QuickSwap, a Polygon-based decentralised exchange (DEX), said on Wednesday that its QUICK coin would be split in half. The decision was put to a vote earlier this month, with more than 93 percent of participants in favour of a token split to make QUICK, which serves as the DEX’s governance token, more appealing to the general public.
QUICK holders were asked if they desired the denomination to be adjusted on a 1:100 or 1:1000 basis after the split decision was reached. The 1:1000 divide garnered 84.72 percent of the vote. Out of a total of 39,000 QUICK from 435 wallets that participated in the voting process, 33,000 QUICK from 335 wallets backed the 1:1000 token split.
The code for the converter contract has already been finalised by QuickSwap’s development team and submitted to third-party auditing organisations. When the audits are complete, the platform will provide more information on how to convert QUICK (v1) to QUICK (v2) using the conversion contracts. It’s important to note that the post-split tokens will not contribute value or utility on their own. The goal of this update was to lower the price per token by increasing the token supply by changing the denomination.
According to Coinmarketcap data, QUICK is currently valued at $230.93 as of March 24. Despite the fact that investors can only buy a fraction of a QUICK, human nature mandates that inexpensive assets appear more appealing. As a result, QuickSwap expressed confidence that redenominating its native governance and utility token would benefit the QUICK community by attracting more users. People nowadays often compare QUICK to direct competitors like UNI, SUSHI, and CAKE, which have prices of $10, $3.60, and $1.16, respectively.