QuickSwap’s price has risen over the past two days. This bullish momentum is a strong start to the month and remains in positive territory.
On January 31, QUICK surged by 50%. Yesterday (February 1) it posted another significant jump of 168%, moving from $166.40 to a daily high of $250.
At the time of writing, QuickSwap trades at $194.50, up 10.73%. Over the last 24 hours it hit a high of $231.92 and a low of $175.56, following a modest pullback from yesterday’s peak.
But what’s driving the QuickSwap rally? Let’s examine the factors behind the move.
What is QuickSwap (QUICK)?
Before diving into the recent price action, it’s useful to briefly explain what QuickSwap is for readers who may be unfamiliar.
QuickSwap is a decentralized exchange built on the Polygon Network designed to provide faster, lower-cost transactions. Its native token is known as QUICK.
Why is QuickSwap rallying?
The major upswing in QUICK’s price began following QuickSwap’s partnership announcement with CelsiusX.
The collaboration aims to bridge centralized finance (CeFi) and decentralized finance (DeFi), enabling users to retain greater control of their assets while accessing broader crypto financial services.
CelsiusX and QuickSwap partnership
The partnership announcement represents the most significant recent development for QuickSwap. CelsiusX’s banking and financial services platform will support QuickSwap’s effort to connect 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 enable wrapped versions of assets such as Dogecoin (DOGE) and Cardano’s ADA, alongside well-funded liquidity pools to provide institutions, traders, arbitrageurs, and automated market participants with streamlined access to these tokens.
Holders of ADA and DOGE will be able to use their assets within DeFi protocols to earn yield.
New high-yield liquidity pools and NFT support
The launch of new liquidity pools offering higher yields has also contributed to QUICK’s price appreciation.
These high-yield pools followed a wave of integrated bridges and project launches on the Polygon Network in January, which expanded token access and cross-chain liquidity.
In addition to yield-focused pools, QuickSwap has increased support for NFT projects, attracting activity even during a softer broader crypto market.
Recent NFT initiatives supported on the platform include OneRare, UniArts, Blockchain Monsters Hunt, and Dogira.