After a few days of discussion in our Reddit forum and across social platforms, QuickSwap is introducing a governance vote to ask if we should introduce an Isolated Lending and Borrowing Market natively on QuickSwap.
- Earlier this week, we opened a discussion forum asking our community if QuickSwap should introduce an Isolated Lending and Borrowing Market.
- An isolated lending and borrowing market will generate increased community economic activity, increase yield opportunities, and create an additional revenue stream for QUICK stakers and the QuickSwap Foundation.
- The QuickSwap community has expressed overwhelming support for the proposal, with many users asking “wen vote?”
- We are now moving to the next phase: a governance vote.
- The snapshot for the vote will take place on Friday, June 24th.
- The vote will begin immediately after the snapshot and will run until Tuesday, June 28th.
- If the vote passes, our developers will integrate the code for the lending and borrowing market to our beta UI and launch it within the next couple of weeks.
- We have a simultaneous governance discussion and vote going on about moving forward with a V3 ‘Concentrated Liquidity’ model. QUICK holders can participate in both governance votes.
- Details about the proposal, voting eligibility, and how to participate in QuickSwap’s upcoming governance vote follow.
What advantages does having an isolated lending and borrowing market offer?
As we explained in our previous blog on the topic, featuring an isolated lending and borrowing market on QuickSwap would increase yield opportunities and give users the chance to raise funds without selling their favorite crypto assets. This would also give LP tokens added utility while enabling users to limit their risk potential and exposure by containing it to certain market pools.
Users who chose to borrow with Market XYZ will pay interest. The interest fees collected will be distributed as follows:
- 90% will go to the lenders
- 5% will go to Market XYZ
- 3.33% will be used to market buy QUICK and distribute to stakers in the Dragon’s Lair
- 1.67% will go to QuickSwap’s Foundation, which we use to fund our development and operations costs
For more information about the potential advantages and disadvantages of featuring this market and how it would affect you, please review our blog: QuickSwap Governance Discussion: Should We Introduce an Isolated Lending & Borrowing Market?
As with all governance proposals, this decision will impact the future of our DEX. Since we’re community-driven, this process works best when as many QUICK holders as possible take part. We want you to have a say in the future of our DEX. To do this, you have to make sure that you are eligible. To be qualified to vote, your QUICK must be held on the Polygon Network in a self-custodial wallet by the time of the snapshot on Friday, June 24th.
To be clear: 1000 New QUICK will have the same weight as 1 Old QUICK in the governance vote.
You are eligible to vote if you meet any of the following conditions:
- You hold Old QUICK in a MetaMask Wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your Old QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
- You hold New QUICK in a MetaMask Wallet or another Polygon-enabled wallet to which you control the private keys. Please note: To qualify, your New QUICK must be held on the Polygon Network and not on Ethereum, BSC, or any other chain.
- You deposited your Old QUICK into the Dragon’s Lair and are now holding dQUICK in its place while you accumulate more Old QUICK.
- You deposited your Old QUICK into a Dragon’s Syrup Pool and are farming other tokens with it.
- You deposited your New QUICK into a Dragon’s Syrup Pool and are farming other tokens with it.
- You are providing liquidity for select New QUICK pairs on QuickSwap and have staked your LP so you’re earning trading fees and dQUICK rewards. Select pairs include:
- New QUICK — MATIC
- New QUICK — ETH
- New QUICK — USDC
- New QUICK — TEL
You are not eligible to vote if:
- You hold Old or New QUICK on a centralized exchange wallet (such as Binance, Coinbase, Crypto.com, etc) to which you do not hold the private keys.
- You hold Old or New QUICK in a self-custodial wallet (like MetaMask), but you keep that QUICK on Ethereum, BSC, or any network other than Polygon.
- You are providing liquidity for a QUICK pair not listed above on QuickSwap or for any QUICK pair on another DEX. (To be clear: Only the QUICK you are using to LP for pairs not mentioned above will be excluded from the snapshot. If you also hold QUICK that you are not using to LP with, you will be eligible to vote with that).
- You have deposited your dQUICK in a vault outside of QuickSwap to lend or borrow.
The snapshot will take place on Friday, June 24th, 2022. The vote will begin immediately after and will run for 5 days. Eligible QUICK holders will have the opportunity to cast their votes from Friday, June 24th — Tuesday, June 28th.
If this vote passes, QuickSwap will implement the Isolated Lending and Borrowing Market on our beta UI in the next couple of weeks.*
*This is an estimate. While the coding is complete, software is sometimes tricky. All dates are subject to change without prior notice.
How to participate in the vote
- Visit https://snapshot.org/#/quickvote.eth after the snapshot on Friday, June 24th.
- Connect your MetaMask Wallet (or other Polygon-compatible, self-custodial wallet)
- Make sure you’re connected to the Matic Mainnet
- The combined weight of Old QUICK, New QUICK, and dQUICK in your wallet at the time of the snapshot will dictate the weight of your vote
- $QUICK staked in select liquidity pools will also be counted in the weight of your vote
3. Select the open proposal titled, “Should We Introduce an Isolated Lending & Borrowing Market?”
4. Click on the option you prefer
5. Confirm your selection in your wallet
Which way to vote?
QuickSwap’s team unwaveringly supports this proposal. We believe that introducing an isolated lending and borrowing market is a universal win because it will increase economic activity on QuickSwap and Polygon, increase yield opportunities, and create an additional revenue stream for QUICK stakers and the QuickSwap Foundation.
From our perspective, introducing an isolated lending and borrowing market offers many advantages and next to no disadvantages; however, QuickSwap is a community-owned and governed DEX. We can’t and won’t make unilateral decisions without your vote, and you’re allowed to disagree with us. How you vote is ultimately up to you. So, do your own research, and vote your conscience.
We invite you to come and discuss the topic openly in any of our online forums. At QuickSwap, our utmost priority has always been to ensure that our DEX thrives. We know that we can’t do that without valued community members, like you. Come let us know what you’re thinking anytime.