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Friday, August 12, 2022

QuickSwap Has Seen Its Price Spike By 50%

One decentralized exchange that has been taking major strides towards joining the gap between CeFi and DeFi has been QuickSwap, the top-ranked DEX on the network of Polygon.

As it stands, Decentralized finance– and more appropriately- the control it provides users with has been one of the most applicable sectors of the entire cryptocurrency ecosystem, but the general public has been still quite hesitant to interact with most of the products of DeFi due to the steep curve of learning and the major possibility of losing funds. 

QuickSwap has quite a few tricks up its sleeve

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According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that the price of QuickSwap went through quite a rapid increase of 50% in value from $166.40 on the 31st of January to a daily high of around $250 on the 1st of February after its 24-hour trading volume saw a surge of 168%.

There have been quite a few reasons behind this rapid bounce of this decentralized exchange which definitely includes the announcement of a partnership with Celsius, the addition of new liquidity pools which have a high yield, and the launch of stable pools. 

One of the most significant developments that QuickSwap has gone through is the announcement that DEX partnered with CelsiusX, the DeFi arm of the Celsius banking and financial services platform that is quite focused on the integration of CeFi and DeFi.

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Partnering with the decentralized exchange also allows one for the creation of wrapped versions of popular tokens similar to Dogecoin and Cardano, which currently do not have any major presence on Polygon, along with well-funded liquidity pools for the same assets- so that bots, users, and institutions would have easy access to the same. 

A second factor that has definitely helped in bolstering the momentum and price of QuickSwap has been the launch of quite a few new liquidity and syrup pools. This could definitely be seen as a bullish sign when one considers that a handful of the projects were integrated into the network of Polygon back in January.

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