Polygon ecosystem DEX QuickSwap has officially launched QuickPerps, a decentralized perpetual exchange on Polygon. QuickPerps features a starting slate of six assets, including $MATIC, $ETH, $BTC, and leading stablecoins $USDT, $USDC, and $DAI. The platform also supports up to 50x leverage for margin traders, whether they are looking to hedge existing positions or swing for the fences. In addition to providing a standard decentralized leverage trading experience complete with a $QLP index token, community-sourced liquidity, cross-usable assets, and a generous fee-sharing model, QuickPerps comes equipped with new features to disrupt the emergent perpetuals sector.
The platform’s auto-compounding function automatically redirects earned rewards back into the main liquidity pool, increasing users’ positions and optimizing returns without requiring active management and recurring transactions, or running up the gas meter. QuickPerps users also enjoy zero price impact when opening and closing positions, thanks to the protocol’s employment of Pyth Price API and API3 Oracles.
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Most importantly, by contributing to web3’s rising group of decentralized perpetual exchanges, QuickSwap is returning power to users. With QuickPerps live and running, derivatives traders in web3 no longer have to depend on opaque, centralized derivatives platforms manipulating prices to force liquidations or lending out user capital in fractional reserve models à la FTX.
At present, the QuickPerps platform is live on Polygon zkEVM, though discussions concerning additional deployments on Polygon PoS and Dogechain are reportedly underway. In order to enlist proper incentives and compete for market share amongst established perpetual exchanges, QuickPerps will be implementing a subgraph for a Unilevel referral system.
