- QuickSwap has launched a new perpetual trading platform on Polygon.
- The new platform promises to revolutionize the Web3 native perpetual trading scene.
- The platform has already seen significant usage in a few weeks after launch.
After many years, user experience and liquidity shortcomings have continued to give centralized exchanges the edge over decentralized exchanges. Still, QuickSwap, a leading suite of DeFi solutions, is looking to change this narrative for Polygon (MATIC) users.
On May 23, the platform expanded its product suite with a perpetual futures exchange on Polygon PoS called QuickPerps: Falkor, promising to revolutionize the Web3 native perpetual trading experience.
What QuickPerps: Falkor Offers
QuickPerps: Falkor offers several unique features that make it a potential game changer in the Web3 native perpetual trading space. Leveraging Orderly Network, a decentralized liquidity layer for Web3 trading that promises “CEX-Level performance,” Falkor offers significant low latency trades that ensure orders are executed at optimal and expected prices. At the same time, Falkor’s positioning on Polygon also unlocks near-instant transactions and zero gas trades with ultra-low fees.
In addition to offering high performance at a meager cost, Falkor also attempts to provide users with a seamless and secure experience with its deposit mechanism. As explained by QuickSwap, Falkor is cross-chain compatible, allowing users to directly deposit into the platform’s “vault” on Polygon PoS in a process that could have otherwise included the often risky hassle of bridging assets first to Polygon.
Falkor offers traders over 37 crypto assets to trade from, including top picks like BTC, ETH, and MATIC. These assets can be traded with up to 50x leverage, allowing traders to significantly maximize their bets.
Barely two weeks after launch, Falkor has already seen significant adoption.
Impressive Numbers
According to QuickSwap, just one week after its launch, Falkor has recorded about $14 million in volume from over 5,000 registered users.
The impressive numbers come amid a promotional campaign from QuickSwap and the promise of an airdrop to users. In partnership with Web3 infrastructure provider Galxe, QuickSwap offered up to 10,000 USDC in rewards for traders who place leverage trades of over $500. At the same time, QuickSwap has disclosed that Falkor leverage traders would earn “merits points” for Orderly Network’s coming airdrop.
On the Flipside
- QuickSwap previously launched a perpetual trading platform on Polygon zkEVM called QuickPerps in June 2023. A year after the platform’s launch, DefiLlama data suggests that interest has significantly nosedived despite initial excitement around the project. At the time of writing, the protocol boasts a TVL of only $1.6 million, down from highs of over $10 million in July 2023.
- Leverage trading is a high-risk venture that exposes participants to significant capital loss.
Why This Matters
Perpetual futures trading is important as it allows investors to hedge their bets in a market without selling their holdings and place bets without personally holding the asset. So far, however, centralized exchanges like Binance and Bybit have dominated the crypto perpetual trading scheme because of their deep liquidity and relatively seamless trading experience. QuickSwap Falkor promises to shake up this dynamic in a move that promises to serve as a boon for the Polygon ecosystem.
Read this for more on QuickSwap:
How QuickSwap Plans to Unite Polygon and Cosmos with New DEX
Learn more about Polygon’s latest grants scheme:
How Polygon Incentivizes Long-Term Growth with 1B MATIC Grants
