QuickSwap Soars 7% After Partnering With CelsiusX, More Gains Ahead?
04 Fevereiro 2022 - 3:00PM
NEWSBTC
Largest decentralized exchange on Polygon, QuickSwap recently
announced a cooperation With CelsiusX. The DeFi arm of Celsius, the
decentralized financial services network founded by Alex Mashinsky,
the partners are set to bring more liquidity and create yield
opportunities for users on the sector. Related Reading | Celsius
CEO: “Elon Is A Tourist In Crypto” The partnership also aids to
onboard more users, from retail investors to institutions, into
DeFi. In order to achieve this objective, CelsiuX will offer 2
popular cryptocurrencies, Cardano (ADA) and Dogecoin (DOGE), with a
low presence on Polygon and will provide more liquidity for
Ethereum (ETH). These cryptocurrencies will be available on
QuickSwap as synthetic versions called cxADA, cxDOGE, cxETH. Per an
official post, these tokens have low to non-existent liquidity for
traders on Polygon. The partnership will seek to meet such a
demand. Dogecoin (DOGE) has seen a massive rally from its lows
below $0.010 in 2021 to an all-time high above $0.70. The
cryptocurrency has been promoted by heavily influential
personalities in business, such as Elon Musk and Mark Cuban, and
it’s a symbol of the “GameStop Movement”. In the meantime, Cardano
rose on the back of its large community and their bet that the
network will become an Ethereum killer project one its DeFi
ecosystem matures. Cardano introduced DeFi capabilities back in
2021 after successfully completing tree Hard Fork Combinator
events. Both ADA and DOGE have some of the most active and engaging
communities in the crypto space. The collaboration between
QuickSwap and CelsiuX will give these users a new venue to trade
their favorite tokens. The team behind QuickSwap exclusively told
NewsBTC the following on their collaboration with CelsiusX:
CelsiusX is bringing 3 assets (cxDOGE, cxETH, and cxADA) that
currently have little to no utility or use on Polygon over and each
of their respective communities with them. The team will be seeding
the liquidity for 3 trading pairs, $10 million in liquidity for
each pair. In addition to added liquidity, we expect to see a major
increase in volume. QuickSwap And CelsiusX, A Partnership For The
Future Of DeFi The collaboration will be comprised of three core
elements: liquidity, incentives, and utility. The first will
facilitate trading for institutions, users, and other market
participants following QuickSwap’s vision of providing liquidity
for “any token”. On the second item, the DEX and CelsiusX will
offer users more incentives to trade the synthetic versions of
these tokens. Liquidity providers and traders will receive rewards
by operating on cxDOGE and cxADA. Finally, the partners will
provide DOGE and ADA holders will more utility opportunities on
Polygon by adding it to a larger DeFi and multi-chain ecosystem. On
their official announcement, CelsiusX added the following on their
cooperation with QuickSwap, which they called “just the tip of the
iceberg” in their attempts to merge CeFi and DeFi: As token
interoperability increases and additional non-ERC20 (non-Ethereum
compatible) crypto tokens look to migrate over to the Polygon
ecosystem, CelsiusX + Polygon can repeat the playbook to create
liquidity and use cases for any token. As of press time, the DEX’s
native token QUICK trades at $190 with a 5.1% profit in 24 hours
and 8.6% profit in one week. The token has seen a positive impact
from their partnership with CelsiusX and could continue to score
more profits on the back of improvements to its interface and
reward mechanism. Data from Material Indicators shows that there
are some significant bids set below QUICK’s current levels. These
could operate as critical support in case of further downside with
$185 as it most important level. Related Reading | Celsius Crosses
New Company-High In BTC Assets To the upside, there is low
resistance until $205 which suggest bulls could have a shot of
reclaiming previous highs.
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