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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Why QuickSwap Will Split Token After Community Vote, QUICK Rises By 30%

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
QuickSwap QUICK QUICKUSDT

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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.

QuickSwap QUICK QUICKUSDT
QUICK with bullish momentum on the daily chart. Source: QUICKUSDT Tradingview

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.

Week 1 Polkadot DOT QuickSwap TT
DOT after completing token split, the increase in monthly circulating supply suggest an increase in the token’s adoption. Source: Token Terminal
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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