The cryptocurrency market has spent most of the year struggling as the market has been in a downtrend that has caused many cryptocurrencies to fall from what were considered all-time highs to trade at prices over a year ago , who have not been seen since the recovery from the COVID-19 pandemic.
While the month of May was notably bearish for the cryptocurrency space, with Bitcoin trading below the $27,000 support zone, we are seeing the same effect in the United States stock market, where the tech-dominated NASDAQ index recorded its seventh straight week of decline.
Despite the market struggling, notable cryptocurrencies like EPX have posted gains week in and week out, defying Bitcoin, the market leader, as investors continue to invest in projects with promising potential. Ellipsis Finance’s native token, EPX, still managed to post over 40% of gains for the week in a very bearish week. In fact, the token has gained about 200% in just 13 days.
What is Ellipsis Finance about?
As we saw with DAOs like Wonderland at the end of the year, Ellipsis Finance is an authorized fork of Curve Finance on the BNB chain. It is an Automated Market Maker (AMM) or exchange that allows users and other decentralized protocols to exchange tokens (e.g. BUSD to USDC) with low fees and low slippage.
Unlike exchanges that match a buyer and a seller, Ellipsis uses liquidity pools. In order to achieve a successful exchange volume and low slippage, Ellipsis needs high liquidity (tokens) in the pools. The platform enables stable coin exchanges with very low slippage and minimal fees. To incentivize liquidity to deposit into Ellipsis pools, Ellipsis offers liquidity providers rewards in EPX tokens, its native token.
As mentioned, Ellipsis (EPX) is the native token for Ellipsis. It has four main uses: as a liquidity provider reward, to vote on pool incentives, to block platform fees, and to block to increase liquidity provider rewards.
As a result of this agreement between Curve and Ellipsis, veCRV holders will receive 25% of the supply over the next 12 months. Curve Finance will support the Ellipsis team. Ellipsis, in turn, is committed to Curve’s core values, including: no deposit or withdrawal fees, no liquidity restrictions, and highly efficient stablecoin swaps.
The platform recently introduced Ellipsis 2.0. While the first version provided Curve’s StableSwap protocol for users in the BNB chain, this new version will bring other dimensions of Curve to Ellipsis. These include; Reward Gauge Voting, Reward Weight Voting, and Reward Boost.
Also, token holders can lock their tokens for voting weight and use that weight to vote on adding rewards to pools and which pool they want rewards directed towards. A user’s locked tokens also determine the amount of APR boost applied to their liquidity provision rewards.
what you should know
- The token is one of the top trending coins, currently ranked 7th on CoinMarketCap.
- At the time of writing, it is up over 30% with a circulating supply of 1 billion EPX tokens and a fully diluted market cap of $2.15 million.
- We have seen a significant increase in transaction volume of the token by over 700% as more and more people gain interest in the platform’s activities and its native token.
- After the launch of Ellipsis Finance 2.0, it currently has a volume of over 200 million US dollars.
- At the time of writing, it is the fourth largest pool to see the highest volume over the past 24 hours. The USDD/BUSD pool has a Total Value Locked (TVL) of $31.7 million and offers an Annual Percentage Return. ) of 19.79%. Its largest pool has a TVL of just over $50 million.
Ellipsis Finance is currently ranked 9th in the TVL rankings among all Binance Chain DeFi platforms, according to DeFi Llama. It has an overall TVL of $192.95 million as of the writing of this article, up 10% for the day.
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