Decentralized finance (DeFi) tokens have been flying off the shelves in recent weeks. Investors are still seeking out ways to passively grow their income and the blockchain space is promising higher returns than any other asset class. But as investors continue placing their bets on different protocols, it looks like one is establishing itself as a big winner. Ellipsis (EPS-USD) is becoming one of the biggest DeFi platforms available. Now the EPS crypto is soaring as a result.
Ellipsis is a platform that deals primarily in stablecoin swapping. It launched in March 2021 on the Binance (BNB-USD) Smart Chain as a fork of hugely popular DeFi network Curve (CRV-USD). The terms of the fork are beneficial to both networks; Ellipsis gets support from Curve developers while Curve users get access to airdrops of the platform’s native token, EPS.
Here’s what investors should know about the EPS crypto moving forward.
EPS Crypto Skyrockets as Ellipsis Becomes One of the Largest Binance Smart Chain DeFi Platforms
Using Ellipsis, one can take their stablecoins to the trading platform and exchange them for others. Ellipsis offered only three different swaps when it launched. Now, users can choose to swap some 16 different stablecoins.
This network distinguishes itself from others by offering three different types of pools through which one can earn passive income. The first, base pools, are the same pools of paired assets one would find in any other DeFi protocol. The second, meta pools, allow one to pool tokens with entirely separate base pools.
The third, however — factory pools — are “permissionless pools” which anybody can make and operate. A lot of bullishness is coming to the Ellipsis network this week particularly because of these factory pools, which just launched on Tuesday.
Also adding to recent bullishness is chatter over DeFi projects in general, especially those on the Binance Smart Chain. CryptoRank, a crypto data sharing site, recently aggregated the top DeFi platforms on the Binance Smart Chain. Ellipsis is the fifth-largest of these protocols in less than one full year. As of right now, the network has about $630 million in total value locked.
With the launch of these bespoke factory pools — and the general bullish sentiment around the fast-growing platform — Ellipsis has been able to grow quite a lot. Today alone, the EPS crypto is gaining over 30%. Investors seem to be pouring into the token as well. A trading volume of over $223 million in EPS represents a single-day trading increase of nearly 1,400%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.