What Is Ethervista; Much More Than a Pump.fun Rival on Ethereum?
- Ethervista has been hailed as a potential Pump.fun competitor on Ethereum.
- The developers have, however, billed the platform as so much more.
- The platform has been thrust into the limelight due to buzz around its native token.
Over the past year, memecoins have been a major driver of blockchain activity as market participants search for opportunities to get rich quick by trading the often highly volatile assets. In recent months, this memecoin trend has been sent into overdrive with the emergence of Pump.fun, a token launchpad on Solana whose success has spurred several imitators on other chains, from wen.markets on Polygon to SunPump on Tron .
Yet another potential competitor may have arrived on the scene in the past few days, this time on Ethereum . This new platform, Ethervista, has been touted as the “Pump.fun of Ethereum,” but its developers have a much grander vision.
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Here’s what you need to know about the new platform that has the ETH ecosystem buzzing.
What Is Ethervista?
First teased in July 2024 , Ethervista was first billed by developers as a safer alternative to Pump.fun. In the weeks that followed, however, developers made it clear that they wanted the platform to be much more than a memecoin launchpad, at one point labeling it “The Rugless DEX,” and asserting that it would one day surpass Uniswap , the largest DEX aggregator by volume.
So, what is Ethervista?
Ethervista is a DEX aggregator similar to Uniswap, launched on August 31. It aims to foster long-term development around token projects and provide a safer trading experience, all within a nostalgic interface reminiscent of Windows Vista.
Ethervista developers have tipped the platform to become “an all-in-one decentralized application” by going beyond offering traditional trading pools to ETH-BTC-USDC pools that provide lending, futures, and fee-less flash loans.
How does Ethervista work?
Changing the DEX Standard
Ethervista tries to achieve its aims through several creator freedoms, including a custom fee revenue model and a lengthened liquidity lock period.
While the standard DEX charges about 0.3% in fees per swap paid out to liquidity providers in the token the pool was created for, Ethervista offers liquidity pool creators the chance to set a custom fee that can only be paid in ETH. Ethervista argues that this model encourages token creators and liquidity providers to think long-term, as their profit would primarily depend on volume and not on the token’s short-term price movements.
These collected fees are managed through a smart contract, which Ethervista developers argue unlocks several DeFi applications like auto-buys and staking rewards. At the same time, creators have access to tweak the token’s metadata to include things like the project’s website URL and social media handles, which will be accessible to users via the Explorer window of the Ethervista DEX. Ethervista developers argue that this could help minimize phishing scams.
Meanwhile, to prevent rugpulls, Ethervista imposes a five-day liquidity lock based on an unspecified study showing that most rugs happen between two and four days. However, how effective this would be remains to be seen, as theoretically, nothing stops bad actors from pulling out the liquidity after it is unlocked.
Despite these potential question marks around Ethervista’s “rugless” claims, Ethervista continues to garner significant attention within the Ethereum community. Some, like prominent crypto analyst “S4mmyEth,” have hailed the platform for offering innovation on the Ethereum mainnet at a time when users are frustrated and looking for something new to do. The attention around the project has been further bolstered by a surge in the platform’s native token.
“A Value Compounding Deflationary Token”
Like Uniswap, Ethervista has a native token called VISTA. Unlike Uniswap’s UNI, which serves as a governance token, VISTA’s utility is unclear beyond being marketed as a scarce asset and potential inflationary hedge.
According to developers, VISTA is the first “value compounding deflationary token.” The token has a 1 million token supply that is gradually reduced through a buy-back and burn mechanism financed by fees generated on the platform.
Developers tried to offer a fair token launch by distributing 100% of the supply on the liquidity pool and locking it for five days. At the time of writing, VISTA has over 5,200 holders per Etherscan data . While the top holder holds only about 6.7% of the supply, the top 100 holders control over 53%.
The token’s price has surged by over 1,500% since launch but has dropped about 32% in the past 24 hours to trade just below the $16 price point per DEX Screener data at the time of writing.
On the Flipside
- Despite being a new and untested platform, Ethervista has consumed over 150 ETH in gas in the past 24 hours, the highest of any Ethereum protocol per Dune Analytics data at the time of writing.
- The “rugless DEX” claims made by Ethervista developers appear impractical.
Why This Matters
The Ethereum ecosystem has been in a significant rut lately amid woeful price action and a lack of exciting developments on the Layer 1 chain. If Ethervista can live up to its promise of innovation, it could bring back the spark to the leading DeFi chain.
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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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