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Monday, May 17, 2021

QuickSwap Sees Gains Of 420% With Polygon’s L2 Network Attracting New Liquidity

Opportunities for high yield coupled with low fees briefly pushed QuickSwap’s (QUICK) price over the $1K mark. This comes as the solution for layer-two based on Polygon is being adopted by more blockchain projects.

Recent Progress For QuickSwap

Ethereum’s network is moving along the steady and slow path leading to Ethereum 2.0 with the complete transformation to proof-of-stake. With this, solutions for layer two have proved themselves to be the best answer to the ongoing challenges that come with high network congestion and gas fees.

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As such, one solution based on layer two has come out on top as the best choice for traders and finance projects that are decentralized. This is Polygon. Over the previous week, Polygon’s MATIC token has climbed to new records due to increased activity on its decentralized exchange named QuickSwap (DEX).

Data from TradingView and Cointelegraph Markets shows that it had hit a $0.34 low on 25th April. Following that, MATIC’s price rallied over the three following days to a new record high of $0.897 for 28th April, an increase of 161%.

While Polygon’s rise has been covered very well, the project’s main decentralized exchange QuickSwap has found itself in the shadow of other active exchanges such as SushiSwap and Uniswap. MATIC’s trading volume’s sudden uptick over the previous week has culminated in a massive increase in QUICK’s demand. As such, the price of QUICK increased 420% to an ATH of $977 on 27th April from 25th April’s value of $189. The trading volume of the exchange token reached $18.9M in the period of a day.

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Volume and liquidity on QuickSwap attained new records on 27th April as the volume over 24 hours passed $190M on the decentralized exchange. The total amount of liquidity now stands at more than $287M. 

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