buyers who are currently put off by QUICK’s high price per unit.
As Dragon Master CryptoRocky put it,
“This proposal has very few real negatives or reasons not to be done. I understand many want the team to focus on other things, but those things are going to happen regardless of this split. If this split DOES work out like we think it might, it could strengthen the treasury (which is owned by all of you the community, it could increase reward value, which can increase liquidity and indirectly volume etc, and most importantly, it can bring new users! Please think hard about this. We believe this will be a big benefit to everyone with very little downside risk.”
For a more detailed understanding of how this proposed change to our token supply would work, please refer to the discussion forum on this topic, which can be found here: https://www.reddit.com/r/QuickSwap/comments/t4bck5/governance_proposal_temperature_check_token_split/
Eligibility
We believe this is the most important governance decision we’ve made yet, so we would love for all QUICK holders to participate in this vote; however, some QUICK holders aren’t currently eligible. To be qualified to vote, your QUICK must be held on the Polygon Network in a self-custodial wallet by the time of the snapshot on Saturday, March 12th.
To be clear:
You are eligible to vote if you meet any of the following conditions:
- You hold QUICK in a MetaMask Wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
- You deposited your QUICK into the Dragon’s Lair and are now holding dQUICK in its place while you accumulate more QUICK.
- You deposited your QUICK into the Dragon’s Lair and then deposited your dQUICK into one of our Dragon’s Syrup pools that is still running on the old model.
- You deposited your QUICK into a Dragon’s Syrup pool and are farming other tokens with it.
- You are providing liquidity for select QUICK pairs on QuickSwap and have staked your LP so you’re earning trading fees and dQUICK rewards. Select pairs include
MATIC-QUICK
TEL-QUICK
ETH-QUICK
USDC-QUICK
GENESIS-QUICK
START-QUICK
You are not eligible to vote if:
- You hold QUICK on a centralised exchange wallet (such as Binance, Coinbase, Crypto.com, etc) to which you do not hold the private keys.
- You hold QUICK in a self-custodial wallet (like MetaMask), but you hold that QUICK on Ethereum, BSC, or any network other than Polygon.
- You are providing liquidity for a QUICK pair not mentioned above on QuickSwap or for any QUICK pair on another DEX. (To be clear only the QUICK you are using to LP for pairs not mentioned above will be excluded from the snapshot. If you also hold QUICK that you are not using to LP with, you will be eligible to vote with that).
Timeline
The snapshot will take place on Saturday, March 12th, 2022. The vote will begin immediately after and will run for 5 days. Eligible QUICK holders will have the opportunity to cast their votes from Saturday, March 12th — Thursday, March 17th.
If this vote passes, we will then release details about the timeline for the next phase of the voting process.
Roar Dragons, Roar!
If we learned only one thing from the level of enthusiasm in our Reddit discussion forum, it’s that dragons breathe fire! This is the most important governance decision we’ve made yet, so we really want to hear the opinions of every QuickSwap community member.
To visit that forum and learn more about this proposed token split, click here: https://www.reddit.com/r/QuickSwap/comments/t4bck5/governance_proposal_temperature_check_token_split/
Once you’ve read through the proposal and the discussion that surrounds it, we invite you to vote.
To participate in the vote:
- Visit https://snapshot.org/#/quickvote.eth (after the snapshot on Saturday, March 12th)
- Connect your MetaMask Wallet (or other Polygon-compatible, self-custodial wallet)
- Make sure you’re connected to the Matic Mainnet
- The combined $QUICK and $dQUICK in your wallet at the time of the snapshot will dictate the weight of your vote
- $QUICK staked in select liquidity pools will also be counted in the weight of your vote
- $dQUICK staked in Dragon’s Syrup pools will also be counted in the weight of your vote
3. Select the open proposal titled, “Should QuickSwap do a token split to make $QUICK more appealing?”
4. Click on the option you prefer
5. Confirm your selection in your wallet
Which way to vote?
At QuickSwap, we encourage all voters to get educated and vote their conscience. While the team supports the idea of a token split, you don’t have to agree with us. In any case, we invite you to come discuss the topic openly in any of our online forums. At QuickSwap, our primary goal is to ensure that our DEX not only survives but thrives, and we know we can’t do that without valued community members, like you. Come let us know what you’re thinking anytime.
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By QuickSwap Official on March 8, 2022.
Exported from Medium on May 2, 2023.