Thread by @0xRafi

1/ $QUICK @QuickswapDEX. ETH L2 projects are in vogue, so it’s a good time to speak about Quickswap, a Uniswap competitor built on Matic's L2 infrastructure. $QUICK, sitting at ~25M Mcap, is seeing impressive increases in trading volume and liquidity, and for good reason...

2/ To get straight to the point, on Quickswap you have the same AMM Dex experience as on Uniswap or Sushiswap, BUT with 1 second confirmation times, transaction fees that cost a fraction of a cent, and without sacrificing decentralization as you would when using a BSC Dex.

3/ While Quickswap is not the only Uniswap competitor, what is notable here is that Quickswap is starting to see real use, with volume and liquidity increasing fast.

4/
- On Jan 30th Quickswap had $4.9M liquidity with $2.5M trading vol.
- On Feb 17th , after $QUICK got listed on @coingecko and Uniswap, the exchange reached $10.0M liquidity for the first time, with $7M vol.
- Today it is at $19.7M liquidity and $9.5M vol, and rising!

5/ The process of bridging an existing ETH mainnet token to the Matic sidechain is very simple, costs less than half of a Uniswap trade in gas fees (about 70k gwei) and is a one-off process after which you can do as many trades as you want, for basically zero network fees.

6/ As with Uniswap or Sushiswap, on QuickSwap anyone can create new liquidity pools, provide liquidity to existing pools, or trade any ERC-20 token existing on the Matic L2, and liquidity providers will earn a share of the platform fees (0.3% on every trade).

7/ On top of the trading fees, liquidity providers also earn a share of the distribution of the $QUICK governance token, plus any other liquidity mining incentives that other projects may offer in order to bring liquidity to their tokens.

8/ So as we saw happening with SushiSwap last year, we could potentially see liquidity continue to move to Quickswap thanks to the liquidity mining rewards and low fees, but staying there long term for the improved user experience and low transaction fees.

9/ The max supply of $QUICK is 1M tokens, and 96.75% of supply will be distributed to the community:
-90% to liquidity providers on the platform and governance treasury (released over 4 years)
-5% to liq providers for $UNI on QuickSwap
-1% to $MATIC stakers
-1.75% for marketing

10/ The team’s allocation is 3.25% of supply, vested over 546 days. So this is clearly a fair launch, with no token sale, a small allocation for the team with vesting, and 96.75% of supply going to the community and in particular to liquidity providers on the platform.

11/ $QUICK is the governance token for the platform and holders will be able to submit proposals for changes to the protocol, incl. which pools are eligible for $QUICK mining or the allocation of the project’s governance treasury.

12/ Circulating supply is c. 140k, which at current $192 price would put circulating mkt cap at $26.8M. While this corresponds to only 14% of supply, note that the bulk of the supply will be released over a 4yr period, so no risk of sudden increases in supply.

13/ Speaking of trading and prices, note that most of the liquidity for $QUICK is currently on QuickSwap itself (over $5.4M liq) while Uniswap liquidity for the mainnet version of the token is at around $500k.

14/ The team is led by Nick Mudge who, among many contributions to the Ethereum ecosystem, participated in the development the ERC721 NFT token standard, and as an extra stamp of credibility QuickSwap received a grant from the Matic foundation

15/ This is a first look at $QUICK, but i'm sure you'll agree that this is project with a lot of potential.
I'll share more technical details about the project over the coming days.

16/
- Project Introduction: medium.com/@quickswap.lay…
- Guide for transferring tokens between ETHmainnet and Matic L2: medium.com/@quickswap.lay…
- Quickswap analytics: info.quickswap.exchange/home
- Dextools (for Uniswap info): dextools.io/app/uniswap/pa…