Decentralized exchanges are on the rise and beginning to quickly overtake centralized platforms in both utility and usability – though the latter still remain the dominant way for cryptocurrency users to trade today.
In this article, we will also discuss two such decentralized exchanges. It’s QuickSwap Vs. SushiSwap. Let’s explore with Cove Markets their aspects and differences.
What is QuickSwap ?
QuickSwap is a permissionless decentralized exchange (DEX) built on Ethereum and powered by Polygon Network’s Layer 2 scalability infrastructure. On QuickSwap, anyone can trade any ERC20 token, just like they can on Uniswap.
What is SushiSwap ?
SushiSwap is an Ethereum-based decentralized exchange protocol that was forked from Uniswap in August 2020. Controversially, Sushi made several key changes to the original Automated Market-Making (AMM) protocol. In Q2 2021, the total value locked (TVL) in the Sushi protocol was about $4 billion dollars, making it the second largest AMM protocol by TVL.
Pros and Cons
QuickSwap Vs Sushiswap: Which Decentralized Exchange is Better?
QuickSwap provides the high-speed token transfers and nominal transaction fees that are missing from leading DEXes.
By providing liquidity for swaps on QuickSwap, users can earn a 0.25% commission and receive QuickSwap tokens for participation. QuickSwap DEX allows small-scale traders to provide liquidity in even tiny amounts, so anyone can earn passive income by providing liquidity.
- Level 2 transactions: QuickSwap transactions are supported by Matic Network, a Plasma-based Ethereum Tier 2 scaling solution. This means that asset exchanges can be completed within ~2 seconds at a tiny fraction of the cost of gas on the underlying Ethereum circuit. Transactions on the Matic network are completed on the Ethereum main chain, providing all the security of Ethereum with huge layer 2 performance capabilities.
- Non-custodial trading: Non-custodial trading means that you can trade directly from your crypto wallet. For example, you can swap some tokens using MetaMask, TrustWallet, WalletConnect, and many other wallets available on the platform. Unlike any centralized exchange (CEX), you don’t have to deposit tokens into the exchange before trading. The crucial point here is that you’re the only one to access your assets, which are fully protected during a swap.
- Liquidity Mining: By incentivizing QuickSwap trading pools with liquidity, users are rewarded with QUICK tokens. This not only encourages the growth of a strong liquidity provider community, but facilitates distributed governance of the platform by those with ‘skin in the game.’
- Yield Farming: QuickSwap will charge a 0.3% fee for every transaction. Users who provide liquidity to trading pairs on the platform are eligible to receive a percentage of trading fees in proportion to their liquidity pool stake. (0.25% are rewarded to LPs, 0.04% to single-asset QUICK stakers, and 0.01% to the QuickSwap Foundation)
- Community Management: QuickSwap is a community-governed platform where QUICK token holders can propose protocol changes and vote on factors such as pools eligible for FAST mining and more. In this way, QuickSwap holders will own the QuickSwap management process.
Here are the main features of SushiSwap:
- Trading, lending, and liquidity: No matter how you look at it, users of SushiSwap have options for getting cash, which is a huge plus. This lets users find their own way to success, whether by providing liquidity, lending, or betting at the SushiBar. One of the Sushi tools is “Kashi”, which is a platform for lending and borrowing. Kashi is a lending market where people can lend their tokens and earn interest, while other people can borrow tokens to fund margin trades.
- Staking: SUSHI token holders are able to receive a 0.05% fee from each trade made on SushiSwap. By staking their tokens, users will be able to get xSUSHI tokens which represent their stake in the SushiBar pool. As time goes on, these xSUSHI tokens will grow in value, based on the user’s share of the fees gathered.
- Incentivized pools: SushiSwap provides extra incentives to selected liquidity pools in a program known as Onsen. These incentives secure more liquidity on new or popular markets, with incentivized pools found in the “Yield” tab on Sushi.com. The list is updated every 60 days, with a maximum of 58 token pairs.
- Accessibility: Newer users will appreciate the accessibility of the complex starting points, which are whittled down to a basic level that the average person can easily understand.
- Community governance: xSUSHI tokens give the user voting rights that can’t be overstated. The user can vote on certain parts of the token and exchange.
There are quite a few tokens and coins supported by QuickSwap Exchange, but below are a few that stand out.
- DeRace Token (DERC)
- DinoSwap Token (DINO)
- DSLA Protocol Token (DSLA)
- Ethereum (ETH)
- 0xBitcoin Token (0xBTC)
- Aave (AAVE)
- Aavegotchi Token (GHST)
On Sushiswap, there are over 100 different tokens that can be swapped, including some of these popular names.
- Ether (Wrapped)
- Wrapped BTC
- Sushi Token
- USD Coin
- Tether USD
- Yearn. Finance
- Dai Stablecoin and others
Although we can never be 100% certain that a protocol is completely safe, Sushiswap is based on Uniswap’s codebase. Uniswap is one of the largest DeFi platforms and has never been seriously compromised.
