Why is AMM Ellipsis token (EPX) rising?

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 Why is AMM Ellipsis token (EPX) rising?
Image source: © kkssr | Megapixl.com
  • Ellipsis is an Automated Market Maker (AMM), enabling users and decentralized protocols to exchange tokens at low fees.
  • It operates on the BNB Smart Chain (BEP20) platform.
  • EPX is the native token of Ellipsis. 

The Ellipsis (EPX) token is riding high after listing on the crypto exchange, Crypto.com. It rallied 15% on Friday morning, a day after the listing.

The Ellipsis token (EPS) migrated to Ellipsis (EPX) on March 31, 2022. The new EPX token was barred from transfers until the launch of the Ellipsis 2.0 protocol on April 13.

The EPS holders were to receive 88 EPX tokens for each EPS migrated. On May 23, Binance completed the EPX token’s migration, redenomination, and ticker change. 

What is Ellipsis (EPX)?

Ellipsis is an Automated Market Maker (AMM) or exchange that enables users and decentralized protocols to exchange tokens at low fees. 

The project claims to offer efficient swaps between stablecoins and tokens and provides yield on stablecoins. It offers solutions to enhance token liquidity for protocols. 

Also Read: What is Bluzelle (BLZ) crypto and why did it rise 40%?

Ellipsis, which operates on the BNB Smart Chain (BEP20) platform, uses a liquidity pool to match orders, unlike other exchanges that match a buyer and a seller. Because of this, it needs high liquidity in the pool. Ellipsis rewards users who provide EPX token liquidity.  

It can be used to swap stablecoins, earn yields and build liquidity. Ellipsis (EPX) soared 16.07% to US$0.0009954 at 5:25 am ET on Friday.

Also Read: Is Chainlink (LINK) crypto rising because of its updated roadmap?

Why is AMM Ellipsis token (EPX) rising?Data Source: coinmarketcap.com

Also Read: Why is Helium (HNT) crypto rising? Is it due to new Helium Wallet?

What is an EPX token?

Ellipsis’ native token EPX is used for transactions like rewarding liquidity providers, participating in incentive distribution, and receiving users' platform fees. 

The token’s trading volume surged 142.70% to US$32.16 million in the 24 hours to Friday morning. Its maximum supply is believed to be one billion.

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Bottom line:

The EPX token can be traded on Binance, KuCoin, MEXC, Gate.io, and BingX. The token fell around 36% over the past month. The market is volatile and comes with a high risk of fraud. Hence, investors should apply due diligence before investing in digital assets. 

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