3 reasons why the price of QuickSwap (QUICK) has skyrocketed by 50%
3 reasons why the price of QuickSwap (QUICK) has skyrocketed by 50%.
Decentralized finance and the control it gives users over their wealth is one of the most embraced areas of the crypto ecosystem, but the general public is reluctant to interact with most DeFi products due to the steep learning curve and high probability to lose money.
One decentralized exchange (DEX) making strides in bridging the gap between DeFi and centralized finance (CeFi) is QuickSwap. This DEX is the best rated in the Polygon network.
Data from TradingView shows that QUICK price rose 50% from $166.4 on January 31 to an intraday high of $250 on February 1 after 24-hour trading volume increased by 168%.
QUICK/USDT 4 hour chart | Source: TradingView
The three reasons QUICK price rallied so quickly were the announcement of a partnership with Celsius, the addition of new high-margin liquidity pools, the launch of higher-yielding stablecoin pools, and reduced downside risk.
QuickSwap in partnership with CelsiusX
The most significant recent development by QuickSwap is the announcement of a partnership with CelsiusX, the DeFi arm of banking and financial services platform Celsius, with a focus on CeFi and DeFi integration. The exchange’s official Twitter account has notification:
“DeFi is about to get a lot more interesting. CelsiusXDeFi x QuickSwap x 0xPolygon. That is progress.”
The partnership with QuickSwap also allows for the creation of Wrapped versions of popular tokens currently dormant on Polygon, such as ADA and DOGE, along with liquidity pools with ample funds for these assets for users, bots, arbitrageurs, and institutions to have easy access to tokens.
This also offers DOGE and ADA holders other opportunities to use their assets in DeFi and make profits instead of just holding DOGE or staking ADA.
New liquidity pools could attract a wide range of new investors
The second factor underpinning QUICK’s price and momentum is the launch of many new syrup pools and liquidity. This could be an optimistic sign, especially given that so few projects were launched in January and integration with the Polygon network was bridging.
“We added rewards for BOOK, ATL, DOGIRA, ORARE, AWX, KEYFI, SAFE & NSHARE. These reward pools are currently active. With the adjusted reward structure, we are also adding new syrup pools for RELAY, BCMC, and ORBS.
QuickSwap works on MATIC and is only available on Polygon.”
The source: QuickSwap
In addition to support for DeFi protocols such as Atlantis Loans or the Orbs Layer 1 blockchain solution (ORBS), QuickSwap has added a host of additional support for many NFT projects, adding renewed momentum despite widespread crypto market weakness .
Some of the new NFT projects supported on QuickSwap are UniArts Network, Dogira, OneRare, and Blockchain Monsters Hunt.
The Select select new staking for stablecoin holders
A third factor in user acquisition and liquidity for the QuickSwap DEX is the attractive yields for liquidity providers on stablecoin pairs.
“Do stablecoin returns sound good? QuickSwap offers several stable-stable pools where liquidity providers can earn more than 14% APY and offset for the temporary downside risk.”
The source: QuickSwap
These pools offer users an opportunity to earn a decent profit while reducing the risk of temporary loss like other types of liquidity pools.
This could also lead to more attractive stablecoin yields for Celsius network depositors and increase the overall liquidity tied up in the QuickSwap protocol.
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