A New Ellipsis
Yesterday (March 17th) marked the final veCRV airdrop from Ellipsis.finance to veCRV holders. Today’s announcement, six days short of its one year anniversary, outlines a new era for Ellipsis.finance.
Ellipsis 2.0
Ellipsis.finance is an authorized fork of Curve.fi. Version 1.0 has been providing Curve’s StableSwap protocol to users on the BNB chain. Version 2.0 will bring other dimensions of Curve to Ellipsis:
- Reward gauge voting
- Reward weight voting
- Reward boost
Token holders will be able to lock their tokens for vote weight, and use that weight to vote on adding rewards to pools, and on which pool they would like to direct rewards. A user’s locked tokens will also determine the level of APR boost to apply to their Liquidity Providing rewards.
Documentation will be available prior to launch and announced in our Telegram announcement channel and Twitter.
What happens to current locking and staking?
The locking and staking system will end on March 31st (time to be announced).
Existing lockers will be able to exit their locks and migrate to EPX (see below). Instructions on doing so will follow in the coming weeks. There is no deadline for the migration so there will be no need to rush and no danger of losing your tokens. Please subscribe to our Telegram announcement channel or Twitter for this news.
What happens to vesting EPS?
Uncleared EPS vests will be made available to vest holders as EPX. If Alice has 3000 EPS vesting, she can claim 1500 EPS now paying a 1500 EPS penalty. If she waits for EPX, she will receive the equivalent of 3000 EPS worth of EPX.
veCRV airdrops
veCRV airdrop claims have until the end of March to claim their EPS tokens. The airdropped tokens will no longer be claimable after March 31st. Airdrop recipients are encouraged to claim as soon as possible.
EPX, a new token
The EPS token will be migrating to a new token, EPX. Migration to this new Ellipsis token begins on March 31st (time to be announced) and has no deadline. The new token will be locked from transfers or trading until the launch of the protocol.
The EPX token will have some changes from EPS:
- Relative total supply will increase 1.5x (from 1B to 1.5B).
- Absolute total supply will increase 88x, to 132B tokens (88x the new relative total supply, or 1.5B * 88).
Users will receive 88 EPX tokens for each EPS token they migrate. Migration instructions will be available in the documentation before migration begins.
Emissions
Each month, 1% of the remaining supply will be allocated for rewards. The emission schedule curve can be seen in the following chart:
Where Ellipsis 1.0 emissions ended after 5 years, the new schedule allows rewards to continue forever. The reward amounts become negligible after approximately 30 years.
Timeline
Ellipsis 2.0 will launch in approximately one month (read the announced timeline here).
On March 31st (precise time to be announced) a token migration contract will be made available along with a claim for users who have locked tokens.
The token migration contract has no time limit. Users who wish to use Ellipsis 2.0 when it launches will have ample time to migrate their tokens, however please subscribe to our Telegram announcement channel or Twitter for this news.
