Governance snapshot and new staking opportunities
Decentralized token swap platform QuickSwap has received a welcome boost in wallets connecting to the platform this week. The leading Polygon DEX has racked up an impressive 160% increase, pushing unique active wallets to almost a quarter of a million in the last seven days.
In recent weeks we’ve seen Polygon DeFi dapps getting more traction, led by Uniswap moving its services over to Polygon. Many wondered whether Uniswap would surpass QuickSwap based on its reputation, but the Polygon-native DEX QuickSwap is resilient.
The decentralized exchange has seen its user base grow an impressive 160% in the past 7 days. Spurred by the release of the new Polygon play-to-earn game Sunflower Farmers, staking opportunities, and an upcoming governance vote.
The surge in wallets connecting to the dapp was in part caused by a snapshot announcement by the platform. Holders of QUICK and dQUICK needed to get their tokens into a self-custodial wallet such as Metamask by the 7th December in order to qualify to vote on a proposal to separate the Dragon’s Lair from Syrup Pools. A lot of people will have had these tokens on the QuickSwap exchange engaged in farming or staking, therefore they needed to connect to the dapp and send those tokens to a self-custodial wallet in order to qualify. Others may have purchased the required tokens just to take part in the vote.
Rewards bring users to QuickSwap
Another strong reason for increased numbers connecting to QuickSwap this week is the launch of some new reward pools. Several new dual farming and pairing opportunities including rewards for UST, mSHEESHA, RELAY, ORBS, uART, & BCMC were added.
QuickSwap enjoying the Sunflower Farmers hype
One further, and potentially powerful reason for the surge this week has been the success of a new Polygon-based play-to-earn game, Sunflower Farmers.
The dapp has seen almost 450,000 active wallets connect to it this week. Those wallets completed over six million transactions driving $2.29 million in volume through the game. One key aspect of getting started on Sunflower Farmers is holding the platform’s native SFF token, which can be obtained through QuickSwap. Plus, some invest simply in the underlying tokens of popular play-to-earn games instead of playing them. Both can drive active wallets into the platform.
Furthermore, those engaged in the game will need to swap any earned SFF tokens over to MATIC, for example, to realize profits from the game. The block explorer shows many small transactions, backing the theory further. These actions have contributed to the surge in activity observed on QuickSwap this week.
Has Polygon become a game platform?
The Polygon blockchain found sustained success in 2021 when a raft of DeFi and exchange dapps arrived on the network while markets were peaking. Several finance dapps came and went, while exchanges like QuickSwap established themselves as leaders on the network. However, Polygon is also very well suited to hosting game dapps due to its security, fast transactions, and low fees. Something picked up on by dapp developers.
In 2021, play-to-earn games like CryptoBlades, Zed Run, and Arc8 found success on Polygon, while Sunflower Farmers is the current unicorn. Sitting in second place in the overall game ranks on DappRadar, nestled between stalwarts Splinterlands, Alien Worlds and Axie Infinity. Not bad for a game that launched just a few weeks ago.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, ENS, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.