Ethervista: The New Ethereum Exchange Where Savvy DeFi Traders Are Making Millions

In just five days, the top 10 traders of the exchange’s VISTA token are up a combined $5.4 million.

A new decentralised exchange on the Ethereum blockchain has quickly become a hotbed for launching memecoins, with the top traders making millions in just five days.

Ethervista, which launched on August 31, is similar to decentralised exchanges like Uniswap, where users can create their own tokens and liquidity pools, allowing other users to quickly swap tokens without needing to trust a custodian.

The exchange also gives its token holders access to an in-app chat feature.

Within 48 hours of its launch, the VISTA token soared to a market value of $29 million. But it's also experienced 50% price swings in recent days.

The buzz around Ethervista has led many to compare it to memecoin creation platforms like pump.fun on Solana.

A new dark horse $VISTAPump fun now has a competitor on Eth.

The Eth maxis are in a dire state with Vitalik tweeting that DeFi doesn’t matter, ETHBTC hitting new lows, ETF inflows slowing down, and Layer 2 fragmentation resembling a shattered mirror.

@ethervista seems… pic.twitter.com/ai66LYHrse

While both platforms have attracted the attention of DeFi degens, there are key differences.

Ethervista attempts to address some of the problems associated with launching tokens on other platforms.

Its fee system, for instance, rewards creators when the tokens they launch experience high trading volumes—not when they appreciate in price. This approach, the exchange says, aims to address the issue of creators prioritising short-term profits.

So far, users have launched several memecoins using Ethervista, with the most popular being BONZI, which is named after Ethervista's purple monkey mascot.

Tokens launched through Ethervista are also automatically bound by a delayed liquidity-removal mechanism. This means that creators cannot suddenly remove liquidity and leave investors in the lurch—a move that is commonly known as conducting a “rug pull” in DeFi circles.

A pseudonymous trader who goes by Imperator claims to have made $137,000 in three hours by creating memecoins on pump.fun and rug-pulling investors.

In February, the United States Attorney’s Office for the Middle District of Florida charged two men with conspiracy to commit wire fraud and money laundering in a case it characterized as a crypto “rug pull.”

The flurry of trading activity around Ethervista and its token has pushed Ethereum transaction fees to their highest sustained level in weeks.

Investors have flipped bearish on Ethereum even after spot exchange-traded funds hit the markets in July. Activity has moved off of the main Ethereum network to speedy, more efficient layer 2s.

As a result, users are spending less Ether on transactions, making the asset inflationary again—there is now more Ether being created than the network is destroying.

In response, many have called for more users to start using mainnet again, despite the transactions being more expensive than those done on layer 2s.

While Ethervista has spurred mainnet activity, the subsequent increase in fees hasn’t been enough to make the network deflationary again.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

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