The price of the Quickswap exchange’s native token, QUICK, has surged following rumors of an imminent major update. According to DefiLlama, Quickswap is the largest decentralized exchange on the Polygon network with a total value locked (TVL) of $178.98 million.
The crypto community has been rife with rumors about a planned Quickswap update that should introduce a feature that would allow GMX-like derivatives trading. Additionally, the exchange reportedly plans to distribute the exchange’s fees to token holders.
A tweet from The Dude, a twitter account with 15,000 followers, sparked rumors that a “super bullish update for QUICK is coming”.
quick change $quick Soaring 110% on rumors of an upcoming update @azcoinnews https://t.co/V68tNs0XW9
— Kyptos (@azcoinnews) February 20, 2023
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Although there is no official announcement, the price of QUICK has risen to $150, a 110% increase in the past 24 hours. The token is currently trading at $107, as rumors of an upcoming Quickswap update generate excitement and attention in the crypto community.
Polygon’s recent announcement that they plan to launch a zero-knowledge Ethereum Virtual Machine (zkEVM) network at the end of March further fueled interest in their technology, especially zkRollup. DefiLlama reports that the total value of assets locked on Polygon (TVL) has exceeded $1.16 billion, an increase of more than 10% since the beginning of 2023.
While the rumored update has yet to be confirmed, it has resonated in the crypto industry, with traders keeping a close eye on Quickswap’s development. As @Dudesignals pointed out, if the update bears fruit and the market remains bullish, QUICK could rise 10x due to new fundamentals.
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according to Kyptos