QuickSwap Has Introduced The First Phase Of Governance Vote

TL;DR:

• This vote was originally scheduled for March 10–15. It was rescheduled and will now take place from March 12-March 17.
• Last week, we opened a discussion forum about the possibility of doing a token split to redenominate QUICK’s total supply
• If approved, this would mean that QUICK’s maximum supply would increase, but every QUICK holder would receive an equivalent amount of xQUICK, relative to the supply increase the community agrees upon
• They believe that redenominating QUICK and thus making the price per unit lower, will make the asset more appealing to investors who are impacted by unit bias
• After much debate, it seems as though much of our community is now on board with the idea of a split, though they haven’t yet reached consensus on whether a 1:100 split or 1:1000 split is best
• Thus, we would like to introduce governance votes in two phases:

First, they will vote on whether or not we should do a split at all

If the first vote passes, they will then vote on whether we should do a 1:100 split or a 1:1000 split

• The snapshot for the first vote will take place on Saturday, March 12th
• The vote will begin immediately after the snapshot and will run until Thursday, March 17th
• If the vote passes, we will announce further details about the next phase of voting
• Details about the proposal, voting eligibility, and how to participate in QuickSwap’s upcoming governance vote follow

To Split or Not to Split? That is the Question

They want to be very clear that this vote is only about whether or not QUICK should be redenominated. If this governance proposal passes, They will then vote on whether we should do a 1:100 redenomination or a 1:1000 redenomination.

They believe that QUICK would benefit from a token split because this would bring the supply more in line with other DEX tokens, to which many investors compare QUICK.

How the Split Would Work

If this governance proposal passes, the next phase would be to introduce another governance proposal in which $QUICK holders would vote on whether we should increase the supply from 1 million to 100 million or from 1 million to 1 billion.

This wouldn’t dilute anyone’s current QUICK position. If they increased the supply by 100x, a QUICK holder who currently owns 1 QUICK would own 100 xQUICK after going through the conversion contract. If they increased the supply by 1000x, a QUICK holder who owns 1 QUICK now would own 1000 xQUICK after the split.

At the time of writing, 1 QUICK = $155.54.

After the split:

1:100

100 xQUICK = 1 QUICK, $155.54

1 xQUICK = ~$1.56

1:1000

1000 xQUICK = 1 QUICK, $155.54

1xQUICK = ~$0.16

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.