Welcome to this post, where we are going to see how quickswap, Matic’s largest DEFI Exchange, works and all it has to offer.
Quickswap is a DEFI Exchange of the MATIC network, being the most used today, like the pancakeswap of the binance Smart chain.
For this, I am going to use the metamask wallet. Where we must configure the Matic network if it does not appear. If when you click on networks it does not appear, go to settings, networks and copy the data you see on the screen. With this, you will have the matic network configured.
With the matic network configured, the next step is to have matic in our wallet to be able to pay commissions and use quickswap and any aspect of this network. Unlike the binance Smart chain or the ethereum network, it can be difficult to get matic in your wallet without paying high fees.
How to get Matic in your MetaMask Wallet
There is a bridge if you have funds in your ethereum network to move them to your Matic wallet. Binance and other exchanges have not yet incorporated the withdrawal directly to the Matic network. The only exchange you can use is Ascendex, although it has a minimum withdrawal of 135 MATIC, which is quite high.
A solution to get matic, is to go to quickswap and connect our wallet. Click on buy, and here you can buy matic with bank transfer or credit card to get it faster, although the commission is somewhat high. This is the easiest way I have found to have matic in your wallet without complications. In my case I bought 10 euros with credit card to have it the same day and not have to wait for the bank transfer. But if you are not in a hurry, using bank transfer can save you a lot in commissions.
Once you select the amount, the cryptocurrency you want, in this case Matic, and the payment method, just click on buy now and follow the steps. You are going to have to fill in your information to avoid money laundering and then pay.
Other alternatives once you have matic, is to use bridges from the Smart chain to polygon binance. A bridge for stablecoins like USDT is xpollinate, which allows you to move different stablecoins between different networks. Below, you can see the liquidity of each token and its network to see if it is possible to send stablecoins to that network.
Another new option is orbit bridge, although the tokens that you can migrate from the binance Smart chain to the matic network are few and have no liquidity in the matic network, so you will not be able to exchange them for other tokens at the moment. Currently orbit bridge is not very useful but maybe at the moment you are watching the video or later you will be able to move stabelcoins or cryptocurrencies with liquidity in the matic network and it will be more useful.
Swap Matic Network
With matic in our wallet, we can start to see how quickswap works. The main function like all defi exchanges is the swap, which allows us to exchange any cryptocurrency in the Matic network. In from indicate the cryptocurrency you want to use and in to the cryptocurrency you want to get. Most probably if you search for the name you will get the cryptocurrency. If not, copy the matic contract to see if it detects it. Once you check that everything is correct, click on swap and confirm the transaction in the wallet and you will have the tokens exchanged. The commission is really low, as you can see in the matic explorer, and let’s convert it to dollars so you can see how little it cost.
The commission is less than a cent, so with 5 dollars or less from matic you can have enough for many, many transactions.
Let’s look at the liquidity and pool part. Here, you can create an LP token and provide liquidity to quickswap in exchange for an annual % of that LP token. This is a way to passively generate more tokens, although it has the risk of impermement loss, if you don’t know what it is, I’ll leave you a video before you jump into providing liquidity on matic or other sites. To provide liquidity, simply click on add liquidity and indicate the two cryptocurrencies you want to use. Confirm the transaction in metamask and you will have your LP token to provide liquidity.
We continue with Rewards. Here, you will be able to find all the pairs to stake with LP and the annual percentage that they give for staking these LP’s. As you can see, there are a lot of them with up to 8 pages of different pairs, so you can find the pair you like the most. The returns are quite high, being matic a somewhat new network despite the great popularity of the last weeks, it is still far away in terms of volume to ehtereum or pancakeswap network. This means that there are less people staking in this network, and the rewards and annual percentages are higher for the moment.
Also, in quickswap you will be able to stake only your token. In dragon’s liar, you can place your quick to generate more quick passively. To do this, click on dragon’s liar, click on approve and confirm in metamask. Then, you only need to indicate the amount of quick you want to deposit and confirm the transaction in your wallet. With this, you will be able to get more quick and withdraw it whenever you want, in withdraw.
With this, we have already seen the main functions that quickswap has and you should know if you are new. I hope it has helped you and remember, if you don’t have an account with binance, you can create one just below.