QuickSwap is a Layer 2 Automated Market Marker on Polygon. The platform offers fast transactions at a meager cost. It is a Uniswap fork that offers similar features at a lower price. The platform is compatible with the Ethereum network and supports a swap of ERC-20 tokens.
Users can use the QuickSwap platform to swap tokens, add Liquidity into the liquidity pools, farming, buy assets using Bank Accounts and native currencies, and place a limit order. The platform has a native token named $QUICK.
Therefore, In this article, we will explain how you can buy $QUICK and use the features supported by the platform.
The $QUICK Token
It is an ERC-20 token and is used as a governance token of the QuickSwap platform. You can get the $QUICK Token from many powerful platforms like Binance, Coinbase exchange, etc. Check the complete list of supported platforms here.
The $MATIC Token
The $MATIC Token is the native Token of the Polygon network. It is used for trading and paying network fees. You can get the $MATIC Token from the below platforms. Check the list of platforms from where you can get the MATIC tokens.
Matic Network Setup
Users are required to set up the Matic network in their Metamask wallet. If you do not have the network details in your Metamask wallet, then you can use the below details to add the MATIC network.
To add the MATIC network, go to Settings-> Add Network and fill in the following details.
- Network Name: Polygon
- New RPC URL: https://polygon-rpc.com OR https://rpc-mainnet.matic.network OR https://rpc-mainnet.maticvigil.com OR https://rpc-mainnet.matic.quiknode.prow
- ChainID: 137
- Symbol: MATIC
- Block Explorer URL: https://polygonscan.com/
QuickSwap Platform Guide
To use QuickSwap, we give you a step-by-step guide:
Step 1: Connect Wallet
The QuickSwap platform allows you to connect with the below wallet types:
- Coinbase Wallet
Matic in Binance
Note: To use the QuickSwap platform, users need to hold $MATIC in their Metamask wallet (Polygon network). For this exercise, we already have some $MATIC in our Binance exchange account that we will transfer to our Metamask.
We have transferred the Matic token to our Metamask wallet.
Step 2: Swap
Using the Swap function, you can convert one Token into another. The QuickSwap platform supports a huge number of tokens that you can convert to.
To swap, first, you need to select the input and the output token. Then, you need to enter the amount of input token that you wish to swap. Therefore, the app will automatically display the amount of output token that you will receive.
After that, you need to “Confirm” the process, and you can see the resultant Token in your Metamask wallet (Polygon network) as soon as the transaction confirms.
Step 3: Limit Order
QuickSwap supports Limit Order to buy and sell tokens. The Limit orders are backed by Gelato, a 3rd party protocol, and the feature is currently in the beta stage. Take utmost care while connecting your wallet and using this function.
The steps are pretty simple. Just select the two assets that you would like to swap. The assets at the top will be used for trade, and the asset below is what you will receive. You can check the open, canceled, and executed orders from the bottom section.
The advantage of the “limit order” feature is that users do not need to be online to book profit. They can set the price at which they wish to buy/sell their assets, and the Gelato bots will monitor and execute your limit orders.
Step 5: Liquidity
Users can add Liquidity into QuickSwap’s liquidity pools. In return, they receive the liquidity pool (LP) pair-token. Also, liquidity providers receive a 0.25% reward from the trading fees against their participating pool.
1) Add Liquidity
To add Liquidity, go to the Pool tab and click on Add Liquidity. Next, the user is required to select the LP token pair. We have some $MATIC and USDT tokens in our wallet that we will use to add Liquidity.
Note: Users are required to add an equal amount of both the tokens that they wish to add into the liquidity pool.
Select your token pair, $MATIC and USDT in this case. Enter the value against one token, and the value of the other Token will get automatically displayed.
Then, users need to Approve the pair first if they are using the token team for the first time for adding Liquidity.
Finally, once approved, you can click on the Supply button. The application will show your % share in the pool. If you are satisfied, then confirm the Supply.
Once the transaction is successful, you will become a liquidity provider in the selected pool. You will be eligible to earn a liquidity fee for every transaction done against the liquidity pool.
You can see your liquidity details now.
2) Remove Liquidity
At any time, users can remove, partially or entirely, their Liquidity from a pool. Once you withdraw, you will receive your tokens and the fee you have earned for the period the tokens were in the pool.
To remove any existing liquidity, click on the Remove button in the Liquidity section. Now, select the Liquidity you want to remove. Next, enter the % of Liquidity that you wish to withdraw, and confirm the process.
Finally, you have to approve the transaction first before actually removing the Token. Once removed, you can see your LP token balance becomes zero, and the associated tokens are reverted to your wallet.
Step 6: Farm
QuickSwap offers different farming tools and methods to deposit their Liquidity Pool tokens to earn an additional income.
1) LP Mining
In the LP Mining section, you will find many different pools to deposit your LP tokens and earn $QUICK.
To find the different pools available under this section, click on LP Mining. It will redirect you to the page where various liquidity farm pools you can participate in will appear.
To do this, you need to go to the Add Liquidity section. Generate LP tokens by depositing the desired tokens. Then, you can come to this section and deposit the generated LP tokens into the Farm pool.
Finally, click on your desired pool to check the details like the total rewards distributed in a day, APY, etc.
2) Dual Mining
As the name implies, the pools under this section offer you double rewards if you deposit your liquidity Provider tokens. Users will earn $QUICK and $MATIC tokens on their deposits.
3) Dragon’s Syrup Pools
In the pools under Dragon’s Syrup, users can deposit their dQUICK tokens to earn various tokens like ELON, MCASH, ALN, WATCH, etc.
Step 7: Buy
Using the Buy option, users can buy crypto assets by using their Bank account and local currency. Transak and MoonPay power this feature. You won’t be able to purchase crypto assets using some currencies like INR, USD, etc.
However, the platform allows you to buy a range of crypto assets like MATIC, USDT, USDC, etc. (see screenshot below).
Moreover, it might be possible that interested users need to undergo a profile verification process for performing this activity.
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