Why has Binance delisted Ellipsis (EPS) crypto trading pairs?

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Highlights:

  • EPS crypto trading pairs are no more available on Binance with effect from 9 May 2022 to execute EPS to EPX migration
  • Binance had made prior announcement regarding this migration
  • Binance will now recover all EPS tokens lying in members' accounts and distribute EPX token to them.

To the surprise of Ellipsis (EPS) crypto traders, EPS trading pairs were not available on Binance, with effect from 9 May 2022. Notably, Binance has already made an announcement regarding this change.

According to an announcement made on 22 April 2022 by Binance, in order to support migration, redenomination and ticker change of Ellipsis (EPS) token, the exchange has delisted all existing EPS spot trading pairs and has cancelled all pending EPS spot orders at 4:00 (UTC) on 9 May. The ticker of EPS will be updated to EPX. In this connection, the exchange has also suspended the deposit and withdrawal of EPS tokens.

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Binance will now recover all EPS token lying in members' accounts and will distribute to them EPX, the native token of Ellipsis 2.0, which was launched on 13 April 2022. One EPS holder will be allotted 88 EPX tokens.

Once this token migration is complete, trading for EPX pairs (EPX/USDT, EPX/BUSD) will start on 18 May with effect from 4:00 UTC. However, the exchange has said that it will make a separate announcement about the time when deposit and withdrawal of EPX will open. The contract address for EPX is: 0xAf41054C1487b0e5E2B9250C0332eCBCe6CE9d71.

At the time of drafting, EPS token was trading at US$0.1548 apiece, down 16.41% in the last 24 hours, according to CoinMarketCap. Trading volume in the token has also come down by 85% to US$3.6 million because of the token migration. At present 724 million EPS token are in circulation.

Ellipsis 1.0 to Ellipsis 2.0 migration

Earlier, Ellipsis had announced migration of EPS token to EPX due to the launch of Ellipsis 2.0 on April 13. This migration process started on 31 March. However, the company has not announced any deadline for completing this migration. Ellipsis.finance is an authorised fork of Curve.fi.

Version 1.0 of Ellipsis has been providing Curve’s StableSwap protocol to users on the BNB chain. But the Version 2.0 will introduce other dimensions of Curve to Ellipsis such as:

  1. Reward gauge voting
  2. Reward weight voting
  3. Reward boost

According to the announcement made by the company, EPX holders can lock their tokens for vote weights, which can be used to vote on adding rewards to liquidity pools, and their preferred pool to direct the rewards. The locked tokens will also decide the level of Annual Percentage Rate (APR) boost that will apply to liquidity providing rewards.

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Ellipsis 2.0 will provide EPX tokens as rewards to liquidity pools and will also allow third-party rewards. But all pools on Ellipsis will not be getting EPX rewards. An EPS locker with sufficient vote weight needs to propose a pool approval vote. Also, that pool needs to pass the vote in order to be eligible to get EPX rewards.

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