Decentralized finance (DeFi) tokens have been flying off the shelves in recent weeks. Investors are always looking for ways to passively increase their income and the blockchain space promises higher returns than any other asset class. But as investors continue to bet on different protocols, one seems to be establishing itself as a big winner. Ellipse (EPS-USD) is becoming one of the largest DeFi platforms available. Now the EPS crypto is skyrocketing accordingly.
Ellipsis is a platform that mainly deals with the exchange of stablecoins. It was launched in March 2021 on the Binance (BNB-USD) Smart Chain as a fork of the hugely popular DeFi network Curve (CRV-USD). The bifurcation terms are beneficial for both networks; Ellipsis is supported by Curve developers while Curve users have access to airdrops of the platform’s native token, EPS.
Here’s what investors need to know about EPS crypto going forward.
EPS Crypto Soars as Ellipsis Becomes One of the Largest Binance Smart Chain DeFi Platforms
By using Ellipsis, one can bring his stablecoins to the trading platform and exchange them for others. Ellipsis only offered three different swaps when it launched. Now users can choose to trade some 16 different stablecoins.
This network stands out from the rest by offering three different types of pools through which one can earn passive income. The first, Core Pools, are the same matched asset pools that would be found in any other DeFi protocol. The second, meta pools, allow tokens to be grouped together with entirely separate base pools.
The third, however – factory pools – are “permissionless pools” that anyone can create and operate. A lot of optimism is coming to the Ellipsis network this week, especially because of these factory pools, which come launched tuesday.
The chatter about DeFi projects in general, especially those on the Binance smart chain, also adds to the recent uptrend. CryptoRanka cryptographic data sharing site, recently gathered the best DeFi platforms on the Binance Smart Chain. Ellipsis is the fifth largest of these protocols in less than a year. At present, the network has a total value of around $630 million 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 a lot. Today alone, the EPS crypto is gaining over 30%. Investors also seem to be investing in the token. Trading volume of over $223 million in EPS represents an increase of nearly 1,400% in a single day.
As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.