The crypto market has been famous for its high volatility and price fluctuations. I have individually witnessed a token price being 50 USD and became 0 USD a few hours later. Thus, the advent of “stablecoin” was expected to solve this problem.
The definition of stablecoin brought a number of tokens into practice: USDT, USDC, BUSD, DAI,… as well as the demand to swap between them. Ellipsis is one of the platforms that enable stable swapping.
In this article, Coin98 will provide you with all detailed information about Ellipsis, including:
- What is Ellipsis and how does it work?
- Information about EPX’s tokenomic and how to get, buy, store EPX token.
- Is Ellipsis (EPX) a good investment?
Let’s get started!
What is Ellipsis?
Ellipsis is an authorized fork of Curve Finance, which implements secure and low-slippage stable swapping on BNB Smart Chain. As a fork of Curve, Ellipsis will receive support from the Curve team. In return, Ellipsis will ensure a few features: no deposit or withdrawal fees, no liquidity lockups, and high efficiency. 25% of the EPX total supply has also been allocated for the veCRV holders’ airdrop event.
Both Ellipsis and Curve follow the AMM model. AMM (Automated Market Maker) is the exchange model that enables decentralized trading by using algorithms and smart contracts to determine the price of the assets. These activities happen within a liquidity pool, where users contribute liquidity to gain incentives from the project, namely the project’s native token.
What is EPX Token?
Initially, the token of Ellipsis is EPS. Then, from the end of March 2022, the EPS token will be renamed to EPX.
EPX is the native token on the Ellipsis platform. It is regarded as a revenue earning token, which will primarily benefit liquidity providers and EPX stakers. They will receive a portion of the trading fees on a 50-50 basis.
How does Ellipsis work?
Ellipsis works pretty much like Curve. The project aims to provide the trading between stablecoins with the lowest slippage possible. Ellipsis does this by using two types of liquidity pools:
- Base pools: 3Pool (BUSD-USDC-USDT), btcEPX (BTCB/renBTC).
- Metapools: 3Pool + 1 additional asset.
Metapools allow one token to be swapped to any of the tokens in the 3Pool. For example: A metapool can be DAI – 3Pool. Liquidity providers only need to deposit DAI into the pool, and users will be able to swap from DAI to any token in the 3Pool (BUSD, USDC, or USDT). This model benefits Ellipsis in a few ways:
- Focus on only a few main pools, which increases the liquidity of those pools and avoids sharding liquidity.
- Stablecoin projects can easily provide liquidity regardless of their low liquidity. This encourages other stablecoins to be added into Ellipsis liquidity pools, which eventually increases the chance of Ellipsis being able to provide access to every stablecoin.
- Increase the trading volume, therefore increasing the trading fees that liquidity providers can earn.
Liquidity providers will receive EPX as the reward. The rewarded EPX tokens come from the protocol’s trading fees and will be vested over three months. Users can decide whether to skip the vesting period for a 50% early exit penalty. The penalty cost will be distributed to users who lock EPX in the staking pool.
EPX stakers receive not only a portion of the trading fees but also 100% of the penalty fees mentioned above. Those fees will be immediately distributed to EPX stakers, which will be equally divided after 7 days.
This model is the main factor leading to the success of Curve Finance. Will Ellipsis on Binance Smart Chain accomplish the same thing as Curve on Ethereum?
Detailed information about EPX token
EPX Key Metrics
- Name: Ellipsis.
- Ticker: EPX.
- Token standard: ERC-20.
- Token type: Utility.
- Max supply: 1,000,000,000 EPX.
- Circulating Supply: 603,197,370 EPX.
- Contract address: 0xa7f552078dcc247c2684336020c03648500c6d9f.
EPX Token Allocation
EPX Token Sale
EPX does not have a Token Sale.
EPX Token Release Schedule
- Liquidity provider rewards: Continuously minted over five years with a progressively decreasing rate.
- Team/development fund: Vested for one year with a continuous release.
- veCRV airdrop: Distributed weekly for one year.
EPX Token Use Cases
Currently, EPX token is used mainly to incentivize liquidity inside the Ellipsis protocol.
How to get EPX Token
You can get EPX by providing liquidity and staking on Ellipsis.
How to buy EPX
You can buy SANTOS through:
- CEXs: Binance, Gate,…
- DEXs: PancakeSwap, Apeswap, Coin98 Exchange…
You can also swap and buy EPX on the Coin98 Exchange. Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,…) through intuitive and simple interfaces.
Learn more: How to use Coin98 Exchange
How to store EPX
You can store EPX token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search EPX Token.
Step 3: Click on the correct result, copy the wallet address and send EPX to this address.
Roadmap & Updates
Ellipsis plans to implement the following things in the future:
- A BTC pool in collaboration with Ren, the makers of renBTC. Increase liquidity for wrapped Bitcoin assets and provide a trustless point of entry into the BSC ecosystem.
- USD metapools to provide liquidity for other dominant BSC stablecoins. Launch a snapshot page to poll the community and gauge interest for potential new pools.
- A detailed audit of the existing codebase.
- Integrations with liquidity aggregators to increase the trading volume and revenue generated for EPX stakers.
- A comprehensive marketing campaign to draw awareness to Ellipsis as well as DeFi on BSC as a whole.
Team, Investors and Partners
EPX does not have a Token Sale, so there are no investors.
Is Ellipsis (EPX) a good investment?
I hope that with the aforementioned information, you have understood what Ellipsis is and how Ellipsis works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund.
However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.
- Ellipsis is not the first platform to provide stable swapping service on BNB Smart Chain, but it is currently top-ranked in terms of TVL (Total Value Locked), market cap and trading volume.
- The most formidable competitor of Ellipsis is Belt Finance, with an approximately equal TVL. However, the market cap of Ellipsis is 285 million USD, significantly overwhelming that of Belt Finance which is only 84 million USD. This is a common phenomenon seen in stablecoin AMMs since it is exceptionally difficult to capture the value for the native token, regarding how small the protocol fee is. However, it seems that Ellipsis has been doing an amazing job.
- Ellipsis could not have done this without the help of Curve Finance. By forking Curve, Ellipsis possesses the outstanding features of the CRV token model, which put Curve’s name on the map. Giving airdrops to veCRV holders is another smart move from the Ellipsis team as it would attract Curve users to emigrate to Ellipsis, gaining a huge advantage from the start compared to other competitors.
- However, until this moment, Ellipsis has just provided one key feature of Curve which is the Basepools and the Metapools. Curve’s success was not derived from only one factor but from multiple other elements. There is still plenty of room for improvement, and it is worth following Ellipsis for their next updates.
At the moment, the TVL in Ellipsis is only 1/10 of that in Curve. As an authorized fork of Curve, Ellipsis has a massive potential, given that Ellipsis can effectively utilize the inherited features. The project needs more time to prove its work and ability since it just recently launched mainnet in March 2021. There is still a long way to go if Ellipsis wants to catch up with Curve.
You’ve been through an article about Ellipsis and the EPX token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.
If you want to know further about Ellipsis (EPX), please feel free to leave a comment below for further discussions!
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