QuickSwap (QUICK)

A permissionless DEX based on Polygon.

Basics

• Announced on:
• Mainnet release: 8-10-2020
• Based in:

History

• The QuickSwap exchange uses Uniswap code.

Audits & Exploits

• No bug bounty program offered (28-6-2021).
• Upgraded to 46% (19-1-2024):

"The anonymity of their team prompts questions about openness. While major functions are documented, a whitepaper is missing, and some deployed contracts lack thorough documentation. The lack of comprehensive testing and detailed reports signifies a need for enhanced testing strategies for Quickswap. he protocol's security is questionable with minimal audits and the absence of a bug bounty program, signaling potential Ambiguities in documentation about admin controls could affect the clarity of governance processes. Quickswap shows a robust approach in Oracle documentation."

• Scored a 26% on DeFi Safety (28-6-2021): "Yes its an accurate fork of Uniswap, but they stopped there. No docs. They put a link to the Uniswap docs which talks about UNI, not QUICK.  Take the effort to own your protocol."

Bugs/Exploits

• From Decrypt (24-10-2022):

"Quickswap explained that the Market XYZ lending market was compromised for $220,000. “Quickswap Lend is closing,” the team’s Twitter account noted on Monday. “$220K was exploited in a flash loans attack due to a vulnerability with the Curve Oracle, which [Market XYZ] was using. Only the Market XYZ lending market was compromised. Quickswap’s contracts are unaffected.” Quickswap also added that Qi Dao provided the seed funds for the Market XYZ lending market and stressed that “no user funds were compromised.”

In regard to the Quickswap exploit, the blockchain audit and security firm Peckshield explained that the vulnerability was discovered on October 11, 2022. “It is a price manipulation issue,” Peckshield tweeted. “The Mimatic market uses Curvepooloracle for price feed, which is manipulated to borrow funds from the market,” the blockchain security analysts from Peckshield added."

Governance

Admin Keys

• According to DeFi Safety (28-6-2021), Admin Control information could not be found.

Token

Token allocation

• From their blog (8-10-2020):

"A total of 3.25% of the token supply will be reserved for the creators and advisors, 5% will be distributed to UNI token holders for providing liquidity on QuickSwap, 1% will be distributed to MATIC stakers, and 0.75% will be utilized for a launch marketing campaign involving various communities. The remaining 90% of QUICK tokens will only be available through liquidity mining distribution."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Ethereum and Matic. Is a fork of Uniswap.

Liquidity Mining

• From their Twitter (8-10-2020):

"96.75% of the total supply of QUICK is reserved for the community! 95% distributed via liquidity mining."

Scaling

• Launched (13-10-2020) on Matic Network’s Layer 2, an adapted version of Plasma with PoS based side chains.

Roadmap

• Can be found [Insert link here].

Usage

• From their twitter (27-4-2021):

"Quickswap Exchange's 24 hour transaction count exceeded Uniswap today. $QUICK transactions: 198,878 $UNI transactions: 186,879"

Pros and Cons

Cons

• From Crypto Briefing (21-6-2021):

"Contributing to the expansion of alleged exit scams like Iron Finance and Polywhale is QuickSwap, a Polygon-based DEX. QuickSwap promoted the two projects with massive liquidity reward programs, without displaying due diligence in picking their partners."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

Partners

• Someone on the QuickSwap team is one of the multi-sig holders for the Polygon contracts (15-5-2021).