For months, tremendous hype has been building up for Polygon’s scheduled go-live date of the zkEVM mainnet beta on Monday, March 27, 2023. They’ve deployed a series of testnets, audits, and other key measures for zkEVM throughout 2022 to prepare for this launch, and the moment is finally here.
Polygon’s zkEVM is set to be a game-changer — the gold standard if you will — in EVM equivalence and Ethereum scaling. This technology is based on zero-knowledge proofs to allow developers to easily and seamlessly deploy Ethereum-based smart contracts for exponentially high scalability, minuscule fees, increased security, and more.
QuickSwap would like to ask the community to vote on whether we should launch QuickSwap on zkEVM mainnet beta and any future iterations — to quickly move this initiative along, we will conduct the governance discussion alongside the governance vote. The governance discussion will begin immediately (March 24th, 2023). The snapshot for the vote will begin approximately 10 hours after the discussion (10:30am EST, March 25th, 2023). The vote will conclude 48 hours after it begins at 10:30am EST, March 27th, 2023.
TL;DR:
- Polygon is launching their flagship zkEVM mainnet beta on Monday, March 27, 2023
- Polygon’s zkEVM technology drastically improves Ethereum scalability by bundling large batches of transactions and “proving” them to the Ethereum layer-1 network, boasting far higher efficiency, speeds, and throughput while drastically lowering fees
- We are asking our community to vote on if QuickSwap can launch on the zkEVM mainnet beta and any future developments/iterations, allowing our DEX to tap into this revolutionary ZK rollup technology and join Polygon and other ecosystem participants on the path to driving mass adoption for this newfound infrastructure
- We value your input, which is why we’re introducing this discussion before conducting a vote. The governance discussion will begin approximately 12 hours before the vote and run alongside the vote for its duration
- The snapshot will take place at 10:30am EST, March 25th, 2023. The vote will begin immediately after the snapshot and will run until 10:30am EST, March 27th, 2023
- Please read carefully through this document before forming an opinion
- Once you’ve read the full blog, visit our Reddit Discussion Forum to ask any questions and chat with the team and community:
https://www.reddit.com/r/QuickSwap/comments/121a318/governance_discussion_vote_should_we_launch/
What is zkEVM & Why is it Important?
Polygon’s zkEVM marks a huge technological leap in Ethereum scalability and brings Web3 adoption worldwide. By leveraging Zk rollup technology, transaction verification is moved off-chain into batches to be settled on Ethereum, verifying data in a highly secure manner. The key here is that it doesn’t reveal any information about the data or what’s contained within it, maintaining privacy in the name of decentralisation.
This zk-based scaling solution is a layer-2 protocol that rolls up large batches of transactions and proves them all to the Ethereum layer-1 network within a single ZK validity proof. Proof times for a batch bundled with hundreds of transactions, for example, are completed in around 2 minutes and are expected to have even higher throughput down the line. Polygon’s zkEVM technology can also generate proofs in parallel, meaning higher throughput and layer-1 transaction settlement at extremely high speeds.
When it comes to costs for transaction proofs, it’s estimated the fees will be around $0.06 and less than $0.001 for transfers, making it accessible to the majority of users and much more user-friendly.
Best of all, Polygon’s zkEVM is completely open-source and permissionless, so anyone can access and use the code. It’s everything people love on Ethereum, just better, faster, and more cost-efficient.
Implications for QuickSwap
Our team is excited about the launch of Polygon’s zkEVM mainnet beta and is in favor of launching zkEVM on QuickSwap. Polygon is becoming one of the first big movers in this space and sparking adoption, and QuickSwap wants to be a part of this wave and technological advancement.
If this vote is passed, users will be able to access zkEVM technology and everything it has to offer directly through QuickSwap.
Higher scalability and security, more privacy, lower fees, fast speeds, and more — all within your favorite DragonFi ecosystem.
With that being said, it’s up to our dragon community to vote and decide if you want to launch QuickSwap on zkEVM! Make sure to read the details on how to vote below so you can get involved.
Voting Eligibility
All governance decisions are important, and we want as many QUICK holders as possible to have a say. To do this, you must make sure you’re eligible to vote. 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 at 10:30am EST, March 25th, 2023.
To be clear: Only New QUICK holders will be eligible to vote.
You are eligible to vote if you meet any of the following criteria:
- You hold New QUICK in a MetaMask Wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your New QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
- You deposited your New QUICK into the Dragon’s Lair and are now holding dQUICK in its place while you accumulate more New QUICK.
- You deposited your New QUICK into a Dragon’s Syrup Pool and are farming other tokens with it.
- You are providing liquidity for any New QUICK pairs on QuickSwap’s V3
You are not eligible to vote if:
- You hold Old $QUICK
- You hold New $QUICK on a centralised exchange wallet to which you do not hold the private keys
- You hold New $QUICK in a self-custodial wallet (like MetaMask), but you keep that $QUICK on Ethereum, BSC, or any network other than Polygon
- You are providing liquidity for an Old $QUICK pair on QuickSwap, a New $QUICK pair on QuickSwap’s V2, or for any $QUICK pair on another DEX.
- You have deposited your $QUICK or $dQUICK in a vault outside QuickSwap to lend or borrow
Timeline
Because of the time-sensitive nature of this decision, we are moving much faster than we typically do. The governance discussion will begin immediately on Friday, March 24th, 2023. The vote will begin approximately 12 hours later and run simultaneously with the discussion. The snapshot will take place at 10:30am EST, March 25th, 2023. The vote will begin immediately after the snapshot and run for 48 hours. Eligible QUICK holders will have the opportunity to cast their votes from 10:30am EST, March 25th, 2023–10:30am EST, March 27th, 2023.
How to Vote
- Visit https://snapshot.org/#/quickvote.eth after the snapshot at 10:30am EST, March 25th, 2023
- Connect your MetaMask Wallet (or other Polygon-compatible, self-custodial wallet)
- Make sure you’re connected to the Matic Mainnet
- The combined weight of New $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
3. Select the open proposal titled, “Should We Launch QuickSwap on zkEVM?”
4. Click on the option you prefer
- Yes
- More discussion needed
- No
5. Confirm your selection in your wallet
We invite you to come and discuss this matter openly in any of our online forums, but with particular emphasis on our Reddit discussion board. Ensuring that our DEX thrives has always been our highest ambition, and we know that we can’t do that without the support of valued community members — like you! So come let us know what you’re thinking anytime.