QuickSwap price has been rallying for the last two days. This bullish trend is a good start for the month and it is still green.
On January 31, the QUICK price jumped 50%. Yesterday (February 1) it went ahead to register another surge of 168% from $166.40 to a daily high of $250.
At the time of writing, QuickSwap is trading at $194.50 and is up 10.73%. It has hit a high of $231.92 and a low of $175.56 in the last 24 hours; after a slight retracement from yesterday’s high.
But why is the QuickSwap rallying? Let’s see what the rally is all about.
What is QuickSwap (QUICK)?
Before we take a deep dive into the current QuickSwap price movement, it’s important to first explain what it is for those who are coming across it for the first time.
QuickSwap is a decentralized exchange that runs on the Polygon Network to provide cheaper and fast transactions. Its native token is referred to as QUICK.
Why is QuickSwap rallying?
The huge QUICK price surge started immediately after QuickSwap’s partnership with CelsiusX.
The partnership aimed at bridging the gap between centralized finance (CeFi) and decentralized finance (DeFi). It will enable users to have control over their assets in the cryptocurrency ecosystem.
CelsiusX and QuickSwap partnership
The announcement of this partnership was the most significant on the recent development on QuickSwap. The CelciusX banking and financial service platform will help QuickSwap in bridging DeFi and CeFi.
#DeFi is about to get a lot more interesting 👀
🔗@CelsiusXDeFi x QuickSwap x @0xPolygon
❤️🔥Now THAT is progress@CelsiusNetwork $MATIC $QUICK pic.twitter.com/jgn4GZQFLX
— QuickSwap 🐲 DragonFi 2.0 (@QuickswapDEX) January 12, 2022
The partnership will also allow for the creation of wrapped versions of the Dogecoin (DOGE) and Cardano’s ADA together with well-funded liquidity pools for assets for users, institutions, arbitrageurs, and bots to easily access the tokens.
ADA and DOGE holders will also be able to use their assets in DeFi to earn yields.
New high yield liquidity pools and NFT projects
The launch of new liquidity pools is also another factor attributed to the surge in QUICK’s price.
The high yield liquidity pools come after several integrated bridges and projects were launched in January on the Polygon Network.
Besides the additional high yield liquidity pools, QuickSwap has also seen additional support for NFT projects which have been gaining momentum amid the weak crypto market.
Some of the newly supported NFTs are OneRare, UniArts, Blockchain Monsters Hunt, and Dogira.