When we want to exchange crypto on a centralized exchange, the exchange acts as the middleman between the buyer and seller. On a decentralized exchange such as QuickSwap, there’s no middleman required. Impermanent loss is a possible risk for anyone who provides liquidity to a liquidity pool. If the price of the tokens changes relative to when you add them, you’ll end up with less dollar value when you withdraw. The loss is impermanent as it’s only realized once you remove your funds from the liquidity pool.
If you have MATIC token on the Ethereum blockchain, you can also move it from Ethereum to Polygon using the Polygon Web Wallet. If the MATIC network withdrawal is suspended, you should wait for it to be resumed as you need MATIC on its main network (Polygon) to trade on QuickSwap. QuickSwap is a Polygon DEX and Automated Market Maker (AMM) copied from UniSwap—letting you trade cryptocurrencies without KYC. Your old $QUICK tokens are now converted to new $QUICK tokens. To know how to add the Polygon blockchain to your MetaMask click here.
How to stake QUICK token?
All the content in this article is purely for educational purposes and does NOT provide any financial advice. If you have enjoyed this guide, please let me know in the comments and consider following. Once your wallet has been connected, it will direct you to the swap page.
After copying your MetaMask address, log in to your Binance account and go to the ”fiat and spot” page and click the withdraw button. To send MATIC from Binance to your MetaMask wallet, first click the address on your MetaMask account to copy it to the clipboard. On the exchange, click the ”connect to a wallet” button and then choose MetaMask. The standardized performance presented herein has been calculated by MoneyMade based on data obtained from the third-party platform hosting the investment and is subject to change.
When you make a swap on QuickSwap, you’ll be charged a 0.30% flat trading fee regardless of your trade size and the pair. To add custom token on MetaMask, click the ”add token” button on MetaMask and then enter the contract address of the token that you want to add to your MetaMask wallet. To open a Binance account with a 20% fee discount and learn how to set up 2FA and verify your identity, check out our Binance account opening tutorial. Your $QUICK tokens have now been staked and are earning yield. In this guide to QuickSwap, I will be using the MetaMask wallet. Since QuickSwap is built on the Polygon blockchain, your MetaMask should be connected to the Polygon blockchain.
This yield is variable as it depends on the supply and demand of the underlying tokens. You can also stake your dQUICK tokens in any of Dragon’s Syrup pools and earn different tokens in addition to your QUICK earnings. Besides, there are transaction fees you need to pay when approving a token and making a swap on QuickSwap, which are extremely low thanks to Polygon.
Binance Account Opening, Binance Registration Process
Just like Uniswap, there is a 0.3% fee on any swap made using a liquidity pool. You can claim earned transaction fees at any time and even reinvest them. You will receive fees equal to your proportion of the overall liquidity. Those who want to stake QUICK but don’t want to earn in-kind rewards can also stake their QUICK tokens in syrup pools. Dragon’s Syrup enables investors to stake QUICK in exchange for small-cap altcoins belonging to emerging crypto projects.
- To add custom token on MetaMask, click the ”add token” button on MetaMask and then enter the contract address of the token that you want to add to your MetaMask wallet.
- You can also check your address on PolygonScan and view all the transactions you’ve done and your MATIC and token balances.
- But, for tokens on the Polygon network, you may need to add custom token to see them on your MetaMask wallet.
- So withdrawing MATIC from Binance or KuCoin via the MATIC (Polygon) network could be a better choice in terms of fees.
- With QuickSwap, as specified above, users can earn additional rewards in the form of $QUICK tokens for staking their LP tokens.
QuickSwap uses the QUICK crypto as its native governance token. QUICK can be staked to earn a portion of the fees from trades conducted on the exchange. QUICK stakers automatically receive the dQUICK (Dragon’s Quick) token, which is a liquid staking token representing staked QUICK. QUICK stakers receive a certain number of dQUICK tokens based on the variable conversion rate of QUICK-dQUICK at the time it’s initially staked. Users can provide liquidity to the QuickSwap DEX through the “Pool” section.
