QuickSwap co-founder Sameep Singhania talks about the motivations behind the project and how it can improve the user experience within DeFi. Singania: Layer 2 DEX is housed in a blockchain network that is limited in terms of scalability. Singhania says the best way to overcome this problem is to build a DEX Layer 2 solution built for scalability. Polygon aims to transform the Internet into an internet interconnection blockchain that is independent of each other. These chains can work together to overcome mainnet problems and process millions of transactions per second.
Dan Stein
Startup thread editor
AMM DEX is arguably the foundation of the DeFi industry. They bring the entire industry together, facilitating the transfer of digital assets and creating liquidity. But no one argues that high gas tariffs and network congestion on popular blockchain networks are a major turning point for people. That’s why layer 2 DEX like QuickSwap may be the time to shine. Today we are discussing with QuickSwap co-founder Sameep Singhania about the motivations behind the project and how it can improve the user experience within DEX.
1. Hello Sameep! Thank you for joining us today. Before we dive into the conversation about QuickSwap, we want to know more about the ideas behind the project. Please tell us about yourself and how you got involved in the blockchain space.
Hi! Thank you for boarding. First, I’m a software engineer and a blockchain developer by profession. I have a bachelor’s degree in computer science engineering and I think my deep love for working on exciting software projects has led me into this area. Then, in 2017, he quit his job full-time as a software developer at a reputable company and became a freelance developer. By working with various companies as a freelancer, I felt that I could get the long-awaited exposure. Soon, I was building smart contracts and tokens for emerging blockchain businesses.
During this time, I was fortunate enough to launch a project on OpenBazaar, an online decentralized marketplace. I have been working on this project for 18 months and have been fully involved in its development activities. Since then, he has worked closely with Paraswap to support the development of smart contracts and core services. We also worked on other projects that required layer 2 level scalability. It was at this time that I contacted Polygon and worked with them to optimize the solution.
After gaining a lot of experience in the field of blockchain, I decided it was time to start my own venture, which led to the creation of QuickSwap.
2. The advent of decentralized exchange has changed the game of DeFi significantly. But what serious problems do you think DEX is popular with today? What is the need for Layer 2 DEX?
As a freelance developer, I carefully observed the rise of AMMDEX. They have emerged as an unmanaged way to facilitate the transfer of assets and create liquidity within DeFi. However, as the number of users increased, DEX problems began to occur. DEX is housed in a blockchain network that is limited in terms of scalability. And this is the main cause of problems such as network congestion and high gas charges that empty the user’s wallet.
The best way to overcome this problem is to build a DEX Layer 2 solution built for scalability. That’s where the idea for QuickSwap came about.
We wanted to create an AMMDEX that could mitigate existing problems and provide the originally promised user experience.
3. Recently, much has been said about Layer 2 solutions. Some believe it is a solution to the blockchain trilemma, while others consider it complicating the blockchain architecture. What do you think about this? How do you believe Polygon stands out in this area?
In fact, I believe that Layer 2 solutions do not complicate blockchain space by avoiding the need for multiple independent blockchain networks. So why create a whole new blockchain when you can harness the power of your existing network to further enhance it? For example, if you look at the Ethereum ecosystem, you’ll find millions of users and innovative projects. If you create a whole new blockchain network to solve the Ethereum problem, this existing ecosystem will be lost. And this is where Layer 2 solutions get a lot of attention. They capture the potential of existing chains and build on them to create a great overall experience.
However, when it comes to polygons, it’s not just about creating Ethereum layer 2 side chains. Polygon aims to transform Ethereum into an interconnected blockchain internet that is independent of each other, but can work together to overcome the problems of the mainnet. The combination of these chains can handle millions of transactions per second, giving you unlimited scalability.
4. Can QuickSwap experience significant user experience and feature improvements? How do you think QuickSwap will affect DeFi in the long run?
Of course, the main differentiator for QuickSwap is in polygon layer 2. Compared to Layer 1DEX, QuickSwap is highly scalable and works at a fraction of the transaction costs. In addition, QuickSwap is a direct fork of Uniswap. This means that QuickSwap retains all the best characteristics of Uniswap and improves them with low gas rates and a great user experience. For reference, a fast transaction that can cost $ 40 in Uniswap costs only $ 0.001 in QuickSwap.
As a Layer 2 DEX, QuickSwap can be easily integrated with other blockchain networks in the future and may be the key to interoperability within DeFi. Our interface is so beginner friendly that new DeFi users will not have a hard time navigating QuickSwap.
5. What are your thoughts on the current state of DeFi? And how do you see the evolution of the new version of DeFi in the form of DeFi 2.0?
The DeFi industry has seen a significant portion of the ups and downs, but overall, it has matured and is preparing for exponential growth. DeFi is the hub for the most innovative projects and rapid technological developments. With more than 4 million DeFi users in the Ethereum ecosystem alone, the amount of assets locked to DeFi is constantly increasing. For this reason, investors are now focusing on DeFi, and their investment has created a stable flow of capital in decentralized markets.
This influx of capital opens up a world of possibilities within DeFi, leaving the industry with no stones to ensure mainstream adoption. Today, countless projects are emerging to solve the problems of today’s DeFi protocol. This gives way to the next phase of DeFi called DeFi 2.0.
We believe DeFi 2.0 can bring traditional financial products such as index funds, derivatives and securities to the DeFi market and appeal to investors of all kinds. With the rise of interoperability solutions, DeFi can also be integrated into blockchain games to offer NFT staking and other products and enhance the proof of stake model.
6. Finally, what do you think of the crypto tax recently imposed in India? Now that the government is ready to provide approval, do you think it discourages or encourages the use of cryptography?
good! The government imposes a large tax of 30% on digital asset transactions. On the one hand, taxation is a step towards the recognition of cryptocurrencies, but on the other hand it can discourage the use of cryptocurrencies. Traders may be forced to return to the stock market, where taxes are fairly low. As a result, the adoption rate of cryptography in Japan may decrease. But the official crypto bill hasn’t been passed yet, so we’re hoping for better results.
