How To Use Ellipsis: A Step-by-step Guide
Ellipsis Finance currently has the Total Value Locked (TVL) of $1B, putting it into the top 5 projects with the highest TVL on Binance Smart Chain. As an authorised fork of Curve Finance, Ellipsis has proved how successful the model of Curve can be, even on Binance Smart Chain.
In this article, Coin98 will guide you on how to use Ellipsis and its features, including swapping, liquidity providing, and staking.
Ellipsis Overview
Ellipsis is an Automated Market Maker (AMM) that provides secure, low-slippage stable swapping services on BSC.
On Ellipsis, besides the ability to swap between stablecoins, users can provide liquidity to earn incentive rewards or stake EPS to earn platform fees.
Preparation for trading on Ellipsis
What are the prerequisites for trading on Ellipsis?
First, users need to download and create an account (optional) on Coin98 Wallet.
Coin98 Mobile Wallet version X is available for download at:
- iOS: ios.coin98.com
- Android: android.coin98.com
Read the detailed instruction on how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:
Coin98 Extension: Follow these steps to install the Coin98 Extension Wallet on Chrome:
Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;
Step 2: Click Add to Chrome;
Step 3: A pop-up notification will be displayed on the screen, please read it carefully. To approve, click Add extension.
Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.
Create a Binance Smart Chain Wallet on Coin98 Wallet
Before using Ellipsis, users need to create a Binance Smart Chain (BNB) wallet. Users can create a new Binance Smart Chain wallet on Coin98 Wallet or import an existing Binance Smart Chain wallet from other wallets to Coin98 Wallet. Creating a Multi-chain wallet on Coin98 Wallet will also include a Binance Smart Chain sub-wallet.
For you: How to create a Multi-Chain wallet
Preparing BNB as gas fee
Ellipsis uses BNB for gas fee. Therefore, in order to trade on Ellipsis, users must have BNB in their wallets. Users can buy BNB on a centralized exchange such as Binance, FTX, Gate,... and send it to the Binance Smart Chain wallet address on Coin98 Wallet.
How to use Ellipsis with the Coin98 Extension Wallet
Connect the Coin98 Extension Wallet to Ellipsis
Step 1: Go to the Ellipsis website here: https://ellipsis.finance/
Step 2: Click “Connect” at the top-right corner.
Step 3: Choose “Web3”. Enter your Coin98 Extension Wallet password if needed.
Ensure that your wallet prioritizes Binance Smart Chain. Open the Coin98 Extension Wallet and change the Web3 Priority if needed.
Swap
Step 1: Click “Swap”.
Step 2: Choose the trading pair. Enter the amount to swap, then click “Swap”.
Step 3: Approve the assets, then click “Confirm”.
Step 4: Check the gas gwei and click “Confirm” one more time to perform the transaction.
You have successfully swapped on Ellipsis.
Add liquidity
Step 1: Click “Pools”. The interface should look like the picture below.
Step 2: Click the “Eye icon” on the pool you would like to provide liquidity. I’ll take the 3eps pool (BUSD-USDC-BUSDT) as an example.
Step 3: Click “Add liquidity”.
Step 4: Enter the amount of assets that you want to provide. You can provide a single asset or multiple assets at a time.
- If you want to supply multiple assets, you have to approve all of them to be used.
- If you want to supply a single asset, you only have to approve once. I’ll add USDC as an example.
Click “Allow EPS to use your tokens”.
Step 5: “Confirm” in your wallet.
Step 6: Check the gas gwei and click “Confirm” one more time.
You have successfully provided liquidity to Ellipsis’s pool.
Stake LP token
If you have provided liquidity for Ellipsis, you will receive the LP token showing the percentage of your ownership to that pool. You can use that LP token to stake and earn farming APY by following these steps:
Step 1: Click “Staking”. The interface should look like the picture below.
Step 2: Approve Ellipsis to stake your tokens.
Step 3: Confirm in your Coin98 Extension Wallet.
Step 4: Click “Stake”.
Step 5: Check the gas fee and confirm the transaction in your Coin98 Extension Wallet.
Step 6: You can withdraw your LP token anytime by clicking “Withdraw”.
You have successfully staked the LP token.
Stake EPS
You can also stake EPS to earn platform fees in BUSD or lock your EPS to earn extra penalty fees within the protocol.
Step 1: Click “Staking EPS”. The interface should look like the picture below.
Step 2: Enter the amount of EPS that you would like to deposit. I’ll stake EPS without locking as an example.
Click “Deposit”.
Step 3: Check the gas fee and confirm in your Coin98 Extension Wallet.
You have successfully staked EPS.
How to use Ellipsis on the Coin98 Wallet dApp browser
Swap
Step 1: Open the Coin98 Mobile Wallet. Select “Browser” and enter https://ellipsis.finance/
Step 2: Click “Connect”.
Step 3: At the main screen, click the “Hamburger Menu Icon” at the top right corner.
Step 4: Choose “Swap”.
Step 5: Enter the amount you would like to swap, then click “Swap”.
Step 6: Check the gas fee and click Send to confirm.
You have successfully swapped on Ellipsis.
Add liquidity
Step 1: Click the “Hamburger Menu Icon” and select “Pools”.
Step 2: Select the pool that you would like to provide liquidity. I’ll take the 3eps pool (BUSD-USDC-BUSDT) as an example.
Step 3: Enter the amount of assets that you want to provide. You can provide a single asset or multiple assets at a time. If you want to supply multiple assets, you have to approve all of them. If you want to supply a single asset, you only have to approve once. I’ll add USDC as an example.
Click “Add liquidity”.
Note: Since I approved my assets to be used by Ellipsis in the example above, I do not have to approve again here.
Step 5: Check the gas fee and click Confirm.
Stake LP
If you have provided liquidity for Ellipsis, you will receive the LP token showing the percentage of your ownership to that pool. You can use that LP token to stake and earn farming APY by following these steps:
Step 1: Click the “Hamburger Menu Icon” and select “Stake LP”.
Step 2: Find the corresponding pool that you have provided liquidity. Enter the amount of LP token you would like to stake and then choose “Stake”.
Step 3: Check the gas fee and confirm.
You have successfully staked the LP token.
Stake EPS
You can also stake EPS to earn platform fees in BUSD or lock your EPS to earn extra penalty fees within the protocol.
Step 1: Click the “Hamburger Menu Icon” and select “Stake EPS”.
Step 2: Enter the amount of EPS that you would like to deposit. I’ll stake EPS without locking as an example.
Click “Stake”.
Step 3: Check the gas fee and confirm.
You have successfully staked EPS.
Conclusion
And that is all you need to know in order to use Ellipsis. Hopefully, this article can effectively support users in using Ellipsis with the Coin98 Mobile Wallet and the Coin98 Extension Wallet.
If there are any questions, please feel free to comment below or join Coin98 Community for further discussions about Crypto!