QuickSwap, a decentralized exchange (DEX) that runs on Polygon, has officially begun the voting process that will vote on rejecting or approving QUICK coin to be split through ‘’redenomination.’’
The QUICK token total supply is expected to rise from the current 1 million to approximately 100 million or even 1 billion after the splitting process is approved. But all that entirely relies on the community’s approval.
Besides, there is an ongoing voting process that commenced from 12th March to 17th March on the snapshot. During the voting process, QUICK holders are expected to answer only one of whether the QuickSwap split will make the token more appealing.
The team behind the process said that this will be one of the best governance decisions they will ever make. Even though the larger part of the group is supporting the Split process, some still have different opinions.
It’s not yet clear whether the token will experience gains like the others, but the team is optimistic that the process will be beneficial to the QUICK holders and even attract more users.
According to the team:
‘’The QuickSwap team fervently supports this change because after conducting extensive market research, we believe this change will help facilitate further integrations and attract new buyers who are currently put off by QUICK’s high price per unit.’’
The future of QUICK coin
Many are skeptical about the outcome of the QUICK overflow supply which might pose a possibility of losing token losing its value. Most crypto enthusiasts believe that only assets with fixed supply assets can experience price gains.
In a blog post, the QuickSwap team however tried to handle the fears by stating:
‘’Each token holder would retain the value they held at the time of the split and the percent of QUICK’s max supply. All a split would do is increase the total number of units, thereby decreasing the price per unit.’’
It is important to note that only QUICK holders outside the centralized exchange platform like Binance will be able to vote in this process. All they need to do is to connect their MetaMask wallet or other Polygon compatible network wallets through the Snapshot official website link.
According to the BTC news report, the token split can attract more users to DEX like in the crypto market case where its tenth-largest coin, Polkadot (DOT), went through the split process and gained more value. Some believe that DOT value and its adoption increased as a result of a similar redenomination process.