QuickSwap is a set of smart contracts that enable users to buy and sell cryptocurrencies straight from their browser without registering or disclosing any personal information.
QuickSwap is a layer2 (L2) scaling solution for Ethereum that allows people to make cryptocurrency transactions via an online browser without signing in or providing personal data. Quick swap offers a decentralized exchange on Polygon (Matic) Network, allowing anyone to make liquidity provider fees generating a passive income. It provides easy, fast, and less cheap transactions on Ethereum through a set of smart contracts.
QUICK is the name of QuickSwap’s cryptocurrency. It’s simple to purchase and sell on Binance. You can also use QuickSwap’s liquidity pools to exchange other tokens for QUICK.
For QuickSwap trading, the browser-based wallet like MetaMask will send tokens you want to sell to QuickSwap smart contract. A smart contract is nothing but a system program executed by the Ethereum Virtual Machine, abbreviated as EVM. EVM will look for a match to fulfill the token (who is ready to exchange by selling the tokens). Then, it will send the receipts you chose to trade to the wallet only if there is enough liquidity. If the liquidity is not sufficient, it will pop up an error message displaying “Insufficient liquidity for this trade.”
MetaMask is a browser plugin that makes it simpler to access Ethereum’s Dapp ecosystem. It also functions as a wallet for ERC-20 tokens, letting users utilize the wallet to access network-based services.
MetaMask is a browser plugin that functions as an Ethereum wallet and can be installed just like any other plugin. It, like Decrypt, is backed by Ethereum incubator ConsenSys.It allows the user to manage Ether and other ERC-20 currencies and send transactions to any Ethereum address after loading.
Users may spend their currencies in games, stake tokens in gambling apps, and sell them on decentralized exchanges by connecting to Ethereum-based Dapps. It also gives consumers a route into the nascent realm of decentralized finance, or DeFi, by allowing them to use DeFi applications like Compound and PoolTogether.
Polygon (formerly known as MATIC) is an Ethereum-compatible network infrastructure. These blockchains may also communicate with one another, forming a layer 2 ecosystem of blockchains. The Polygon Network, which uses a Proof of Stake consensus technique, is the project’s official sidechain.
The attractiveness of the Polygon Network stems from its quickness as a scaling option and low gas expenses. Transaction fees need to pay MATIC tokens. Developers can fork existing DApps (Decentralized Applications) such as Uniswap onto the side chain since the network is compatible with the Ethereum Virtual Machine. Polygon (formerly known as MATIC) is an Ethereum-compatible network infrastructure. These blockchains may also communicate with one another, forming a layer 2 ecosystem of blockchains.
Polygon networks are known for their quick transaction time and low fees. One huge benefit is trading ERC-20 tokens with a simple bridge and therefore avoiding the high fee of Ethereum. In a nutshell, QuickSwap strikes an excellent mix between Ethereum compatibility, cost-effectiveness, and ease of use.
The Polygon Network, which uses a Proof of Stake agreement technique, is the project’s official sidechain.
The attractiveness of the Polygon Network stems from its quickness as a scaling option and low gas expenses. MATIC tokens need to pay transaction fees. Designers can modify current DApps (Decentralized Applications) such as Uniswap onto the side chain since the network is compatible with the Ethereum Virtual Machine.
Benefits of Quick Swap
Many users use Polygon because of its fast transaction speeds and inexpensive costs. Liquidity providers and swappers benefit from Uniswap’s audited code as well as the benefits of the Polygon Network’s ERC-20 support. One significant advantage is exchanging ERC-20 tokens using a simple bridge rather than Ethereum’s higher fees. As a result, QuickSwap strikes a solid compromise between Ethereum compatibility, the convenience of usage, and cost.
How to use QuickSwap with MetaMask
Step 1: Open the quick swap: exchange, the QuickSwap interface.
Step 2: click the “Connect to a wallet” button on the upper-right edge of the webpage.
Step 3: select MetaMask from the dropdown list.
Step 4: Next step is to select your account and click the Next button.
Step 5: To confirm the account selected, click the Connect button.
Step 6: On the QuickSwap interface, select “Switch to Matic” in the top right corner.
Step 7: Your MetaMask Wallet will open. Select the “Switch Network.”
Step 8: Hurray! Your network of Polygon gets connected with Metamask.
Tips to be noted down:
One has to be careful while handling any cryptocurrency trade platform. Here are a few points that one should be aware of :
- Do not share your 12-word Secret recovery Phrase (SRP) or the private keys with anyone or any website.
- Do not DM with someone who offers help.
- Beware of impersonators. See their trust level 4 to ensure you don’t get into trouble.
- Do not trust someone asking you to “authenticate your wallet.”
- Know that MetaMask Support will never DM to help you.
- Do not join any social media groups for help. MetaMask does not offer support through these platforms.
Frequently Asked Question
How to adjust slippage on quick swap?
By selecting the cog in the top right-hand corner and choosing the degree of slippage, you can alter your slippage tolerance. Double-check the settings to ensure where you want them for practical purchases.
Does quick swap behave as a fork of Uniswap?
QuickSwap is a version of Uniswap that operates on the Polygon network (previously known as the Matic Network), an Ethereum Layer-2 scaling solution.
What method do you use for farming on Quickswap?
Go to quickswap.com and click on the “Pool” option to increase liquidity. Deposit the appropriate funds to join your preferred dual-farming pair and get LP tokens. Then pick “Dual Mining” from the dropdown menu on the “Farms” tab.
QuickSwap is a decentralized exchange that allows you to trade tokens. Unlike Uniswap or another Ethereum network AMM, you may exchange ERC-20 tokens inexpensively and rapidly with a Polygon address and some MATIC tokens. This appealing feature may be available only for a limited time. With the impending release of Ethereum 2.0, QuickSwap may start losing some of its cost and speed competitiveness.