GeeAkpan

Dec 2, 2021

4 min read

Other DEXs Versus QuickSwap DEX!

This article aims at spotting out the uniqueness and importance of a layer 2 DEX…

According to an article on Cointelegraph…

“Decentralized exchanges, also known as DEXs, are peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian. These transactions are facilitated through the use of self-executing agreements written in code called smart contracts.”

Wikipedia…

Decentralized exchanges (DEX) are a type of cryptocurrency exchange which allows for direct peer-to-peer currency transactions to take place online securely and without the need for an intermediary.

We can thus conclude that Decentralized Exchanges are platforms that allow the users to use peer-to-peer (P2P) transactions. This process relies on automated smart contracts. However, all decentralised exchanges do not have the same infrastructure.

DEXs were intended to eliminate the need for any authority to supervise and allow deals inside a given exchange. Peer-to-peer (P2P) cryptocurrency trading is possible on decentralized exchanges. Peer-to-peer refers to a cryptocurrency marketplace that connects buyers and sellers. They are often non-custodial, meaning that users retain control over their wallet’s private keys. Users may access their bitcoins via a private key, which is a sort of sophisticated encryption. After login into the DEX with their private key, users may immediately see their crypto balances. They will not be forced to provide any personal information such as names or addresses, which is ideal for those who value their privacy.

Some of the benefits of DEXs are:

  • Privacy
  • Less hacking risk
  • Total control of funds by owner
  • Comparatively cheap transactional charges

Because they are regulated businesses that store users’ cash and provide easy-to-use platforms for newbies, centralized exchanges account for the vast bulk of trading volume in the cryptocurrency market. Some centralized exchanges also provide deposit asset insurance.

Decentralized exchanges, on the other hand, allow users to trade directly from their wallets by engaging with the trading platform’s smart contracts. Traders are accountable for their money and are liable if they lose them due to errors like as losing their private keys or transmitting payments to the wrong locations.

The growth of DeFi has led it to a critical stage where there are very high demand for innovations that will cut cost and brind about mass adoption of its concepts. This year, more and more DEXs have been launched as the demand for decentralized trading increasing exponentially, and the stress on the Ethereum mainchain, resulting from DeFi protocol usage, has caused transaction fees and confirmation times to skyrocket.

To overcome these technological barriers, there is need for a low-cost, high-performance infrastructure for DeFi to thrive. This is where QuickSwap comes in as QuickSwap is leading the battle on the Layer 2 DEX front, delivering a solution to the severe issues that plague current DEXs.

Quickswap, like Uniswap, is a DeFi (Decentralized Finance) system for cryptocurrency trading. The distinction between Quickswap and Uniswap is that the latter was released on the Ethereum Mainnet, whilst the former is based on Ethereum but is powered by the Polygon Mainnet, or the network’s Layer 2 infrastructure.

The most notable distinction is that Quickswap is faster at completing transactions or exchanges, lowers costs for traders while also empowering them, and aids in the removal of costly barriers to traders accessing the DEX (decentralized exchange) for all crypto users.

QuickSwap empowers traders while lowering the costly hurdles to admission to DEXs for the average crypto consumer, thanks to a community-focused governance framework and a fair token distribution methodology. The creation of a robust liquidity provider ecosystem is aided by liquidity mining and yield farming prospects. QuickSwap offers decentralized trading that is nearly instantaneous and has near-zero gas expenses is rapidly coming.

QuickSwap has all of the popular features of top DEXs, but it also has the missing key components for a completely smooth user experience. Some important features of QuickSwap includes:

  • Community Governance
  • Liquidity Mining
  • Yield Farming
  • Dual Farming
  • Layer 2 Transactions
  • Non-custodial trading

Conclusively, Quickswap has shown to be a more sophisticated form of Uniswap, as well as filling in the gaps and resolving concerns or problems that were impeding the market’s or crypto exchange’s efficiency. Every user should utilize Quickswap to make the exchange phase of the marketplace and the cryptoverse go as smoothly as possible.

To learn more about the basic features of QuickSwap, you can join and follow all of the project’s socials:

DEX | Twitter | Telegram | Announcements | Medium | Discord | Reddit