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EP refers to Estimated Power, which is used to determine the visual difficulty level. It is by no means accurate, and you should only try raise it for dungeon farming / dungeon skipping.
Key to building EP:
Early-Mid Game: Dodge items
Late Game: MR (Magical Resistance) items
EP formula:
HP * ATK|MD * (1+CR*CD)
----------------------------------
200 * 0.99895^(DEF|MR) * (1-DODGE)
Passive 25% class xp boost
High CR & CD
High HP
Decent HP & High MR
Genesis: Mortal Scarlet of the Timeless (Axe) : +100% class XP
Shield: Celestial Barrier / Roots of Yggdrasil / Wyrmfire Wall (Genesis, +25% class XP)
Legendary: Scarlet Siege (+75% class XP)
Genesis: Scorching of Ira (+100% class XP)
Adventurer's Spirit : +% for both class XP & coin gain
Born to Grind : +% for class XP gain