Beefy x Quickswap AMA — Recap

This post was originally published on Beefy Finance

Beefy x Quickswap AMA — Recap

This is a recap from the AMA that Beefy hosted on Beefy’s Telegram group the 03 June.

QuickSwap’s devs and marketing team answered some questions from Beefy’s team and users. Thank you Sameep and Dave for taking the time to chat with Mooncow.

At the AMA 15 people from the Cowmoonity got rewarded with prizes including $BIFI, $QUICK, and our rare 5 of 5 “100M TVL Polygon Milestone” NFT.

If you don’t wanna miss more prizes like this, make sure you join our Telegram group for future events.

But now, here’s the AMA.

QuickSwap AMA 03.06.2021

Mooncow

So can you tell the Cowmoonity a little bit about Quickswap and Polygon, the chain you are built upon.

biswap

Dave

We are a decentralized exchange built on the Polygon network. We have over $1B in liquidity TVL on our exchange. At the moment, we have over 198 trading pairs and also average hundreds of thousands in transactions daily.

Mooncow

Why did you choose to build on Polygon, which most people know used to be called Matic?

Sameep

The entire purpose of building QuickSwap was to provide an ecosystem where users can trade for smaller amounts of $5-$10 as well. And it wasn’t possible to achieve this on Ethereum because of increasing gas prices and ETH prices.

Dave

Quickswap was and still is a community based team. We work with every chain wanting to bridge and support Polygon. We are an inclusive DEX.

Mooncow

Apart from Beefy, which we will get to, what are some of the important partnerships you have been building in the Polygon ecosystem?

Dave

We just created a massive partnership with Iron Finance. The $QUICK rewards for these liquidity pools and marketing campaign are among the largest we have ever done.

Mooncow

Yes, those farms are looking pretty tasty already as Beefy vaults

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Our devs move quicker than I can type…

Dave

Our vault partnership with Beefy has also been a great addtion to our success.

Mooncow

Can you tell us about the wallets that work well for polygon defi? Or that you think will end up being good choices. Our Beefy users are used to Trust Wallet on mobile and it doesn’t support Polygon yet.

Sameep

Right now its Metamask, Arkane, imToken, Fortmatic, portis, walletconnect. You can find the comprehensive list of wallets supported by Polygon ecosystem in this link.

Mooncow

What was is it that made it an easy yes for your dragon to shake hands with our cow?

Dave

I found you guys and realized that Beefy was the right fit for QuickSwap. It was a natural partnership. We choose to work with innovators. You guys are at the cutting edge.

Sameep

We really believe in community. I personally think that DeFi’s success is largely dependent on the community. And you guys have an awesome community like us. Also, your vaults and associated marketing are tier one.

Mooncow

What makes QuickSwap different to other AMMs?

Sameep

Low transaction fees, faster transactions, the Dragon’s lair, QUICK Tokenomics (I think its one of the best in the industry), and our liquidity mining is also one of the very unique ones. And the community- We have the best one 🙂

Mooncow

What is the Dragon’s Lair?

Sameep

Its a feature where users can stake their QUICK Tokens to earn more QUICK

Mooncow

What’s on the Quickswap Roadmap? Anything interesting to share with the Cowmoonity?

Sameep

The first and the most important thing on our roadmap is to improve the UX. We don’t want to improve the UX of just QuickSwap but of the entire DEX and AMM ecosystem. We want to set an example of how AMMs should work. We are already working on it.

Apart from that we are also planning on the v2 of QuickSwap. I will not disclose the details as of now. But that’s something that we are working on.

3 Questions from the Cowmoonity

Thor:

Does Quick Swap have a partnership that will go to the future, then partnerships with whom it will achieve and the $QUICK token is there a prize for the token holder is there an airdrop or a bounty?

Dave: Our latest partnership is with Iron Finance. Together, we are providing over $400K in daily rewards! This partnership just started today.

Thor: QuickSwap has eliminated many of the entry barriers of the DEXes, however many users are limited due to not knowing how to use and configure its parameters. Do you plan to teach users through tutorials or guides?

Dave: We are working on tutorials and guides, but the main way to onboard to the DEX is to teach them how to use Polygon. Polygon is one of our advisors and we are helping educate through regional telegram channels. We have already setup 8 channels to pring to other parts of the world. We have admins that are trained in polygon and QUICK to share these things.

The: What is the most ambitious goal of projects? What is the ultimate vision that your project is trying to achieve within the cryptocurrencies market?

Sameep: The most ambitious goal of the project is to become the number #1 DEX. But not only #1 in terms of TVL or Volume but user experience. We started to improve UX and its still #1 priority for us.

We achieved phase 1 of it i.e. to provide users with an ecosystem to trade with negligible fee and instant finality.

Now we are working on phase 2 of it which is re-designing our UI and changing the way users interact with AMMs

Wilny:

Many problems surround the Swap/DEX as it is very exclusive such as slippage, rugpulls, fees, Smart Contract security, slow network and affecting the real safety of users. How does Quickswap and solve these typical problems, especially for the new technological generations?

Sameep: Its a very excellent question. I think everyone wants to hear the answer to this one. And I am more than happy to answer it.

I will try to answer it in points:

1. Slippage- Its one of the most important aspect of the DeFi and AMM ecosystem. If any AMM has higher slippage then its not useful. One of the most important aim our rewards structure and partnership is to generate more liquidity on the platform and reduce the slippage. That’s why we have rewards program running for 83 different pairs. We want users to be able to trade on any token

2. Rug Pull- QuickSwap has no admin keys to change any core parameter of the platform. We do not have any access to any user funds at all. Neither we can have any such access in the future. Our smart contracts are an exact clone of UniswapV2

3. Fees- We have a 0.3% trading fee on each trade. Out of that 0.25% goes the Liquidity provider, 0.04% goes to the Dragon’s lair and 0.01% goes to the QuickSwap foundation wallet. Apart from this there is no other fee in the platform

4. Smart Contract Security- As I have said before our smart contracts are an exact clone of UniswapV2’s smart contracts. Uni’s smart contracts were audited by multiple renowned auditors and have been battle tested as well. So we have inherited the same security model. But we still in the process of doing an independent audit and the results should be out soon

5. Slow Network- Being deployed on polygon I think this will never be an issue for us. Block time is 2 seconds on polygon 🙂

Mooncow: That was a lot of information and hopefully entertaining to the cowmoonity

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Beefy x Quickswap AMA — Recap was originally published in Beefy Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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