When we released our tentative roadmap outlining our plans to turn QuickSwap into a one-stop-shop for all of your DeFi needs on Polygon, we said that we intended to go multichain sometime in Q3 or Q4 of this year. As we expanded our roadmap, we let everyone know that QuickSwap would always focus on Polygon and Polygon-enabled chains. Dogechain is one such chain that has recently been gaining a lot of traction. Like QuickSwap, Lunar Digital Assets (LDA) is incubating Dogechain, and though over 600 projects have launched on Dogechain in the last four days, no audited DEXs have yet. We would like to move quickly and (we hope) pass the proposal to launch our V3 on Dogechain to protect their community with a real, audited DEX. Further, we would like to discuss the possibility of establishing a token for that chain to pay liquidity mining rewards. A portion of that token’s supply would be distributed to QUICK stakers.
We need to move faster than we typically do in this case, so we are holding an expedited governance discussion and vote. The snapshot will take place at 8 pm PDT on Tuesday, August 16th, 2022. Voting will begin immediately after that and will run until 8 am PDT on Thursday, August 18th, 2022.
- QuickSwap wants to capture some of the tremendous momentum that is growing on Dogechain — a new Polygon Edge chain
- We would like to start the discussion about launching our V3 on Dogechain and turning QUICK into a dad with a new DogeDragon token that would be used to pay liquidity mining rewards on QuickSwap’s Dogechain extension
- We believe that launching on Dogechain now will give QuickSwap the same first mover advantage we gained on Polygon and will help us protect the community with our trusted and audited DEX
- We value your input, which is why we’re introducing this discussion before conducting a governance vote; however
- We need to move quickly because time is of the essence. The discussion will run for 48 hours. The vote will begin 12 hours into the discussion and run for 36 hours
- Please read carefully through this document before forming an opinion
- Once you’ve read the full blog, visit our Reddit Discussion Forum to ask any questions and chat with the community and team: https://www.reddit.com/r/QuickSwap/comments/wpwitw/quickswap_expedited_governance_discussion_should/
Dragonites, today we’re introducing a discussion about an issue that is more time-sensitive than anything we’ve done in the past. Dogechain is a new blockchain forked from Polygon with the primary purpose of giving DOGE — crypto’s original meme coin — added utility. We would like to launch QuickSwap’s V3 on Dogechain in approximately 3 days. Further, we want to fork New QUICK to create QuickSwap’s child — DogeDragon (a placeholder name for the time being) — to use for liquidity mining rewards on QuickSwap’s Dogechain extension. We believe that launching our DEX on Dogechain will not only provide the chain’s users with a reliable, battle-tested, and audited DEX, but it will also benefit all QUICK holders on the Polygon mainchain.
So V3 is ready?
Yes, our V3 is now ready to launch. The audits of Algebra’s codebase, which we licensed for exclusive use on Polygon and Polygon-enabled chains, are back, and there are no critical vulnerabilities. We are now working to integrate Algebra’s capital-efficient model into our UI to give users a pleasant experience. We expect that to be done by the end of this month. In the meantime, we can launch the V3 without all of the bells and whistles on Dogechain — allowing QuickSwap’s users to experiment with our V3 before it’s released on Polygon.
- Dragons love dogs 🐲♥️ 🐶
- LDA — the same firm that incubated QuickSwap — is incubating Dogechain. The teams want to do their part to protect the community with a real, audited DEX (as opposed to those running on Dogechain now).
- Dogechain has gained significant ground in the few days since its launch:
- 170k transactions on Dogechain DEXs in the last 24 hours compared to 139k on Ethereum DEXs and 295k on Polygon DEXs
- Over 50k unique wallets were added in the last 4 days
- Over 600 new projects launched in the last 4 days
- Polygon, FRAX, and ANKR support
- Exponentially growing volume that we can harness
- Influencer support (Crypto Lark, Matt Wallace, ProTheDoge, etc.)
4. First mover advantage — In the cryptoverse, this cannot be understated. QuickSwap’s early launch on Polygon is a big part of our continued success on the chain. We want to expand elsewhere while focusing solely on Polygon chains.
If the community votes in favor of this proposal and all goes well, we will conduct future governance votes about launching on other Polygon-enabled chains.
Dogechain may be a meme chain, but if 2021 taught us anything, it’s that people love memes, and now it seems they love Dogechain too. Many users and media call it “The Meme Chain,” but we hope to bring true DeFi to Dogechain through our DragonFi Ecosystem.
What’s this about another token?
As part of this proposal, we would also like to discuss the possibility of launching another token — to be used as liquidity mining rewards and for other unique, fun, and memeable activities for QuickSwap on Dogechain.
DogeDragon would be forked from New QUICK and renamed. QuickSwap’s meme token — intended for fun activities exclusively on Dogechain — is an experiment that no other DEXs have done so far. We don’t know what the results of this experiment will be, but we’re willing to explore if you are.
If the community votes in favor, DogeDragon will have a 1 billion max supply. While DogeDragon would be an experimental meme coin, its tokenomics would be very similar to QUICK’s. We have made a few adjustments, however, which reflect what we’ve learned from our past experience.
