QuickSwap is an automated market token on the Polygon network. So what exactly is quickswap exchange and how to use Quickswap. Let’s find out by reading the article below.
What is Quickswap Exchange?
QuickSwap is a layer 2 decentralized exchange and automated market maker (AMM) built on the Polygon network. It functions similarly to Uniswap, with users providing liquidity and earning transaction fees when swapping tokens from these liquidity pools.
Launched in 2020, it uses an AMM model where users can swap tokens without an order book. Since it is a DEX, no know-your-customer (KYC) is required. To make a transaction, you just need a wallet connected to the platform and pay transaction fees with MATIC tokens.
QuickSwap provides a bridge between the Ethereum blockchain and Polygon. Thus, users can exchange and trade ERC-20 tokens on QuickSwap.
How to use Quickswap?
1. Open QuickSwap on your web or mobile browser. Always use quickswap.exchange to avoid opening phishing sites.
2. On the right side of the home page, click Connect Wallet to link a wallet supported by Polygon, such as MetaMask or Trust Wallet.
3. Once the wallet is connected, click Exchange in the navigation bar.
4. On the page that appears, you need to select the token pair you want to exchange. The default token is usually MATIC, but you can change it to your desired token.
5. Click the Exchange button to start the exchange.
6. From the popup, preview and approve the transaction on your wallet. Always make sure you have some MATIC tokens to facilitate transactions.
I hope this article will help you to learn what exactly is quickswap exchange and how to use Quickswap. Unlike centralized exchanges, QuickSwap does not make money by charging users fees. Liquidity providers are actually the ones who earn transaction fees.
