Wednesday, July 17, 2024
Home > News > Cryptocurrency Market > QuickSwap Soars 7% After Partnering With CelsiusX, More Gains Ahead?

QuickSwap Soars 7% After Partnering With CelsiusX, More Gains Ahead?

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.

QUICK with minor gains on the daily chart. Source: QUICKUSDT Tradingview

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.

Quick QuickSwap
QUICK Price (blue line on the chart) and support levels (bid orders below price). Source: Material Indicators.