In our continuing expansion into the wider reaches of DeFi, YIELD App is pleased to announce that we have seeded $100,000 to a YLD-ETH pool on the QuickSwap exchange, making the YLD token available for trading on leading Ethereum layer 2 blockchain solution, Polygon (formerly known as Matic).
Layer 2 solutions have been frequently touted by Ethereum co-founder Vitalik Buterin as the most practical and immediate solution to Ethereum’s congestion problem until Ethereum 2.0 is completed. Layer 2 solutions are a fast and cheap way to trade throughout the DeFi system, with users needing only to bridge their ERC-20 tokens to the new network to begin trading.
QuickSwap is quickly establishing itself as the premier layer 2 DEX for DeFi traders, many of whom have been disadvantaged by the congestion and high gas fees seen on Ethereum’s main chain. These spiraling costs have made trading lower volumes often prohibitively expensive, reducing the accessibility of DeFi to some users.
Launched in February 2021, QuickSwap now has a daily trading volume of $13.2 million and over $110 million in liquidity. The key attractions of QuickSwap and the Polygon network are lightning-fast transactions and near-zero gas fees.
YLD holders can now take advantage of this speed and cost efficiency by bridging their ETH and YLD assets to the Polygon network via the official Matic bridge. YLD can now be swapped with any token available on the QuickSwap exchange almost instantly and with negligible fees.
Commenting on the launch of the QuickSwap YLD-ETH liquidity pool, YIELD App CEO Tim Frost, says: “We are thrilled to be widening the liquidity and availability of the YLD token by making it available on the Polygon network via QuickSwap. This is another step along the road for us in providing innovative solutions to our community based on their feedback and recommendations.”
As Ethereum 2.0 is not planned for completion until late 2021, layer 2 solutions like Polygon are an ideal stop-gap for DeFi traders keen to stay within the Ethereum ecosystem. Polygon functionality is an innovation that the YIELD App community has frequently requested, and the YIELD App team is enthusiastic about embracing the innovation taking place on layer 2 protocols.
How to bridge to assets Polygon and trade on QuickSwap
The process of using a layer 2 solution will be new to many users, but it’s a safe and fairly simple process. The first step is to add the Polygon network into your Metamask as a custom RPC. After that, you can use the official Matic bridge to bridge any asset listed (including YLD tokens). At this stage, you can begin using QuickSwap for near-feeless trading and liquidity mining!
- This process must be completed in order to interact with the Polygon network. The steps are similar to setting up Binance Smart Chain or Avalanche with your Metamask wallet.
- The official Matic bridge is very intuitive and easy-to-use. The Proof-of-stake (Pos) bridge is the fastest and recommended compared to the older Plasma bridge. It will take about seven to eight minutes for your assets to show up in your Matic wallet. After you bridge assets on the official website, you will automatically receive a small amount of Matic, Polygon’s native token used for gas fees, to begin transacting right away.
- QuickSwap is an AMM and has a familiar user experience to Uniswap. Those familiar with AMMs will immediately recognize the similarities. To learn more about decentralized exchanges and AMMs, check out some of our previous articles
- Users will need to add YLD’s Polygon token address, as it differs from our ERC-20 address.
- YIELD App’s (YLD) token address on Polygon: 0x4cebdbcb286101a17d3ea1f7fe7bbded2b2053dd
Important Note: Polygon contract addresses are different than ERC-20.
Do not send funds from the Polygon network to your YIELD App wallet! You must bridge your assets back to Ethereum first!
QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Polygon’s layer 2 scalability infrastructure. By utilizing layer 2 architecture for transactions, QuickSwap users can trade any ERC-20 asset at unparalleled speeds with near-zero transaction costs. QuickSwap is the leading DEX on Polygon, capturing the vast majority of trade volume and trade activity taking place on the leading layer 2 network.
Polygon (formerly known as Matic) is built by a decentralized team of contributors from all over the world. They believe the current decentralized ecosystem lacks usability and convenience. Currently, transactions are slow and expensive, particularly in light of recent congestion on the Ethereum main chain. Polygon’s aim is to change this by leveraging a combination of blockchain scaling, a developer platform and tools, and a focus on an improved user experience.