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Trader gains $670,000 from $5,000 investment in new Ethereum platform

Trader gains $670,000 from $5,000 investment in new Ethereum platform

GrafaGrafa2024/09/04 07:05
By:Liezl Gambe

A crypto trader has earned substantial profits after investing $5,000 in VISTA (CRYPTO:VISTA), the native token of Ethervista, a new decentralised exchange and token minting marketplace on Ethereum (CRYPTO:ETH). 

The trader bought the VISTA tokens shortly after the Ethervista platform's launch on August 31, acquiring about 5% of its total circulating supply. 

The trader then spread these holdings across seven wallets and sold them, netting over $670,000 in profit in Ethereum within two days, as reported by Arkham Intelligence on September 3. 

Ethervista, launched as a new token minting marketplace, allows users to create and launch their own tokens, particularly memecoins. 

It has been called “Ethereum’s answer” to Pump.fun, a similar memecoin launchpad based on Solana that has gained significant traction since its launch earlier this year. 

Ethervista utilises a "fair launch model," where 100% of its VISTA tokens were allocated to liquidity providers and locked for five days to avoid early rug pulls. 

The platform features deflationary tokenomics, with a supply cap of one million tokens and ongoing burns to reduce supply and increase the price floor. 

Despite its unique offerings, Ethervista has faced challenges. 

Some users reported failing transactions while attempting to remove liquidity. 

Researcher Stacy Muur highlighted that the liquidity lock applies to the ETH/USDT pair and not a new token, raising concerns about transparency. 

Ethervista charges fees in native ETH, which are distributed to liquidity providers and token creators. 

This model has made it the third largest consumer of Ethereum gas, following Uniswap and Tether, with 22.5 ETH in usage over the past 24 hours, as per Etherscan data. 

Since its launch, Ethervista's VISTA token has attracted significant attention, with its market cap reaching $30 million within two days. 

VISTA's price surged by 33% over the last 24 hours, hitting $21.19, with a peak of $28.80 on September 2. 

However, the unlocking of liquidity on September 4 may introduce volatility to the token's price.

At press time, the Ethervista (VISTA) price was $21.03.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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