- 50% of DogeDragon’s supply (500 million) would be distributed to Dragon’s Lair stakers over the next 4 years
- 40% (400 million) would go to liquidity providers for pairs on QuickSwap’s Dogechain extension, to be distributed for up to 4 years
- 3% (30 thousand) would be reserved for The QuickSwap Foundation for the team’s development, growth, and expansion
- 3% (30 thousand) would be reserved for LDA for use in marketing, PR, and business development
- 2% (20 thousand) would go to Sameep Singhania — QuickSwap Co-Founder and Lead Developer
- 2% (20 thousand) would go to Roc Zacarias — QuickSwap Co-Founder, CEO of Lunar Digital Assets, and Dogechain Contributor
Additionally, trading fees on the chain would be distributed as follows:
- 90% would be distributed to liquidity providers
- 3.4% would go to Dragon’s Lair stakers
- 3.4% would go to DogeDragon’s Lair stakers
- 1.7% would go to the QuickSwap Foundation
- 1.5% would go to Algebra’s developers (which they say they will distribute to ALGB stakers)
Speaking of liquidity mining rewards…
To motivate new projects and communities to try out QuickSwap’s Dogechain extension, QuickSwap would like to offer small liquidity mining rewards in QUICK for one month. We think 20 QUICK / day to incentivize select pairs on Dogechain is sufficient. It’s vital to bootstrap liquidity initially to get ahead of the other DEXs.
Currently, QuickSwap is ahead of our planned inflation schedule. Initially, we said we would issue QUICK liquidity mining rewards for 4 years. We are now just under 2 years into distribution and have more QUICK remaining than we anticipated. Issuing 20 QUICK per day for one month (620 QUICK total) will not eat into our treasury’s allotment of QUICK for liquidity mining rewards on Polygon.
Why the rush?
As we stated before, time is of the essence. Crypto may be in a bear market, but Dogechain is experiencing a mini-bull run, with one project that launched yesterday gaining over 360k% in a single day. We want to capture some of that momentum and strike while the iron is hot!
Additionally, as more and more users adopt Dogechain, we want to do our part to protect the community who uses it. Ensuring that they have a real, audited DEX with a proven track record is our way of doing that. And we want to do it now — before the DEXs currently on Dogechain have the opportunity to make off with millions of users’ funds. As volume increases on the chain, so do the chances that these other DEXs will act maliciously.
Finally, competition is a motivating factor here as well. Dogechain’s rapid ascent has caught the attention of DOGE enthusiasts and developers alike. With so many new and established projects launching on top of Dogechain, it’s only a matter of time before another well-reputed DEX catches wind. We want to gain the same first mover advantage that QuickSwap had on Polygon. We believe that acting fast will enable this.
So Should QUICK Become a Dad, or nah?
QuickSwap’s team doggedly supports this proposal. We believe launching our V3 on Dogechain will be a big win for many reasons. First, increased volume from an up-and-coming chain means more QUICK buybacks for distribution to the Dragon’s Lair. Moreover, a new token represents higher APY for QUICK stakers. Further, acquiring Dogechain’s enthusiastic meme coin community means more support for QuickSwap — and Polygon — in the long run. Finally, launching our V3 early on Dogechain will provide QuickSwap’s existing community with the opportunity to experiment with our V3 before it goes live on Polygon.
Nevertheless, QuickSwap is a community-owned and governed DEX. We can’t (and won’t) make major decisions without your vote, and you’re allowed to vote however you like. As always, we encourage you to do your own research and vote your conscience.
As with all governance decisions, this one could seriously impact the future of our DEX. Therefore, we want as many QUICK holders as possible to have a say. To do this, you must make sure you’re eligible to vote. 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 Tuesday, August 16th at 8 pm PDT.
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 criteria:
- 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 — USDC
- New QUICK — ETH
- New QUICK — MATIC
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 QUICK or dQUICK in a vault outside QuickSwap to lend or borrow.
Because of the time-sensitive nature of this decision, we are moving much faster than we typically do. The governance discussion will begin at 8 am PDT on Tuesday, August 16th, 2022. The vote will begin 12 hours later and run simultaneously with the discussion. The snapshot will take place at 8 pm PDT on Tuesday, August 16th, 2022. The vote will begin immediately after the snapshot and run for 36 hours. Eligible QUICK holders will have the opportunity to cast their votes from 8 pm PDT on Tuesday, August 16th — 8 am PDT on Thursday, August 18th.
If most voters favor the proposal, we will launch a primitive version of QuickSwap’s V3 on Dogechain within 48 hours of the vote’s conclusion.
How to vote
- Visit https://snapshot.org/#/quickvote.eth after the snapshot at 8 pm PDT on Tuesday, August 16th.
- 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 QUICK Become a Father?”
4. Click on the option you prefer. There will be 3 options available:
- Launch QuickSwap V3 on Dogechain with a new token
- Launch QuickSwap V3 on Dogechain without a new token
- Don’t launch QuickSwap on Dogechain
5. Confirm your selection in your wallet
We invite you to come and discuss this matter openly in any of our online forums, but with particular emphasis on our Reddit discussion board. Ensuring that our DEX thrives has always been our highest ambition, and we know that we can’t do that without the support of valued community members — like you! So come let us know what you’re thinking anytime.