How QuickSwap Plans to Unite Polygon and Cosmos with New DEX

  • Core QuickSwap team members have launched a perpetual exchange on Cosmos called Kinetix.
  • QuickSwap intends to serve as a bridge to the Cosmos ecosystem with Kinetix.
  • The partnership is the first step in a broader vision to bring seamless interoperability between both ecosystems.

Leading Polygon DEX QuickSwap is expanding its horizons beyond the Ethereum scaling solution

Building on its success on Polygon, core members of QuickSwap’s development team have launched a perpetual trading platform on CosmosEVM-compatible Kava chain dubbed Kinetix Finance. 

However, QuickSwap’s ambitions with Kinetix extend beyond expansion. With the project, the team intends to unite the Polygon and Cosmos ecosystems.

A Promising Opportunity?

QuickSwap is set to join forces with its sister project, Kinetix. The QuickSwap community approved a governance proposal on Wednesday, September 13. The proposal passed at 12:30 pm UTC with 78.12% of the vote.

As part of the partnership, QuickSwap will add “Kava (Kinetix)” to the list of chains on its website and will receive 1% of Kinetic’s KFI token supply in return, with which it can get returns from Kinetix. Kinetix will also do the same for QuickSwap in a move that will allow members of the Cosmos ecosystem access liquidity on Polygon and allow members of the Polygon community access liquidity on Cosmos.

The QuickSwap team, asserting that it longed for the day when Polygon and Cosmos-powered chains could share seamless interoperability, contended that collaborating with Kinetix was a great first step. 

"This is a great way to unite the communities until the day comes when IBC and Polygon Supernets can unite at a more fundamental level, which is something many in Polygon and Cosmos would like to see," the team wrote.

Kinetix offers leveraged trading for KAVA, axlETH, axlWBTC, ATOM, and USDT. Like QuickPerps, QuickSwap’s Polygon zkEVM perpetual DEX, the platform provides up to 50 times leverage on these assets.

According to developers, the Kava-based DEX is the first of many DeFi projects that will eventually make up the Kinetix DeFi hub. With the recent partnership, QuickSwap and Kinetix intend to bring $300 million to $500 million worth of liquidity to the Cosmos-powered Kava chain. Tether chose KAVA for its native USDT launch on Cosmos on July 6, attracting $100 million in liquidity. 

On the Flipside

  • The QuickSwap Foundation gets 50% of the KFI token allocation to QuickSwap.
  • Kinetix currently has a TVL of only $2.63 million per Defi Llama data.

Why This Matters

Polygon and Cosmos are renowned for their technical capabilities and are driven by a vision to create an ecosystem of app-specific chains. Collaboration between both networks could significantly benefit the broader crypto industry. The move by QuickSwap, Polygon’s number DEX by TVL, marks an important first step to such a reality.

Read this to learn more about QuickSwap’s perpetual DEX on Polygon zkEVM:

QuickSwap’s New Perpetual Exchange on Polygon zkEVM’ Returns Power to Users’

Learn more about the turbulence at Binance:

Binance.US CEO Makes Shock Exit as Onlookers Fear the Worst

Source link:




Classified Document Handling Divides the Powerful From the Rest of Us

Was President Joe Biden more irresponsible than President Donald Trump in mishandling classified documents? Should one be prosecuted? Both? Neither? Let D.C. denizens hash...

Android 14 was barely mentioned at Google’s I/O 2023 keynote

There was a chilly marine layer hanging in the air above the Shoreline Amphitheater, but the danceable beats thumped on in spite of...

Whoopi Goldberg Wears Mask While Alone In Room At Home After Testing Positive For COVID

Earlier this week, we reported that Whoopi Goldberg had tested positive for COVID-19, forcing her to miss the season premiere of “The View”...

Shark Tank’s Kevin O’Leary Sounds Alarm Over US Crypto Exodus

Canadian Businessman Kevin O’Leary is worried that the US crackdown on crypto is driving innovation...

X’s @Music posts Ed Sheeran photo to celebrate new handle. Users aren’t impressed.

Earlier this week, X took the handle @Music from a user who had held it for 16 years. The @Music account (which has...