QuickSwap (QUICK)

Comparable to - Robinhood

Simple Explanation - QuickSwap was made to be a fully computerized exchange that allows those with crypto coins to pool their coins together in order to make trades on the Polygon network. The current state requires anyone with coins that want to trade to do so through an exchange that is managed by one entity, that requires all coins be given to them and then traded through a traditional model. This traditional trading model can be thought of as two columns. One column has the buyer, requesting a specific coin, and the other has the seller selling a specific coin. Once the buyer and seller see that they are looking for the same thing they are paired together and ta-da a trade occurs. The problem is that a buyer and seller must wait to be paired together to complete a transaction. Quickswap allows users to pool coins together to create a fund available for exchange that can be done in one simple place without one entity having total control.

A crypto experts explanation - A fully decentralized, open source, exchange using automated liquidity protocol and audited UniSwap code to allow traders to trade coins on the Polygon network, that is also compatible with the Ethereum blockchain. QuickSwap has found popularity due to the speed for trading coins as well as the low fees that are offered by the Polygon Network. QuickSwap is a fork of UniSwap, and the look and feel of the networks are incredibly similar. By using QuickSwap users can bridge ERC20 tokens from Ethereum to Polygon and trade any pair as long as there is a liquidity pool for it. Anyone can start a new pool by providing a token pair which will then earn transaction fees from other users. Users have the ability to trade coins without signing up or completing any 'know your customer' processes. Know your Customer is a process that banks and financial institutions use to gather identity information and contact information from current and potential customers. QuickSwap only requires a wallet to be connected to the platform and for a user to use MATIC to pay for all transaction fees. The Polygon network is known for its quicker transaction times and extremely low fees. By being written on the Polygon network, QuickSwap allows users to benefit from slow transaction times, low fees, and has the ability to trade ETH20 tokens with a simple bridge which allows users to avoid the higher fees of Ethereum. QUICK is an ERC20 token that acts as QuickSwap’s governance token. By owning this token, holders can vote on new developments and platform changes such as fee structures.