A Polygon (MATIC) based Decentralised Exchange (DEX), QuickSwap (QUICK), has announced its plan to put in motion a significant staking platform with bigger staking opportunities for investors. QuickSwap is widely known for its liquidity pool that has many similarities to the revered Uniswap (UNI) platform. Uniswap’s pool structure was made to enable staking participants to stake their crypto market investments and receive yield in the form of more cryptocurrency from investors who trade on the platform. Recently, QuickSwap has partnered with Orbs to enhance and expand their current staking services on the network. Reportedly, QuickSwap’s ‘Dragon Syrup’ will be supporting Orbs as well as helping the initiative grow in the Decentralised Finance (DeFi) space.
Dragon Syrup is a light-hearted term to describe the process of its staking mechanism. Dragon Syrup is QuickSwaps system that enables QUICK token holders to participate in the liquidity pool and stake their QUICK holdings and receive $dQuick, which are burnt once redeemed back for QUICK tokens. Participants are incentivised to stake for a longer period as the rewards scale dependant on the amount staked and the period in which they are locked.
QuickSwap has already officially launched Orb pools with Dragon Syrup’s reward pools. The platform stated that users can stake their dQuick in the “Dragon lair” pools. However, by adding Orb pools, participants will also be able to stake ORBS for pool tokens. Investors using the ORB pools with share the spoils of transaction fees collected from other participants using the DEX and be allocated with QUICK from the liquidity pool in accordance with their stake.
As mentioned earlier, QuickSwap hosts a DEX with a the native cryptoasset QUICK that is tasked with reducing the high gas fees on similar protocols that are hosted on the Ethereum (ETH) network. Users can buy QuickSwap (QUICK) to acquire governance rights on the platform, in tandem with participating in the liquidity pools.
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