Why QuickSwap Will Split Token After Community Vote, QUICK Rises By 30%
March 23 2022 - 6:00PM
NEWSBTC
The QuickSwap community has decided to split the platform’s native
token, QUICK. Reacting to the upside in the last hour and past
7-days, QUICK could see more upside as the Polygon-based
decentralized exchange moves to increase its level of adoption.
Related Reading | QuickSwap Asks The Community, To Split or Not to
Split QUICK Token? At the time of writing, QuickSwap (QUICK) trades
at $225 with a 2.6% and 31% profit in 24-hours and one week,
respectively. QUICK has seen its largest profits, on low timeframes
on March 19 and 20, as the community inclined to split the token in
1:1000 proportion. Via their official Twitter handle, QuickSwap
reported that the token split by 1:1000 was approved by 84% of the
participants. Previously, the project asked the community if they
wanted to split QUICK at all. At that time, 93% of the users voted
yes to the token split event. On their different social media
platform, the team behind the project and several community members
began a heated debate to determine the potential benefits and
trade-offs for this token split. QUICK’s total supply will growth
from 1 million tokens to 1 billion tokens. Conversely, the price of
the token will be reduced but token holders will preserve their
investment value. They will hold more QUICK as a consequence of the
process. The team behind the project said: Increasing QUICK’s
maximum supply will reduce the asset’s price per unit, making it
more appealing to crypto enthusiasts who compare QUICK to other DEX
tokens without considering supply. This event is aimed at
increasing QuickSwap’s levels of adoption as the token will become
more accessible for retail investors. The team behind the project
added: We’ve submitted our conversion contract to external
auditors. When they are finished auditing the code, we will provide
more details about how to convert. As the team members clarified,
the token split will take time. QUICK holders, liquidity providers,
stakers, and other participants were asked to continue with their
usual activity “until further notice”. Can QuickSwap Replicate
Polkadot’s Success? In the coming weeks, QUICK holders will receive
instructions on how they will convert their tokens. The team added:
We believe this change to QUICK’s tokenomics will positively impact
all QUICK and dQUICK holders in the long term. By increasing
QUICK’s total supply from 1 million tokens to 1 billion tokens, we
are bringing QUICK more inline with other DEX tokens whose mode
maximum supply is 1 billion. During their voting and debating
process, as NewsBTC reported, some users compared the upcoming
token split with Polkadot’s. This project went through a similar
event back in 2020. Related Reading | Polygon’s QuickSwap Considers
Token Split, Why It Could Be Bullish For QUICK After, DOT became of
the top 10 cryptocurrencies by market cap, saw an increase in its
trading volume, and active daily addresses. However, as the team
behind QuickSwap said, there are no guarantees that QUICK will
experience something similar.
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