Polygon Grants QuickSwap $1 Million in $MATIC for Dual-Farming of Select Crypto Pairs

This grant is intended to boost the adoption of QuickSwap and Polygon

NEW YORK CITY, NY / ACCESSWIRE / September 24, 2021 / Polygon has just granted QuickSwap, the leading DEX on the Polygon Network, a $1 million grant to boost adoption and liquidity. This official support from the Polygon team is a major milestone for the up and coming DEX.

The grant will be used to incentivize dual-farming of select crypto pairs, including:

  • MATIC-ETH
  • MATIC-USDC
  • MATIC-USDT
  • MATIC-QUICK

Over time, QuickSwap will provide multiples more than the $1 million $MATIC grant from Polygon in $QUICK as rewards for each pair. In April, Polygon supported Aave with a liquidity mining grant to bolster adoption of both the lending/borrowing platform and Polygon itself. It worked! Aave and Polygon both gained billions in TVL. These dual-farming rewards are intended to have a similar effect - boosting total value locked (TVL) as well as propelling adoption of both QuickSwap and Polygon.

QuickSwap provides faster and cheaper transactions than Ethereum layer 1, allowing users to trade ERC-20 assets with near-zero gas costs. QuickSwap's native governance token, QUICK, can be used to create and vote on proposals governing QuickSwap and can be staked to earn a portion of the DEXs overall trading fees. With QuickSwap's new "Dragon's Syrup", QUICK stakers use their staked representative token dQUICK to farm extra rewards and earn up to an incredible 90%+ APR with no impermanent loss risk.

In exchange for users providing liquidity to facilitate token swaps, QuickSwap rewards them with a portion of the 0.3% transaction fee the DEX collects for each swap. 0.25% of that fee is paid to liquidity providers. Out of remaining 0.05%, 0.04% is used to reward QUICK stakers and 0.01% is added to QuickSwap's treasury to ensure that it is healthy enough to fund QuickSwap's continued development. As of last month, traders could buy and sell QUICK on Coinbase Pro, Binance, and Crypto.com among many other centralized and decentralized exchanges.

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its native token, MATIC, is used for staking, governance, and gas fees via a Proof-of-Stake (PoS) consensus mechanism. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon's scaling solutions have seen widespread adoption with 500+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and ~$8B in assets secured.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon's fast and secure txns for your Dapp, get started here.

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Press Contact: jennifer@energentmedia.net

SOURCE: QuickSwap



View source version on accesswire.com:
https://www.accesswire.com/665484/Polygon-Grants-QuickSwap-1-Million-in-MATIC-for-Dual-Farming-of-Select-Crypto-Pairs

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