Cryptocurrency exchange Coinbase is set to discontinue trading activities for QuickSwap (QUICK) by next month. In a Thursday announcement, the firm revealed that the suspension was due to recent assessments.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for QuickSwap (QUICK) on 12/6/23, on or around 2 PM ET.
What does this mean for you? Read more in the thread 👇
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) November 22, 2023
What is QuickSwap?
Launched in 2020 by Nick Mudge and Sameep Singhania, QuickSwap is a layer-2 decentralized application built on the Ethereum layer-2 network, Polygon. It uses an automated market maker (AMM) model that enables users to buy and sell tokens without having to go through a centralized order book. Quickswap also ensures liquidity for all token pairs listed on the platform as well as provides advanced features such as flash loans, yield farming, swapping, and staking rewards.
Although its services are similar to Uniswap because of the codes governing both networks, QuickSwap distinguishes itself through the speed and low cost associated with the Polygon chain. Its native cryptocurrency known as QUICK serves as a utility and governance token for the QuickSwap ecosystem.
Coinbase Suspends Trading
The latest decision to suspend QUICK trading activities will be carried out on Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime. This action will be effective by 6th December on or around 2 PM ET. Speaking on the reason for halting QUICK services, Coinbase said that assets listed on their platform are regularly monitored to ensure they are up to listing standards. Therefore, the firm decided to suspend the token trading based on recent reviews.
Coinbase also said that its QUICK order books have been moved to limit-only mode. So, limit orders can be placed and canceled, and matches may occur. Anyone who still holds QUICK after trading activities are discontinued will need to convert it using the conversion contract and a compatible self-custodial wallet.
Although QuickSwap issued a new version of its token at a 1000:1 split in March, Coinbase stated clearly that it has no plans to support the new version at this time.
Notably, the native currency of QuickSwap, QUICK has experienced a decline. According to cryptocurrency portfolio management app, Coinstats, the token is down by 0.73% in the last 24 hours, trading at $0.05 with a live market cap of $29.6 million at the time of writing.
