Aloha. Welcome it again, David Tatera here from CryptoTutorials.org. Today, we are going to answer the question. What is QuickSwap? That's right. We're going to look at the Defi exchange on the Matic Polygon network. We're going to look at all the different features and options of it. And then I'm even going to dive in and pick up some of the token and show you guys how to actually use it all.
Warning. I am not a financial advisor and this is not investment advice. Seek a professional One
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What is QuickSwap?
So here is quick swap, I'm going to do a quick tutorial. There's not a lot to it, it's a nice simple, very clean DeFi exchange platform. If you don't know what that means, there is no central authority here. When you buy a share of whatever token you're actually buying from another person who has that share.
You're not buying it from a central authority like you do when you go to Coinbase or Gemini or any of those. This is the main one for the Polygon Network. If you go up here, you've got swap, which is what we're on. That's where you can select different tokens that you may want to swap into. If there's a token you're looking fo that is not on the list, you can always put a contract address in. If you want to add a token.
Then you've got your pools over here. If you want to provide liquidity and be rewarded for it, that is where you'll do it. Here at a certain point I probably am going to do this liquidity providing thing, but I want to earn some tokens on PolyPulsar first. Kind of an unusual thing.
If you follow along, I'll show you the whole way that I'm going to do it to help get some rewards, but you get a quarter percent fee on all trades within that pair, proportional to your portion of the liquidity. Basically what happens is you have to match two different things that are paired in equal amounts and put them into an account.
How to Swap Quick and Matic
There's a pair to swap Quick and Matic. Very common pair. People are going to swap by MATIC for QUICK, which is the Quick Swap token. So you would put in an equal amount of MATIC for QUICK, based on their current prices relative to each other.
Now there's always a chance of losing some of it. There's a thing called impermanent loss that has to do with when they fluctuate up and down in price. There's a little bit more risk in doing this. Do some research, learn what you're doing before you provide liquidity.
The kicker is you put it in and get that quarter percent on all trades within it. But you also get what's called an LP token. Now you can take that LP token and get rewards. Different rewards through different platforms. Here on QuickSwap, for example, if I did that MATIC for QUICK that I was talking about, I could take those LP tokens, deposit them, and look here, I'm going to get 77.77% rewards plus annual fee.
So that's a pretty good return. If I think quick is going to go up and Matic is going to go up and I'm planning on holding them both. If I feel secure and safe about putting them in here, I can hold them both and watch the tokens increase in value and be paid 77% on top of it.
Any Risk Involved in this?
So it can be a really lucrative way to, to earn extra while your crypto is going up in value. If you've got tokens that you purchased at a good price and that you think are going to go up and you want to hold them for a while. Like I said, there are some risks, learn about it before you get into it.
They've also got charts over here. If you want to look at charts for different tokens and it pulls up some of the most recent transactions. Some of the more common pairs, like Wrapped Ethereum to USDC. Wrapped Bitcoin to Wrapped Ethereum, and on down.
These are some of the more common ones. and then these are some of the top tokens overall. So the pairs and then the tokens. That's really about all you need to worry about for Quickswap.
I'm going to do a quick connect to my wallet. I'm connecting it to my MetaMask wallet, and it's going to pop up. I want to verify it, and I will say, yes that's correct. I approved that.
Now it is connected to my MetaMask Wallet so that I can do some swapping because I set my MetaMask wallet up with the Polygon network.
Appreciate everything, let me know if you have any questions regarding what is quickswap. Also Checkout my article on How to buy quickswap. Thank you again.