Despite a small exploit on Uniswap, the platform is generally quite secure. By extension, that suggests SushiSwap is also quite secure.
The Sushi exchange is based on Uniswap, which has been around for years and hasn’t been hacked or exploited in a big way. Most people don’t think much about security until something goes wrong.
QuickSwap is also open source. Like SushiSwap, it uses audited code from Uniswap to make it safe and trustworthy.
- Regions support QUICK includes: US, NY, EU, DE, IE, UK, CA, SG.
- Sushiswap (SUSHI) is available in many countries worldwide, such as the United States, Canada, Japan, South Korea, and Singapore.
The centralized exchange made money from the makers-maker fees and the takers-taker fees by adding a fee to each trade. Makers are users who want to sell tokens as orders, while takers are ready to buy tokens from the order book.
However, QuickSwap imposes fees for each transaction. A trading fee of 0.30% is given to the liquidity provider as a protocol compensation for using their services. The communist government also taxes these fees.
When users trade on the SushiSwap exchange, they are charged a 0.3% fee. This fee is charged directly by SushiSwap, and the Ethereum gas fees are charged separately from the Ethereum wallet used to interact with the platform.
Ease of Use
- QuickSwap is an up-and-coming cryptocurrency exchange with a plethora of digital assets available for trading. The platform strives to make trading as simple as possible, and it offers a wide variety of tools to help users get the most out of their trading experience.
- The SushiSwap (SUSHI) exchange is one of the most popular exchanges in the world. It is a decentralized exchange that allows users to trade cryptocurrencies without having to trust a third party. The SushiSwap (SUSHI) exchange is easy to use and has a user-friendly interface.
At a Glance
|Categories||Automated Market Makers (AMM), Cryptocurrency Exchanges, dApps, Decentralized Exchanges (DEX), DeFi Projects, Yield Farms.||Automated Market Makers (AMM), Cryptocurrency Exchanges, dApps, Decentralized Exchanges (DEX), DeFi Projects, Yield Farms.|
|Number of assets||117||396|
|Audience||Polygon-powered DEXes offer near-zero gas fees for crypto traders that want to trade.||Cryptocurrency traders who are interested in using a completely decentralized exchange can do so easily.|
SUSHI vs. QUICK: Which is a Better Investment?
Here are some insights to help market participants make investment decisions on QuickSwap:
- The team has disclosed that a part of their plan is to integrate meta transactions, so users don’t have to move to Polygon at all. They also have a plan to create bridges on QuickSwap.exchange, so users don’t have to go to Polygon Wallet to move funds.
- QuickSwap has introduced the Limit Orders feature, allowing users to pick the price they would like to trade and execute limit orders. Users can also view open, cancelled, and executed orders.
Meanwhile, Sushiswap is also an excellent investment for those who believe in decentralized finance and AMMs. With its attractive investment opportunities, DeFi investors can earn more from their investments.
How Do SushiSwap and QuickSwap Work?
- SushiSwap is a decentralized exchange built on the Ethereum blockchain that allows users to trade Ethereum-based tokens.
- QuickSwap is a decentralized exchange built on the Polkadot network that allows users to trade any type of token.
Is It Safe to Hold Cryptocurrency in the Sushiswap or QuickSwap Exchanges?
There is no definitive answer to this question as it depends on a number of factors, including the security measures taken by the exchange in question and the overall level of security of the cryptocurrency ecosystem. That said, in general, it is considered safe to hold cryptocurrency in exchanges such as Sushiswap or QuickSwap, provided that the exchange in question has implemented adequate security measures.
Who Should Use Sushiswap or QuickSwap ?
The two protocols are nearly identical, but there are a few key differences between them.
- First, SushiSwap is a fully decentralized protocol that does not require any KYC or identity verification. This makes it ideal for users who value privacy and want to avoid having to share their personal information with centralized exchanges. QuickSwap, on the other hand, is a semi-decentralized exchange that does require users to undergo KYC in order to trade. This may be off-putting to some users, but it does offer some advantages.
- For one, it allows QuickSwap to offer a wider range of features, such as margin trading and lending.
- It also gives QuickSwap the ability to offer fiat-to-crypto pairs, which is something that SushiSSwap does not currently support.
Which One Should You Choose?
Choosing between SushiSwap and QuickSwap is not easy. Both projects are based on the same technology, but there are some key differences that make them unique.
- SushiSwap is the original project, and it has a lot more features than QuickSwap. It also has a larger community and more liquidity.
- QuickSwap is a newer project, and it is simpler to use. It also has lower fees.
So, which one should you choose? It depends on your needs. If you want the most features and the largest community, then SushiSwap is the better choice. If you want simplicity and lower fees, then QuickSwap is the better choice.
So, which is the best decentralized exchange? SushiSwap or QuickSwap? Both have their pros and cons, but it really depends on what you’re looking for in an exchange. If you want the best liquidity and the most features, then Sushiswap is the way to go. However, if you’re looking for cheaper fees and a more streamlined experience, then QuickSwap is probably a better choice.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.