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

Reynaldo Marquez

Last Updated: February 4, 2022 6:00 pm

3 mins read

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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 QuickSwap — 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.

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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