What is Ellipsis (EPS)?

Quick Facts

  • Token: EPS (Ellipsis)
  • Blockchain: BNB Smart Chain (BEP-20)
  • Type: DEX governance and reward token
  • Protocol: Authorized fork of Curve Finance
  • Primary use: Stablecoin swaps with low slippage
  • Trading fees: 0.04% for stable pools
  • Governance: EPS holders vote on pool incentives

Introduction

Ellipsis (EPS) is the native token of Ellipsis Finance, a decentralized exchange (DEX) built on the BNB Smart Chain. The protocol specializes in highly efficient stablecoin swaps, offering users minimal slippage and low trading fees.

As an authorized fork of Curve Finance, Ellipsis brings the proven mechanics of Curve to the BNB Chain ecosystem, making stable asset trading faster and cheaper than on congested Ethereum-based alternatives.

History & Background

Ellipsis Finance launched in early 2021 with direct support from the Curve Finance team. This official endorsement gave the protocol credibility from day one, as it committed to Curve's core values: trustless architecture, no deposit or withdrawal fees, no liquidity lockups, and efficient stablecoin exchanges.

As part of the initial arrangement, veCRV holders received a portion of the EPS token supply, linking both communities from the start. The protocol later evolved with a V2.0 upgrade, introducing veToken mechanics more closely aligned with Curve's model.

How Ellipsis Works

Ellipsis is an Automated Market Maker (AMM) that uses liquidity pools instead of traditional order books. Users deposit stablecoins such as USDC, USDT, or BUSD into these pools, enabling other users to swap between them at near-parity rates.

Liquidity providers (LPs) receive LP tokens representing their share of a pool. These LP tokens can be staked to earn EPS rewards through a process called liquidity mining. Trading fees of 0.04% on stable pools are split evenly between LPs and EPS lockers.

Tokenomics

The EPS token serves four core functions within the protocol:

  1. Liquidity provider rewards — distributed to LPs who stake their pool tokens.
  2. Governance voting — holders vote on which pools receive incentive rewards.
  3. Fee sharing — staking EPS earns a share of platform trading fees.
  4. Reward boosting — locking EPS (as vlEPX in V2) grants up to a 2.5x boost on LP rewards.

Fees are distributed 50% to liquidity providers and 50% to token lockers, aligning long-term holders with protocol health.

Circulating supply ? 723.70 million EPS
Reserved supply ? 0 EPS
Burned
0x0000000000000000000000000000000000000001
0 EPS
vesting
0x07d9e29d42c8043822353a4691d637c448fc03c4
0 EPS
Total supply ? 723.70 million EPS
Max supply ? -- EPS
Updated 12h ago

Ecosystem & Use Cases

Ellipsis serves three main groups: traders needing efficient stablecoin swaps, token holders seeking yield on their assets, and protocols building deep liquidity for their own tokens. The platform supports a range of stablecoin and crypto pools, all powered by audited smart contracts.

Team, Governance & Community

The Ellipsis team operates with support from Curve Finance and follows a decentralized governance model. EPS and EPX lockers participate in pool incentive votes, directing liquidity rewards to specific pools. The protocol has undergone security audits, including a review by Hacken, reinforcing its commitment to smart contract safety.

Advantages

  • Low fees: Stable pool trading fees as low as 0.04%, far below many DEX competitors.
  • No lockups: Users can withdraw liquidity at any time with no penalties.
  • Curve-backed: Official authorization from Curve Finance provides proven, battle-tested code.
  • BNB Chain efficiency: Faster transactions and lower gas costs compared to Ethereum.
  • Yield opportunities: Multiple ways to earn through LPing, staking, and boosting.

Risks & Challenges

  • Smart contract risk: Despite audits, no protocol is entirely immune to exploits.
  • Stablecoin dependency: Protocol health is closely tied to demand for stablecoin swaps, which can fluctuate.
  • Competition: The BNB Chain DEX landscape is highly competitive, with many protocols vying for liquidity.
  • Token migration: The transition from EPS to EPX introduced complexity and potential confusion for users.

Long-Term Vision

Ellipsis Finance aims to remain the leading low-slippage stable asset exchange on the BNB Chain. By continuously refining its veToken governance model and expanding supported assets, the protocol seeks to attract more protocols to build liquidity on its platform. The long-term goal is a fully community-governed, capital-efficient DEX that serves as foundational DeFi infrastructure across the BNB ecosystem.

Frequently Asked Questions

EPS is the native token of Ellipsis Finance. It is used to reward liquidity providers, vote on pool incentives, earn a share of trading fees, and boost LP rewards by up to 2.5x.

Ellipsis is an authorized fork of Curve Finance, meaning it uses Curve's proven AMM model optimized for stablecoin swaps. It runs on BNB Smart Chain, offering faster transactions and lower fees than Ethereum-based alternatives.

You can earn EPS by depositing stablecoins into Ellipsis liquidity pools to receive LP tokens, then staking those LP tokens in the protocol's reward contracts. Rewards accumulate with each new block.

Trading fees are 0.04% for stable and like-kind pools. Fees for crypto pools range from 0.04% to 0.4%. These fees are split equally between liquidity providers and EPS lockers.

The protocol has undergone security audits, including a review by Hacken, and its codebase is based on Curve Finance's battle-tested contracts. However, as with any DeFi protocol, smart contract risks cannot be entirely eliminated.

EPS was the original Ellipsis token that later underwent a migration and redenomination to EPX as part of the V2.0 protocol upgrade, which introduced closer alignment with Curve's veToken mechanics.

Ellipsis is designed for three types of users: traders who need to swap stablecoins efficiently, token holders looking to earn yield on their assets, and protocols seeking to build deep liquidity for their own tokens.