Ellipsis Finance, an authorized fork of Curve Finance, launched yesterday on Binance Smart Chain (BSC).The protocol is an exchange for stablecoins and its launch doc promises traders “very low slippage and minimal fees.”
As the protocol is an “authorized fork,” holders of veCRV, Curve’s governance token which earns trading fees and liquidity provider rewards, will receive 25% of Ellipsis token, called EPS, over the next 12 months. They will need to claim the tokens on BSC with their Ethereum address.
“As we don’t have BSC plans it seemed like it could be a fun idea to give them our blessing in exchange for rewards for our DAO participants,” Charlie Watkins, project lead at Curve, told The Defiant.
Curve’s algorithm is protected intellectual property and while not open-source, it is source available, meaning its code can actually be forked without permission, despite it being proprietary and intended for “informational purposes only” as per the Curve contract.
“We’ve had some bad experience with forkers so this is a nice approach and we hope it inspires others,” Watkins said of Ellipsis.