Significance
The significance of Vaikuntha Ekadashi is mentioned in the Padma Purana. The legend says that the Devas were unable to bear the tyranny of 'Muran', a demon, approached Shiva, who directed them to Vishnu. A battle ensued between Vishnu and the demon and Vishnu realized that a new weapon was needed to slay Muran.
In order to take rest and create a new weapon, Vishnu retired to a cave named for the goddess Haimavati in Bhadrikashrama. When Muran tried to slay Vishnu, who was sleeping, the female power that emerged from Vishnu burned Muran to ashes with her glance.
Vishnu, who was pleased, named the goddess 'Ekadashi' and asked her to claim a boon. Ekadashi, instead beseeched Vishnu that people who observed a fast on that day should be redeemed of their sins. Vishnu thus declared that people who observed a fast on that day and worshipped Ekadashi, would attain Vaikuntha. Thus came into being the first Ekadashi, which was a Dhanurmasa Shukla Paksha Ekadashi.
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