Polygon’s QuickSwap Considers Token Split, Why It Could Be Bullish For QUICK
08 Marzo 2022 - 11:00PM
NEWSBTC
On a positive trajectory over the last 24 hours and moving along
with the general sentiment in the market, Polygon decentralize
exchange (DEX) QuickSwap could boost its fundamentals. According to
a recent announcement, the project could split its native
governance token QUICK. Related Reading | Polygon Token Price
Analysis – New All-Time High This Week For MATIC? Dubbed the “most
important governance discussion to date” on the platform’s official
social media channel, a fierce debate has taken place between
Polygon users. This process is critical, and could precede a voting
on the token split, depending on its result. The main argument
behind the proposal is supported by the potential expansion of the
Polygon token, QUICK, supply. The project is currently planning
changes on its tokenomics. A change in QUICK’s supply stands as the
first and one of the most important. If approve, the community will
vote on possibly splitting the Polygon token on a 1:100 or 1:1,000
relation. The team behind QuickSwap clarified the following: This
would mean that for every 1 QUICK you now hold, you would hold 100
QUICK or 1000 QUICK after the split. QUICK’s maximum supply would
increase from 1 million to 100 million or 1 billion. The split
would attempt to “open up” QuickSwap to new users, particularly
those with intention to invest but that consider QUICK “too
expensive” or with “small chances” of future appreciation. The
proposal has managed to secure support from a portion of QUICK
holders, others remain skeptical. 5/ One concern is that the split
could be deemed a taxable event💸 💰We know how much dragons value
their treasure & wouldn't want you to part with yours 🪙We
aren't tax experts & can't give tax advice, but stock splits
aren't taxable events & token splits shouldn't be either —
QuickSwap (@QuickswapDEX) March 5, 2022 QuickSwap’s Co-Founder Roc
Zacharias commented the following on the potential implications of
the token split on the DEX ecosystem, and its capacity to improve
the platform’s components, such as its treasury: If this split DOES
work out like we think it might, it could strengthen the treasury
(which is owned by all of you the community, it could increase
reward value which can increase liquidity and indirectly volume
etc, and most importantly, it can bring new users! Please think
hard about this. Polygon QuickSwap Token Split And The Polkadot
Case Many users, including the team behind the Polygon decentralize
exchange platform, have compared this potential token split with
the stock market. In the legacy financial system is “common” for
companies to issue more stocks via a similar process addressing a
concept called Unit Bias. This idea indicates, as explained by the
team behind QuickSwap, that an investors might be willing to own
“more of a less scarce asset”. In the crypto industry, other
projects have conducted token splits in the past often leading to
price appreciation. The team behind token swap mentioned Polkadot
(DOT), as an example. Via their official Twitter handle, QuickSwap
said: (…) when Polkadot did a 1:100 redenomination, $DOT rose from
a sub-100 market cap to the 7 position. More recently, Gains
Network did a 1:1000 token split & migrated from GFARM2 to GNS.
In dismal conditions, GNS did a 6x. Remains to be seen if history
will repeat itself with QUICK. However, Polygon, and second layer
solution on Ethereum, seem to be attracting a lot of attention as
they provide users with a cost efficient and more scalable gateway
into the DeFi sector. Today, https://t.co/Y7yxw3SzE7 published a
piece analyzing $QUICK's price💰 Wallet Investor suggested that
QUICK could be worth $7.95 at year end That's eerily close to the
$7.67 I calculated by averaging #DEX tokens If QUICK did a 1:1000
token split & rose to $7.67, WWYD? — 🤗 NrdGrl007 🤗 🐇 🕳
(@nrdgrl007) March 7, 2022 Related Reading | TA: Ethereum Could
Avoid a Major Downtrend if it Closes Above One Key Level At the
time of writing, Polygon (MATIC) trades at $1.43 with a 1.7% profit
in the last day.
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