QuickSwap Asks The Community, To Split or Not to Split QUICK Token?
14 Marzo 2022 - 7:00PM
NEWSBTC
Decentralized exchange running on Polygon, QuickSwap has officially
begun a voting process regarding QUICK. The platform’s native
governance and utility token, QUICK holders will vote on rejecting
or approving a process called “redenomination”. Related Reading |
Why Polygon Will Implement Ethereum’s EIP-1559 Update If approved,
the QUICK token will be “split” thus increasing its total supply
from the current 1 million to 100 million or 1 billion. The latter
will be decided in posterior voting if the community decides to
approve the event at all. In that sense, the current voting process
began on March 12, with a snapshot, and will be closed on March 17.
QUICK holders will only need to answer one question: Should
QuickSwap do a token split to make QUICK more appealing? The team
behind the DEX has called this process one of the most, if not the
most, important governance decisions to date. There is apparently a
lot of support for the split, but a portion of QUICK holders have
expressed their concerns. 4/ Those who are opposed to the token
split have expressed their concerns & addressed them with the
team, including co-founder @CryptoRocky who sure knows how to take
a punch 🥊 pic.twitter.com/pyHtSBMdj4 — QuickSwap (@QuickswapDEX)
March 5, 2022 The proponents of this proposal believe QUICK is
“undervalued” when compared to other decentralized exchange tokens.
As seen below, the total market of UNI, 1INCH, CAKE, SUSHI,
DYDX, and other similar platforms sometimes stands at billions. A
much larger supply than QUICK’s. As the chart also shows, tokens
with greater supplies than QUICK have also seen an important
positive performance. DYDX and JOE, the tokens for dYdX and
TraderJoe, respectively, recorded a +400% and as much as +1,700%
profits. It is unclear if QuickSwap’s native token will enjoy
similar gains. However, the team behind the platform believes it
will be beneficial for all token holders in the long run as it
could help attract new users, and boost adoption: The QuickSwap
team fervently supports this change because after conducting
extensive market research, we believe this change will help
facilitate further integrations and attract new buyers who are
currently put off by QUICK’s high price per unit. Why QuickSwap
Wants To Split Its Token? The main concern for detractors seems to
be the possibility of QUICK losing its value as a result of a
greater supply. It seems like a common idea in the crypto market
that only assets with fixed supply can enjoy price appreciation.
The team behind QuickSwap has tried to set these concerns at ease.
In an official post, they clarified that QUICK holders’ positions
won’t be diluted, nor will they lose value: Each token holder would
retain the value they held at the time of the split and the percent
of QUICK’s max supply. All a split would do is increase the total
number of units, thereby decreasing the price per unit. Only users
holding their QUICK outside of centralized exchange platforms, such
as Binance, will be eligible to vote. To participate users need to
click on the following link and connect their MetaMask wallet or
other wallets compatible with the Polygon network. As NewsBTC
reported, the token split could bring more users to the DEX. In the
crypto market, there are a few cases where this has happened.
Polkadot (DOT), the 10th crypto by market cap, went through a
redenomination that some believe allowed it to increase its number
of users and boost its value. Related Reading | Polygon Token Price
Analysis – New All-Time High This Week For MATIC? At the time of
writing, QUICK trades at $172 with an 8.8% profit in the last week.
The price seems to be positive responding to the potential token
split.
Grafico Azioni Polkadot (COIN:DOTUSD)
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Da Mar 2024 a Apr 2024
Grafico Azioni Polkadot (COIN:DOTUSD)
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