Ellipsis' volume soars over 150%: Why is EPX crypto gaining traction?

June 25, 2022 01:28 AM AEST | By Raza Naqvi

Ellipsis' volume soars over 150%: Why is EPX crypto gaining traction? — Image source: © Bravissimos | Megapixl.com

Why is EPX crypto gaining momentum?

The EPX crypto could be primarily gaining traction due to the overall growth in the crypto market. Secondly, the network retweeted out an information that it was among the top crypto projects with a high total value locked (TVL).

As per the official website, Ellipsis had US$ 94.7 million in TVL, and its market cap was US$ 33 million at the time of writing.

The whitepaper mentions that Ellipsis is a legitimate fork of Curve Finance on the BNB chain that typically fixes three issues: Firstly, it provides quick, affordable swaps between pegged-price tokens and stable coins.

Secondly, Ellipsis provides yield to stablecoin holders and thirdly, it offers various networks to build projects with deep liquidity for their virtual currencies.

Tokens in liquidity pools can be exchanged or withdrawn as per the smart contract's specifications. These pools of tokens reside in smart contracts.

The EPX crypto is the native utility and governance token of Ellipsis network and has several use cases. It can be used for voting on pool incentives and as a reward token.

Additionally, the EPX crypto can be used to boost the rewards for providers of liquidity and locking the platform fees.

Bottom line

The circulating and total supply of the EPX crypto is unknown as per CoinMarketCap data. Meanwhile, the maximum supply of the virtual currency is one billion.

As the crypto market is witnessing high volatility these days, it is difficult to predict if the EPX crypto can continue the momentum. Investors shouldn't only consider the volume and price surge before investing in a cryptocurrency.

The EPX crypto trades on crypto exchanges like Binance and MEXC. If you are interested in this cryptocurrency, then you can go through the whitepaper to know more about the project and evaluate your risk-capacity before buying the EPX token.

Also Read: CEL crypto soars 130%: What's latest on Celsius's paused withdrawals?

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