Binance Futures Referral Code 2023 Binance Futures Referral ID
After clicking the add liquidity button, select the token pair and enter the amount for one of the tokens. To make a swap or stake your QUICK tokens on QuickSwap, you will need MATIC coins in your wallet to pay for transaction fees. Before adding liquidity to QuickSwap, first click ”LP Mining” under the farms menu to check which pools are included in the farming program. Swapping is exchanging (trading) one asset for the other without the need for an intermediary.
In the Dragon’s lair section, users can earn a good yield in the form of $QUICK tokens by staking their $QUICK tokens. In the pool section, you will receive LP tokens as proof that you have added liquidity to the protocol. MetaMask is a Web3 crypto wallet that enables users to store, send, receive, buy and swap their crypto assets in a secure and decentralized way. If you want to move tokens from Polygon to Ethereum, switch to MATIC network in your MetaMask wallet and then connect your wallet to the Polygon Web Wallet.
But, to move MATIC and other tokens from Ethereum to Polygon, you need to pay transaction fees which could be very high most of the time. You can move your tokens from Ethereum to Polygon and trade on QuickSwap with very low transaction fees and at fast speeds. Both QUICK and dQUICK are used for voting on governance proposals to make changes to the QuickSwap protocol. Enabling governance with dQUICK incentivizes long-term active participation of QuickSwap stakeholders in the protocol. What if you don’t have assets on Polygon and don’t want to bridge your cryptos over from another blockchain? The “Buy” section of QuickSwap enables anyone to buy crypto with their credit card and have it deposited directly into their Polygon wallet.
What Is QuickSwap and How Does It Work?
Preview the transaction in the pop-up window and confirm the request in your wallet. Make sure you’re on the [Swap] tab to start exchanging tokens.
The QuickSwap app’s interface feels almost identical to other popular DEXs, but one way the platform differentiates itself is by having built-in yield farming features. Liquidity providers choose QuickSwap not only because it offers several avenues for maximizing yield on a single DeFi platform, but also because of its bustling community. To add liquidity, you are required to add liquidity for two tokens. The amount of these two tokens is required to be in a weightage. For example, if you are adding liquidity for the USDC/USDT pair, you are required to add equal amounts of USDT and USDC since they are of the same price i.e. $1. Also, you can participate in farming by staking your LP tokens and earn QUICK tokens in addition to trading fees.
You can also check your address on PolygonScan and view all the transactions you’ve done and your MATIC and token balances. Let’s say you have WETH on the Polygon network and want to swap it to MATIC. First visit QuickSwap and connect your wallet to the platform.
QuickSwap is the second largest decentralized application on the Polygon blockchain having ~$250m of assets in TVL (Total Value Locked). QuickSwap offers features such as swapping, liquidity, yield farming, and much more. Decentralized Applications (dapps) are applications built on a blockchain. A decentralized application can be of many types such as an NFT marketplace, or a decentralized exchange (DEX).
You’ll be first requested to switch to the Ethereum network via the MetaMask notification. If you have MATIC or any other token on your wallet, you can first swap it to QUICK on QuickSwap. Select ETH in the from field and select MATIC in the ”to” field, and enter the amount of ETH you want to sell. So withdrawing MATIC from Binance or KuCoin via the MATIC (Polygon) network could be a better choice in terms of fees.
Guide to a Decentralized Application – QuickSwap
When you send MATIC coins to your MetaMask wallet, they will automatically appear on your MetaMask wallet if you’ve added the Polygon network to your wallet. Select MATIC (Polygon) coin and enter your MetaMask address, and select MATIC network. After clicking the approve button, click the ”switch network” button and then choose the account that you want to connect to QuickSwap. And then click the approve button on the MetaMask notification to add Matic network (Polygon) to your MetaMask wallet. To add the Polygon network (Matic) to your MetaMask wallet, click the ”Switch to Matic” button on the platform. QuickSwap is a decentralized exchange based on Polygon, a layer 2 scaling solution and an infrastructure for Ethereum.
The value of dQUICK relative to QUICK is gradually going up as the platform accrues trading fees. In other words, dQUICK holders earn a portion of all QuickSwap trading fees until they convert back to QUICK. You can also swap other tokens for QUICK using QuickSwap’s liquidity pools. You can then approve both tokens and click the supply button to add liquidity to the pair.