Listing Proposal: Add dQuick as an AAVE-Polygon Lend/Borrow Option

Add dQUICK as a lend/borrow option on AAVE Polygon

TL;DR

  • dQUICK is the staked QUICK token and would provide a great opportunity to provide as a borrow/lend option to collateralize on AAVE and bring roughly $80M in aum to AAVE-Polygon
  • Quick and AAVE are both their respective category leaders on Polygon, the synergism would bring additional utility, visibility, and/or aum to the respective platforms

Contract Address : 0x6c28aef8977c9b773996d0e8376d2ee379446f2f
Project Website: quickswap.exchange

Abstract

AAVE has managed to make a strong statement for the Polygon/Matic Community, growing the user adoption to new heights by providing great APRs through a borrowing/lending platform. As a category leaders on Polygon, AAVE and Quickswap could together grow synergistically further through having dQUICK being a lending/borrowing option on AAVE. At the time of writing there are over 100k QUICK staked on Quickswap which equates to $80M+ in aum that could be brought over to AAVE, fueling further growth and visibility to all users that use Quickswap as their main DEX. This list of users is considerable and growing by the minute everyday as the go-to DEX on Polygon. Recently Quickswap hit $800M in single day volume which not only trumps all other L2 dexes by a considerable and very wide margin, but even ranks among the top of all dexes L1 or otherwise. This level of visibility and adoption presents a great opportunity to onboard new users to AAVE.

Quick has helped AAVE users make the initial move over to the Polygon network through maTOKEN pools and bonus incentivized rewards distributed through LP token staking. AAVE has helped bring new users to Quick by coming to Polygon and bringing mass adoption. Now AAVE and QUICK have the opportunity to create an even better experience both, and often the same, user bases by introducing dQUICK borrowing/lending.

Token Security

Quick is a Standard ERC-20 minted on the MATIC Network.

The Circulating Supply is 220,000 / 1,000,000 and the remainder is being distributed through LM over the course of 4 Years. Only around 50,000 QUICK was set aside for the team with the rest being earned through LM.

The biggest Individual wallet holds 2.1661%, The only 2 other wallets being the distribution Contract and the dQUICK “dragon’s lair” Contract.

Community and Communication

Twitter : https://twitter.com/QuickswapDEX

Telegram : Telegram: Contact @QuickSwapDEX

Medium : https://quickswap-layer2.medium.com/

Github : QuickSwap · GitHub

Audits

QuickSwap itself does not have a direct audit but this is not an issue since it is an identical fork of UniSwap V2. The team has stated “QuickSwap is a fork of UniSwap, without a single line of code being changed” This makes the Uni Audit Valid for Quickswap. Uniswap V2 Audit Report

8 Likes

Quickswap recently broke through ATH of $815mm liquidity (May 20), $812mm daily volume (May 19) and 460k daily transactions (May 19) and has liquidity in 3,397 pairs. info.quickswap.exchange

Hello I’m a Quickswap community member, I fully support this proposal.

dQuick is receiving 0.04% of all the swaps happening on Quickswap. The current yield on this asset alone is hovering around 20-50% APR (past 7 days >50%) with over 107,000 Quick, nearly 50% of circ supply) staked in the Dragon’s Lair making it an ideal productive asset as collateral.

A Certik audit is stated by QuickSwap to be underway.

Benefits for Aave: Aave would be the first platform to support dQuick deposit; a yield bearing asset with $90mm currently staked.

Risk Mitigation: Quickswap is a Uniswap fork. However a Certik audit is underway for double assurance. To date Quickswap, and the in particular the Dragon’s Lair have not been exploited.

There have been issues with the info page lagging due to the volume of transactions. A temporary fix has been installed and the info page is back up-to-date with the Polygon blocks. A longer term solution is currently planned.

The Quickswap founders are Nick Mudge and Sameep Singhania. They are advised by Lunar Digital Assets and Polygon. Quick tokenomics can be found here: Quick Tokenomics. TLDR: 96.75% to be distributed to the community. There are no admin keys, no upgradeable contracts and the wallet is multi-sig with Nick, Sameep, LDA and Polygon as signators.

The Risk team will evaluate correctly. Sorry I have no experience with Aave risk ratings. I propose that in order to limit risk, that dQuick be initially allowed by deposited as collateral before being allowed to be borrowed.

Thanks for reading and I look forward to reading your replies.

2 Likes

This would be an exceptional addition to AAVE.

The dQUICK token represents ownership of the QUICK token, which has A Grade tokenomics. Quickswap exchange generates high recurring fee revenue, which is distributed deterministically and daily to holders of the QUICK token.

That is to say, dQUICK offers excellent collateral, while also allowing depositors to keep earning fee income as QUICK investors while borrowing against their dQUICK. It’s an operational and capital efficiency that will add huge value to AAVE, Quickswap and the Polygon platform.

1 Like

This is an outstanding move of Aave. This will attack a large amount of money from Quickswap holder since we don’t know what dquick is used for. Dquick used as collateral while Quick is staking on dragon lair, I as a quick holder will let the dragon in his lair forever lol.

1 Like

I want to second this proposal. Polygon has been such a huge success, and I think it only makes sense to build a deeper integration with the most liquid DEX on the protocol.

1 Like

I agree also that Quick or dQuick should be added as collateral to Aave

Thanks for this proposal

Could you please follow the asset onboarding guidelines described New Asset Listing - Governance

The process is decentralised, so your will need to find community members who can help you provide the important details. A risk analysis is key for the community to understand whether the asset is fit for integration or not