The monastery of Ypapanti tou Kyriou is located on the rock of the same name, which is found near the Great Meteoron. The founders of the monastery were the monk Saint Nilos and the monk Kyprianos in 1367 AD. The temple of the Ascension or Descent is very important from an archaeological point of view, because it was built of pedestals and was chronicled (according to the inscription of history) with the efforts and supervision of "the first of the Skiteos of Stagion and professor of the Dupian Nile" in the year 1367 AD .

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Until the middle of the 18th century. A.D. the monastery, which belonged as Metohi to the Varlaam monastery, was already in ruins and remained closed. Then, specifically in 1765 AD. it is renovated by the national hero Papa-Thymios Vlahavas and from 1808 AD it was used by him as a headquarters during the revolution that started against the Turks in Kalambaka. The troops of the Turkalvans, under the leadership of Ali Pasha of Ioannina, destroy the monastery-strategy and arrest the Pope-Thymios who was taken to Ioannina where he was tortured and martyred horribly in the end.

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Today, the monastery has been completely repaired inside, while a staircase has been built which replaced the old hanging wooden one and has made access easy. Now the monastery belongs to Megalo Meteoro.