The QuickSwap community has decided to split the platform’s native token, QUICK. QUICK may see further upside due to Polygon’s decentralized exchange moving to improve its adoption.
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QuickSwap is trading at $225, with a 2.6% & 31% profit respectively in 24-hours, and one-week, respectively, as of the writing. QUICK saw its highest profits in short timeframes, March 19-20 and 20. This was due to the decision of the community to divide the token into a 1:1000 ratio.
QuickSwap announced via their Twitter handle that 84% had approved the token splitting by 1:1000. In the past, QuickSwap asked participants if the split was QUICK.
93% of those surveyed voted for the token splitting event. They began an intense debate on their social media platforms to discuss the possible benefits and trade-offs of this token split.
QUICK’s total supply will growth from 1 million tokens to 1 billion tokens. The token’s price will decrease, but the investment value of token holders will not be affected. The process will result in them holding more QUICK. According to the team that led this project,:
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. Team behind this project added:
We’ve submitted our conversion contract to external auditors. We will give you more information about the conversion once they have completed auditing code.
Team members made it clear that the token splitting will be slow. 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 next weeks, QUICK Holders will be given instructions about how to convert their tokens. They also 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. Similar events were held for this project in 2020.
Similar Reading| Polygon’s QuickSwap Considers Token Split, Why It Could Be Bullish For QUICK
DOT climbed to the number 10 spot in cryptocurrency market cap and saw an increase its trading volume as well as active daily addresses. QuickSwap’s team stated that there is no guarantee that QUICK would experience anything similar.
