QuickSwap [Old]

Purpose and Utility

QuickSwap [Old] (QUICK) was designed as the governance and utility token for QuickSwap, a decentralized exchange (DEX) built on Polygon's network. Token holders could participate in governance decisions and earn rewards from providing liquidity to the platform.

Business Model Evaluation

The business model involved facilitating decentralized trading of cryptocurrencies, with token holders receiving a portion of trading fees when staking their tokens. While trading itself is permissible, the staking rewards mechanism raised some concerns from an Islamic finance perspective as it could be viewed as a form of riba.

Real-World Adoption

QuickSwap [Old] has been replaced by QuickSwap [New] (QUICK v2) as part of a protocol upgrade. The old token is no longer actively used for its intended purposes, and holders were given the opportunity to migrate to the new version.

Platform Development

Development on the original QUICK token has ceased, as the project has moved forward with its new implementation. The old token exists primarily as a legacy asset.

Token Distribution and Founder Analysis

As this is a deprecated token that has been replaced by a new version, the original token distribution and founder considerations are no longer relevant to current evaluation.