- QuickSwap is expanding its scope of services with a new scalability model.
- In the first expansion pack, QuickSwap gained a portal to Flare.
- The extension model promises functional and financial benefits to users.
Expansion can happen in a number of ways in a business, such as opening a new store or launching a new product. Regardless of the method used, the goal is usually the same: to reach new customers while generating more revenue for the business.
Scaling is a natural progression for any business, but it can be difficult for Web3 businesses. Scaling can sometimes lead to losing key customers due to tribal tendencies. However, QuickSwap, a leading Polygon DeFi hub, appears to be changing the narrative.
In September 2023, the team expanded from Polygon to Cosmos via Kinetix Finance. QuickSwap expanded to data-centric EVM-compatible Layer 1 Flare as part of a new scaling model that promises significant benefits to community members.
QuickSwap’s Friendly Forks model is here.
QuickSwap aims to expand its influence with a “friendly fork model.”
Unveiled on July 10, the model creates a system where projects on other chains can fork QuickSwap’s code and benefit from QuickSwap’s experience, connections, and community in exchange for providing certain concessions to QuickSwap users.
QuickSwap’s friendly fork model, which received overwhelming support for the initiative in a community vote, has now gone live with the launch of SparkDEX on Flare, opening a portal between the leading Polygon decentralized exchange and the $870 million EVM-compatible ecosystem.
In a July 12 statement, SparkDEX, which is billed as the first QuickSwap-friendly fork, combines QuickSwap’s technology with Flare’s data oracle protocol to provide users with a seamless and secure automated market maker (AMM) and perpetual exchange trading experience, free of first-mover and false liquidation exploits. SparkDEX also said users will be able to trade digital assets, commodities, and forex with up to 100x leverage.
What the SparkDEX Flare Launch Means for QuickSwap Users
Like Kinetix, which allocated tokens for QuickSwap users, SparkDEX has also committed to allocating 2% of its token supply to QuickSwap. These tokens have not yet been launched and details on how they will be distributed have not been released, but QuickSwap has stated that 50% of the allocation will be used to reward QUICK stakers, while the remaining 50% will go to the QuickSwap Foundation.
In addition to the short-term financial incentive, QuickSwap said it expects the community interaction with SparkDEX to enhance the growth and liquidity of both exchanges, which will benefit users by providing a fast and seamless trading experience.
On the other side
- SparkDEX tokens have not yet been launched.
- sugar Defi Rama data At the time of writing, SparkDEX’s TVL was just $165,000.
Why this matters
The QuickSwap friendly fork model allows QuickSwap users and QUICK holders to receive token allocations from multiple projects, making it more attractive for people to interact with the exchange and hold QUICK. This increases trading volume on the exchange, which in turn increases demand for QUICK, which can drive the price higher.
For more information about QuickSwap, read:
How QuickSwap’s Falkor Revolutionizes Perps Trading on Polygon
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