Home Cryptocurrency QuickSwap lets users avoid Ethereum transaction fees with Polygon

QuickSwap lets users avoid Ethereum transaction fees with Polygon

by Gordon James

If you’re a developer and want to deploy your DApp on the Ethereum blockchain, it’s very expensive. To counter this issue, QuickSwap lets users purchase limited-supply token that can be used for simple transactions without the fee. The solution is being adopted by other projects as they understand how important cost savings are in their early adoption stages of Blockchain technology.

The “transfer nft from polygon to ethereum” is a feature that allows users to avoid Ethereum transaction fees. The service was created by Polygon and will be available for $5.

The chain that served as the inspiration for Web3 is evolving as the price of Ethereum gas rises, with high transaction fees driving less affluent users to alternative blockchains or scaling solutions. This implies that a lot of use cases are becoming impractical for layer-one downtowns, and suburban areas are being constructed to provide a layer-two blockchain experience that is both practical and affordable. 

Sameep Singhania has been a fervent supporter of projects based on the protocol ever since becoming familiar with Polygon around the time of its inception in late 2019. He founded QuickSwap in 2021 as a decentralized exchange (DEX) to meet the demands of the developing Polygon ecosystem.

In order to work as a freelance developer, Singhania abandoned a promising position as a software engineer in 2017. He later found himself producing code for a variety of blockchain projects in the DeFi and layer-two industries. He worked on a variety of initiatives, including leading the development team for the DeFi exchange ParaSwap and spending 18 months with the blockchain e-commerce platform OpenBazaar.

On Ethereum, Polygon is one layer-two solution that provides consumers with decreased on-chain transaction costs. The main DEX and nerve center of the Polygon network is QuickSwap. 

 

 

 

 

For Polygon, a DEX

Singhania “realized that to build the Polygon ecosystem, we need a DEX” after working on probably hundreds of projects on Polygon starting in 2019. 

The reason for this is because although while “99% of blockchain projects have a token,” listings on well-known exchanges are difficult to set up, and many consumers are unwilling to open an account at a specialized exchange solely to trade a specific token that isn’t listed anywhere else. A DEX may serve as a blockchain network’s core marketplace, providing users with access to everything they need without requiring them to visit another chain.

Sandeep Nailwal, the co-founder of Polygon, urged Singhania to develop a DEX and connected him with Roc Zacharias, a marketing for Lunar Digital Assets. The way they assembled their team was as follows: “We had coders, we had a marketing team, a fantastic combination, and we released the app.”

 

 

QuickSwap’s user interface. from QuickSwap

 

 

A layer-two blockchain is Polygon, formerly known as Matic Network and still using the ticker MATIC. In other words, it’s a blockchain that was layered over an earlier chain. While Polygon is based on Ethereum, Lighting is an example of a layer-two, or L2, built on Bitcoin. Tokens based on Polygon may thus be delivered to Ethereum addresses, from which their owners can then easily reclaim them by switching to the Polygon network via a DApp like MetaMask.

The often cited benefit of L2 systems is that they are more agile than their hulking parents, enabling quicker and more affordable transactions. It is obvious that using the parent chain for daily transactions is not feasible given that Bitcoin transactions cost over $10 and take around 10 minutes for the first of six confirmations, like in El Salvador, where workers may make as little as $100 per month. Salvadorans instead use Bitcoin Lighting, which transactions only cost 1 satoshi.

 

 

QuickSwap lets users avoid Ethereum transaction fees with PolygonSameep Singhania seeks to increase the possibilities of cryptocurrency.

 

 

The Ethereum network is “unusable by the tiny users” who are essentially priced out of adopting DeFi solutions or decentralized exchanges like Uniswap due to the much higher transaction fees. According to Singhania, a “typical Ethereum transaction on Uniswap cost roughly $100” in January 2021.

The typical transaction size on Uniswap is probably around $50,000, so if I were a regular user and wanted to make a tiny exchange, I couldn’t do it on Ethereum.

According to Singhania, “Polygon is there to scale Ethereum,” which has advantages and disadvantages. He continues by saying that while “Ethereum is the most secure option out there,” it has expensive gas costs and has rather long transaction times.

Smaller denominations of cash exist because not everything can be done with $100 notes, which is not precisely what an economy wants. L2s are the solution for current networks like Bitcoin and Ethereum to support smaller transactions. On Polygon, users may engage with smart contracts, swap NFTs, and tokens based on Ethereum at low cost. 

 

 

📣LIVE NOW: @mcuban, @hackapreneur, @CryptoRocky, @AaveAave, & @0xPolygonspeak on Polygon Power Hour!

— @mcuban “Aave and QuickSwap on Polygon undoubtedly see a lot more activity than Ethereum L1 equivalents.” (Mark Cuban) Twitter.com/ySjxu049td https://t.co/99rGSoa04U

June 15, 2021 — QuickSwap (@QuickswapDEX)

 

 

Because transaction prices have grown considerably over the last two years along with the blockchain user population, there is an urgent demand for L2s. Transactions between the more than 23,000 possible pairings on QuickSwap only cost a few cents. Any ERC-20 token that is liquid and part of the Polygon network may essentially be traded using QuickSwap, according to Singhania. Naturally, fees are paid in MATIC.

