- QuickSwap is extending its reach with a new expansion model.
- The first expansion has seen QuickSwap gain a portal to Flare.
- The expansion model promises functional and financial benefits for users.
Expansion can happen in many ways in business, whether opening a new outlet or launching a new product. Whatever the method, the goal is usually the same: generating more revenue for the business while reaching out to a new audience.
While expansion is a natural progression for any business, it can be challenging for Web3 businesses. Expansions can sometimes cost them their core audience due to tribalistic tendencies. However, leading Polygon DeFi hub QuickSwap appears to be changing the narrative.
In September 2023, the team expanded its footprint from Polygon to Cosmos with Kinetix Finance. QuickSwap has extended its reach to data-focused EVM-compatible Layer 1 Flare as part of a new expansion model that promises significant benefits to community members.
QuickSwap’s Friendly Forks Model Kicks Off
QuickSwap wants to expand its reach with a “friendly fork model.”
Unveiled on July 10, this model creates a system for projects on other chains to fork QuickSwap’s code and benefit from its experience, connections, and community in exchange for certain concessions for QuickSwap users.
Following overwhelming support for the initiative in a community vote, QuickSwap’s friendly fork model has now taken off with SparkDEX’s launch on Flare, opening a portal between the leading Polygon decentralized exchange and the $870 million EVM-compatible ecosystem.
Dubbed the first QuickSwap-friendly fork in a July 12 statement, SparkDEX combines QuickSwap’s technology with the data oracle protocols of Flare to bring users a seamless and secure automated market maker (AMM) and perpetual exchange trading experience, free from frontrunning and false liquidation exploits. SparkDEX also disclosed that users can trade digital assets and eventually commodities and forex with up to 100x leverage.
What SparkDEX Flare Launch Means for QuickSwap Users
Like the Kinetix deal, where a token allocation was made for QuickSwap users, SparkDEX has also committed to allocating 2% of its token supply to QuickSwap. While this token has yet to launch and the fine details of how it would be distributed are yet to be revealed, QuickSwap disclosed that 50% of the allocation would be used to reward QUICK stakers while the remaining 50% will go to the QuickSwap Foundation.
Beyond short-term financial incentives, QuickSwap has also noted that the cross-community engagement with SparkDEX promised to bolster the growth and liquidity of both exchanges, which benefits users by enabling a fast and seamless trading experience.
On the Flipside
- The SparkDEX token has yet to launch.
- Per Defi Llama data at the time of writing, SparkDEX only has over $165,000 in TVL.
Why This Matters
The QuickSwap-friendly fork model allows QuickSwap users and QUICK holders to gain token allocations from multiple projects, making it more attractive for people to interact with the exchange and hold QUICK. This could drive volume on the exchange and pile on demand for QUICK, which could send the price higher.
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