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Ellipsis Finance Review 2026: Curve-Style Stableswaps on BNB Chain

Ellipsis Finance is an authorized Curve Finance fork on BNB Chain that focuses on low-slippage swaps between similar tokens. It works as designed, but TVL is small and the public docs look dated.

BNB Chain

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.2/10

Mixed

Visit Ellipsis Finance

Our verdict on Ellipsis Finance

6.2/10

Ellipsis Finance suits DeFi users on BNB Chain who want a Curve-style venue for stablecoin swaps or for liquidity provision with EPX incentives. Its main strengths are low published fees (0.04% on stable pools) and a clear split of fees between liquidity providers and EPX lockers. The main caveat is size and freshness: TVL is about $802,000 and the docs look dated. Verify pools, audits and current rewards in the app before depositing.

Score breakdown

How Ellipsis Finance scores

Security: 6.0/10
Ease of use: 6.5/10
Fees: 8.0/10
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Ellipsis Finance?

Ellipsis Finance is a decentralized exchange on BNB Chain. The docs describe it as an authorized fork of Curve Finance, built to offer efficient swaps, yield for token holders, and deep liquidity for other protocols' tokens.

DefiLlama lists it as a DEX on BNB Chain with about $802,000 in TVL, a 7-day change of -0.3%, three listed audits, and the token EPS. The docs now refer to the token as EPX and describe a migration from EPS to EPX.

The docs page we have was last updated about four years ago. That does not show the project is inactive, since DefiLlama still tracks live TVL, but it means readers should confirm current pool details in the app. Ellipsis Labs, the Solana team behind Phoenix, appears in public reporting but is a different project.

How Ellipsis Finance works

Ellipsis is an automated market maker. Instead of matching buyers and sellers, it holds tokens in smart-contract liquidity pools, and users swap against those pools at rates set by the contract. Because it is built on Curve's design, it is tuned for assets that should trade at similar prices, which keeps slippage low.

Liquidity providers deposit tokens into a pool and receive LP tokens that represent their share. They earn a share of trading fees, and staking LP tokens earns EPX rewards. Half of the trading fees go to liquidity providers and half to EPX lockers.

EPX holders can lock tokens to receive fees and boost LP rewards, and they vote on which pools get incentives. Time is split into weekly epochs running Thursday 00:00 UTC to Wednesday 23:59:59 UTC. Locks expire at the end of a week and voting runs for the same period.

6 features

Key features

Low-slippage stableswaps

As a Curve fork, it uses a stableswap design meant to keep slippage low when swapping tokens that trade near the same price.

Base, meta and factory pools

The docs describe base pools, metapools and factory pools. Base pools hold core assets, while metapools pair a token with a base pool's LP token.

LP staking for EPX rewards

Liquidity providers receive LP tokens for deposits and can stake them to earn EPX emissions on top of trading fees.

Incentive voting and locking

EPX holders can lock tokens to vote on which pools receive incentives and to share in platform fees.

Permissionless token listing

Projects can list a token through the pool factory to build liquidity, which the docs present as a core use case.

Bridge and APR guides

The docs include guides for a multichain permissionless bridge and for understanding APR and vAPR figures.

Pros and cons

What we like

Based on Curve's stableswap design, which suits swaps between similar assets.
Low published fees: 0.04% on stable pools.
Fee sharing is clear: 50% to liquidity providers and 50% to EPX lockers.
Three audits are listed on DefiLlama, and the docs include audit and admin multisig pages.
Open pool factory lets projects list tokens and build liquidity.

Watch out for

TVL is only about $802,000 per DefiLlama, which is small for a DEX and can mean thin liquidity on some pools.
Only available on BNB Chain, so there is no multichain reach.
The docs page shows it was last updated about four years ago, so some details may be stale.
Rewards and fee sharing depend on the EPX token, and the docs do not give current APRs.
As a Curve fork, it carries the usual smart-contract, depeg and impermanent-loss risks of stableswap pools.
Not to be confused with Ellipsis Labs (Phoenix on Solana), which is a separate project; this makes research harder.

Ellipsis Finance fees

The docs state trading fees of 0.04% for stable or like-kind pools. Crypto pools, such as BUSD to BNB, range from 0.04% to 0.4%.

Half of trading fees go to liquidity providers in the pool where the trade happened, and the other half goes to EPX lockers. The project does not give current APRs or any withdrawal fees. Users would also pay BNB Chain network gas, and live pool fees are shown in the app.

Is Ellipsis Finance safe?

DefiLlama lists three audits, and the docs have pages for code audits, an admin multisig and a registry. The project does not name the auditors or give dates, so read the audit reports directly. The multisig page suggests admin functions are controlled by a group of keys rather than a single wallet, but the details are not public.

Risks include smart-contract bugs, stablecoin depegs inside pools, impermanent loss in volatile pairs, and reliance on EPX incentives. TVL is under $1 million, so liquidity may be limited. Public sources mention no hacks or shutdowns. As a non-custodial DEX, you keep your tokens in your own wallet until you deposit them in a pool. Check the legal and tax rules where you live.

6 steps

How to get started with Ellipsis Finance

1
Read the docs sections on Ellipsis pools and the EPX token to understand how pools, LP tokens and locking work.
2
Set up a BNB Chain compatible wallet and fund it with the tokens you want to swap plus a little BNB for gas.
3
Check the contract addresses and audit pages in the docs against the app you are using.
4
For a swap, pick a pool with the token pair you need and review the quoted price and slippage before confirming.
5
To earn, deposit into a base pool or metapool, receive LP tokens, then stake them for EPX rewards.
6
Start with a small amount, and understand the weekly epoch before locking EPX, since locks expire at the end of a week.

Open Ellipsis Finance

Who Ellipsis Finance is for

Ellipsis fits BNB Chain users who swap stablecoins or similar tokens and care about low slippage. It also suits liquidity providers comfortable with LP tokens and locking, and projects that want to list a token and build liquidity. It is less suited to people wanting a large, multichain, high-liquidity DEX.

Ellipsis Finance FAQs

What is Ellipsis Finance?

Ellipsis Finance is a decentralized exchange on BNB Chain. It is an authorized fork of Curve Finance and uses liquidity pools to let people swap tokens such as stablecoins at low fees and low slippage.

What are the trading fees on Ellipsis?

The docs say trading fees are 0.04% for stable or like-kind pools and range from 0.04% to 0.4% for crypto pools such as BUSD to BNB. Half the fees go to liquidity providers and half to EPX lockers. You would still pay BNB Chain gas costs.

What is the EPX token used for?

EPX is the native token. The docs list four uses: rewards for liquidity providers, voting on pool incentives, locking to receive platform fees, and locking to boost liquidity provider rewards. The docs also describe a migration from EPS to EPX, and DefiLlama still lists the token as EPS.

Is Ellipsis Finance the same as Ellipsis Labs?

No. Ellipsis Labs, which builds the Phoenix exchange on Solana, is a different company. Ellipsis Finance is the BNB Chain Curve fork, and the project does not link the two.

Is Ellipsis Finance safe?

DefiLlama lists three audits and the docs have pages for code audits and an admin multisig. No audit or protocol is risk-free, and the docs pages say little about recent upkeep. Check the audit reports and contract addresses yourself before depositing.

Can I provide liquidity on Ellipsis?

Yes. You deposit tokens into a pool, receive LP tokens, and can stake those LP tokens to earn EPX rewards. The docs describe base, meta and factory pools, each with different deposit steps.

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