For many users, moving from Ethereum to Polygon and reaping the savings seems like the simple choice. Some operations, including the trading of six-figure NFTs, meanwhile, continue to be firmly outside the Polygonian suburb. Singhania agrees that people who transact for millions of dollars stand to earn less from Polygon. 

 

 

 

 

According to Singhania, exchange withdrawals and bridges are the two main methods for transferring assets to Polygon. The Polygon network may possibly be completely avoided since “a number of prominent exchanges like Binance enable deposits and withdrawals on the Polygon network.” Assets that are already on Ethereum may be bridged, which is essentially an inter-blockchain transfer, as opposed to being on a centralized exchange.

It is now up to the user to decide which platform best meets their requirements. “Both L1 and L2 apps have their own advantages and downsides and they both have their use cases.”

Getting the hang of it

Singhania, 31, grew raised in New Delhi, the nation’s capital. Since high school, he has been passionate about coding. He once compared the process to “magic occurring” and said that only a few lines of code could produce “beautiful things.” In 2008, he pursued his desire and enrolled in the outlying JSS Academy of Technical Education, where he earned a bachelor’s degree in computer technology and worked as an IBM Ambassador on campus.

After earning his degree in 2013, he started working in software testing and automation at Dell. However, he quickly came to the conclusion that he wanted to “focus more on development” as opposed to continuing to work as a software tester, which offers fewer opportunity for creative contribution. In 2015, he changed careers and began working as a software developer at Drishti-soft Solutions, where he developed software for customer support and coordinated training sessions for web development.

 

 

 

 

Singhania transitioned to software freelancing in 2017 but still feeling uneasy in the position and looking for “something where I don’t get bored.” He remembers, adding that he was now engaged in his profession, “When you do freelancing, you get to meet a lot of people and learn about a lot of different businesses and topics.” He had previously heard about blockchain while working as a developer, one of these emerging sectors. 

“While looking for a project, I came across the blockchain and Bitcoin information once again. I made the decision to give it some more thought and do more study to understand what Bitcoin is. What exactly is a blockchain?

Singhania worked as a full-time blockchain developer for many startups by the middle of 2018, including Akila Labs, Bitgrit, and Toptal. He created ERC-20 tokens and smart contracts for things like airdrops, token vesting, and crowdsales. Among them, Singhania highlights his 18 months of collaboration with the decentralized marketplace firm OpenBazaar, “which was aiming to develop something very similar to Amazon — but on blockchain,” utilizing the peer-to-peer InterPlanetary File System (IPFS).

 

 

 

 

accumulating knowledge

Singhania worked as the chief developer and founding member of ParaSwap, an aggregator DApp that connects many DEXs to enable customers to easily trade cryptocurrency pairings that do not coexist on any exchange, “when DeFi was just beginning” in 2018. The smart contracts created by Singhania, who boasts that they “manage millions of dollars every day,” are used for all of the trade. In the previous month, the platform saw 3.3 billion dollars in activity, according to Singhania.

Because we needed to study everything about DeFi in order to construct ParaSwap, “that project helped me to make an entrance into DeFi — it essentially presented me to everything out there like Uniswap, Bancor, and Kyber Network.”

Singhania had experience with DeFi when he worked on a dice game for a blockchain casino client and came across layer-two blockchain technologies.

Even though gas prices in 2019 were a small fraction of what they are now, he quickly recognized that “it was too costly to execute anything on Ethereum.” Singhania “started searching for layer-two solutions” in response to the demand for something fresh, he recalls. Singhania first developed his dice game on the now-defunct layer-one Loom Network, which shut down soon after. Singhania next looked at the Matic Network, which was “quite young” and had not yet opened its mainnet in late 2019. Singhania set up the dice game by collaborating with the Matic Network team, now known as Polygon, and getting to know the Polygon network in the process.

Dice games on Ethereum are not the only ones that have scalability problems. For instance, Erik Voorhees’ SatoshiDICE was introduced in 2012 and quickly accounted for more than 50% of all Bitcoin transactions. Making tiny on-chain bets on Bitcoin’s core layer is now impossible due to rising transaction fees.

 

 

[email protected] has shown tremendous growth on Polygon PoS & has become the biggest Polygon-native decentralized application in terms of users, TVL, & volume.

To increase the liquidity of the platform, we are providing them with $1 million in liquidity mining incentives.

the following link: https://t.co/Z3fb8BOCmw pic.twitter.com/gHN9ZL89U6

September 30, 2021 — Polygon | $MATIC (@0xPolygon)

 

 

bringing in the next generation

Singhania thinks that the next stage in scaling the layer is to enhance the user experience in order to make it user-friendly for millions of individuals who are new to cryptocurrencies. Polygon is now a low-cost alternative to L1 and has a dependable DEX. Since QuickSwap is a key component of the Polygon ecosystem, he is largely responsible.

“The way things are constructed right now, it’s for a well-trained crypto user. It’s not for a rookie.”

According to Singhania, the cost of MATIC should increase when the Polygon layer is implemented. Prices may start to steadily rise in the future if the team keeps performing at its current level. Singhania is no longer dissatisfied with his job, and he states that he is “not doing any form of freelancing since I don’t have time.”

 

 

 

 

aave polygon fees” is a command that allows users to avoid Ethereum transaction fees with Polygon. The command requires using the “polygon” wallet and it can be used in any Ethereum-based wallet.

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