3 reasons why QuickSwap (QUICK) price spiked by 50%
Decentralized finance (DeFi) and the control it gives users over their assets is one of the most applicable sectors of the cryptocurrency ecosystem, but the general public is still hesitant to interact with most DeFi products due to the steep learning curve and the possibility of losing funds.
One decentralized exchange (DEX) that is taking strides toward bridging the gap between DeFi and centralized finance (CeFi) is QuickSwap (QUICK), the top ranked DEX on the Polygon network.
Data from Cointelegraph Markets Pro and TradingView shows that the price of QUICK saw a rapid 50% spike in value from $166.40 on Jan. 31 to a daily high of $250 on Feb. 1 after its 24-hour trading volume surged by 168%.
Three reasons for the rapid bounce back in QUICK price include the announcement of a partnership with Celsius, the addition of new high yield liquidity pools and the launch of stable-stable pools that offer a higher yield and decrease the risk of impermanent losses.
The most significant recent development for QuickSwap was the announcement that the DEX partnered with CelsiusX, the DeFi arm of the Celsius banking and financial services platform that is focused on integrating CeFi and DeFi.
#DeFi is about to get a lot more interesting @CelsiusXDeFi x QuickSwap x @0xPolygon ❤️Now THAT is progress@CelsiusNetwork $MATIC $QUICK pic.twitter.com/jgn4GZQFLX
Partnering with QuickSwap also allows for the creation of wrapped versions of popular tokens like Cardano’s ADA and Dogecoin (DOGE), which do not currently have a major presence on Polygon, along with well-funded liquidity pools for these assets so that users, bots, arbitrageurs and institutions have easy access to that token.
This also provides DOGE and ADA holders with added ways to use
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