nulltx.com
QuickSwap price is up over 56% today, making it the biggest gainer on Crypto.com. With a market cap of $132 million and a 24-hour trading volume of $329 million, QUICK is making waves in the market today. Let’s look at QuickSwap and its token QUICK and see why the price is rising.
What Is QuickSwap?
Launched in October 2020, QuickSwap is a fork of the most popular decentralized exchange on Ethereum, Uniswap. QuickSwap is built on Polygon, a layer-2 scaling solution that reduces trading fees significantly. It’s also the largest decentralized exchange on the Polygon network.
QuickSwap has a similar UI to Uniswap and PancakeSwap, making it easy to use. Users can connect to the exchange via a browser wallet like MetaMask and start trading tokens.
Liquidity pools and Yield farms are available for those interested in making a passive income from decentralized automated market makers like QuickSwap.
Why Is QuickSwap Price Rising?
Today, December 28th, StrongNode announced their Syrup Farm is going live on QuickSwap. Users can now stake dQUICK on Dragon’s Syrup Pool and earn SNE tokens.
Currently, the average APR for Dragon’s pool is 20-30%. Some of the more popular tokens on the pool are ELON, MATIC, TEL, GAMEE, DERC, and more.
The StrongNode farm enables rewards for dQUICK holders and allows them to earn more SNE. Incentivizing users to hold dQUICK is a big reason for QuickSwap’s recent bullish momentum.
Another reason for QuickSwap’s recent price hike could be an overall bullish trend for DeFi platforms. We’ve seen SushiSwap’s price almost double in price over the past week, with a high 24-hour trading volume of over $1 billion.
Even with the 51% increase, QuickSwap is still only trading at 28% of its all-time high when it hit $1,400 in April 2021. Comparing QuickSwap to other DEXs like PancakeSwap and Uniswap, which have market caps in the billions, it’s clear that QuickSwap’s $132 million market cap is relatively undervalued.
QUICK is trading at $394 with a 24-hour trading volume of $325 million at writing. Its market cap is $129 million, with a circulating supply of 327k QUICK.