The previous Matic Network, which gained a lot of notoriety in the cryptocurrency world, has been rebranded as Polygon. The mainnet, a ground-breaking solution for various dApps and layer-2 solutions, was formally launched in May 2021. It is an open-source project that was developed to address the scalability and performance problems the Ethereum blockchain was experiencing. The need for a decentralized infrastructure that enables quicker and less expensive transactions, making it more suitable for decentralized applications (dApps) and decentralized finance (DeFi) use cases, was the primary driving force behind the development of Polygon. One of the most well-liked DeFi use cases for cryptocurrency is decentralized trading on decentralized exchanges (DEX). For a number of reasons, DEX trading has gained popularity among cryptocurrency users. A decentralized exchange, often known as a DEX, is a type of bitcoin exchange that functions independently. This indicates that it doesn't depend on a single entity to manage customer funds and execute trades. It is well-liked among traders for these wonderful factors. They do not have to trust a centralized authority with their money, and they are solely responsible for managing all trades. You may have wondered which DEX debuted first on the Polygon Network. This article explores that to provide information about when DEX first appeared on Polygon.
Decentralized Exchanges on Polygon
DEX have been created on Polygon in a variety of ways. However, QuickSwap was the first decentralized exchange (DEX) created on the Polygon network. A derivative of the well-known Ethereum blockchain DEX Uniswap, QuickSwap was introduced in October 2020. A decentralized exchange (DEX) based on the Ethereum blockchain is called Uniswap. It is intended to make it easier for users to trade Ethereum-based assets and tokens, enabling decentralized and trustless trading. However, QuickSwap makes use of the Polygon network's additional advantages to offer users an incredible
DEX trading experience. Unlike Uniswap, QuickSwap is built on the Polygon blockchain and makes trading of Ethereum-based tokens and assets easier by using the Automated Market Making (AMM) algorithm. Many believe that it will be a top-tier layer-2 DEX and AMM.
QuickSwap - The First DEX on Polygon
The many features of QuickSwap include, but are not limited to, token trading, earning potential, purchasing with fiat, and bill paying. Of all the DEX in the market, Quickswap features one of the best swap integrations. Users can instantly exchange one token for another while paying almost no gas costs. In cryptocurrency, token exchanging is a common practice that frequently consumes expensive gas. With upgrades, QuickSwap now offers inexpensive swaps that are convenient. On top of that, QuickSwap offers consumers a variety of ways to make money. In addition to paying LP Provider fees, you may deposit LP tokens into pools to create liquidity and quickly receive incentives. Users can make money via the Dragon's Lair staking pool. To receive dQUICK and receive your portion of the 0.04% trading fees, stake QUICK. On QuickSwap, purchasing with Fiat and Crypto is similarly simple. Apple Pay, credit cards, bank transfers, and other options are available. Users are also able to pay their bills thanks to QuickSwap's clever technology. With Spritz, you may pay your bills with QuickSwap and cryptocurrency.
In addition to the functionalities listed above, QuickSwap has its own proprietary currency called QUICK token that it uses to control the platform and pay liquidity providers, exactly like other DEXs do. The $QUICK token from QuickSwap is incredibly useful—more useful than the majority of DEX tokens. A reasonable launch token was QUICK. According to this, there was no equivalent of a seed round, private sale, or public sale. In addition, liquidity mining awards, which will be paid out until 2025, were or will be used to distribute 90% of all QUICK to the QuickSwap community. There are several applications for this native, including lending money, yield farming, governance, staking, joining IDOs, and trading.
Conclusion
With its many advantages over Ethereum, Polygon has gained the trust of more cryptocurrency users, which has furthered the growth of projects on the network. On Polygon, decentralized exchanges are an odd product. The first DEX to trade on Polygon was QuickSwap, an Ethereum-based DEX that is also a fork of Uniswap. Better scalability, cheap transaction costs, earning potential, paying with fiat, and a host of QUICK token utility are all benefits of QuickSwap.
