Mysterium builds Web 3.0 tools that allow you to browse the internet freely and earn by sharing your connection.
As the wider crypto community is well aware, our industry has been facing huge challenges.
The recent DeFi boom has led to users cramming into the Ethereum Network and creating an overwhelming backlog of unprocessed transactions.
This has meant crippling network congestion and high transaction fees – both of which are natural killers for decentralized applications.
As a dApp built on the Ethereum network, we suffered from this disadvantage. Our decentralized VPN is purely peer-to-peer. Consumers directly pay node runners, with payments happening minute by minute, and transaction values as small as 0.0001 USD.
These second-by-second “microtransactions” help decentralized VPNs, and other incentivized distributed networks, reduce risk.
But this nature of the service we are offering, and the emerging markets that we are a natural ally to, make Ethereum’s current transaction fees a roadblock to onboarding new customers.
Like many other Ethereum-based projects, Mysterium has had to reroute our roadmap in search of scalability solutions to give our users the cheapest and fastest service possible, while maintaining decentralized and noncustodial architecture.
Our journey for scalability solutions led us to Polygon (formerly known as Matic Network). Our integration means that all Mysterium account creation and top-ups happen on a sophisticated and scalable Layer 2 sidechain, instead of on the Ethereum blockchain. This has created instant P2P payments, at a fraction of the cost. (Quite literally, it’s a hundredth of a fraction…)
Now, we’re encouraging our users to transfer their tokens from Ethereum to Polygon blockchain, so they can trade with a number of coins and cryptocurrencies at a fraction of the cost and speed, compared to other Ethereum-based DEXs like Uniswap.
One DEX leveraging Polygon is QuickSwap, aptly named for its speed and ease of use.
What is QuickSwap?
QuickSwap is a fork of Uniswap, the original Automated Market Maker. Uniswap is the largest decentralized exchange on Ethereum, significantly contributing to the increase of trading activity on the network. However, due to high transaction fees, this DEX has become very expensive to use.
QuickSwap solved Ethereum’s congestion problem by deploying Polygon’s Layer 2 technology. To provide users with the best possible speeds and price, QuickSwap plans and executes a sequence of multiple token swaps.
For example, to convert my QUICK tokens to XYZ tokens at the best possible price, QuickSwap determines the best route is to convert QUICK into SX, then DAI and then XYZ. Moreover, you don’t have to figure this out for yourself, it’s just chosen and executed automatically.
Why choose QuickSwap?
QuickSwap provides its users with several important benefits:
1. High-speed transactions at significantly low costs
At the time of writing, the cost of a ‘fast’ transaction (~30 seconds) on the Ethereum network is $11.51, while the price for a single Uniswap trade costs more than $100 in fees!
Ethereum transaction gas costs as of April 2nd, 2021.
In comparison, transactions via Polygon can be confirmed in as little as several seconds, at a cost of around $0.00002 USD.
2. Familiar and easy-to-use interface
You can trade on QuickSwap directly from your wallet. Furthermore, if you have used Uniswap previously, you will have no issues when switching to QuickSwap as their interface is very similar.
3. Ability to earn passive income by providing liquidity + receive QUICK tokens
As with Uniswap, every user is able to earn passive income by providing liquidity to the various liquidity pools. Every trade on QuickSwap costs 0.3% of the total amount, a fee which is then split equally among liquidity providers based on their owned percentage of the pool.