Ethereum Rival Ethervista Consumes 150 ETH in Gas Fees Within a Day

Ethervista, a platform touted as an Ethereum counterpart to Pump.fun, consumed approximately 150 ETH (~$377,000) in gas fees within a day of its launch. This was highlighted by journalist Colin Wu.

In the past 24h, Ethereum’s Pumpfun-like platform Ethervista consumed about 150 ETH in gas fees. The first token VISTA once rose more than 15x. The first and third largest holders of VISTA are controlled by the same person, who spent 10.5 WETH to buy 79,070 VISTA on September 1,…

— Wu Blockchain (@WuBlockchain) September 3, 2024

The LP token Ethervista (VISTA) surged approximately 15-fold at one point. According to Wu, the first and third largest wallet holders of the asset, controlled by the same individual, spent 10.5 WETH on September 1 to purchase 79,070 VISTA. Over the next two days, the user sold 42,100 VISTA, earning 170.39 WETH and achieving more than a 16-fold profit.

At the time of writing, the platform’s token is trading near $16. The market capitalization of the asset stands at $15.7 million, with trading volume exceeding $52 million.

The team describes VISTA as a “deflationary currency that creates compound interest.”     

It’s time to explain how $VISTA works ⚡️
VISTA is a value-compounding deflationary currency.

Wut ?

This means Ethervista is constantly autobuying and burning the token, increasing the floor price each time. This is a type of feature that EthervistaDEX renders possible

To… pic.twitter.com/69LBf3ZQqT

— Ethervista (@ethervista) September 3, 2024

“Ethervista is constantly autobuying and burning tokens, increasing the floor price each time,” the developers explained.

According to the statement, 2.17% of the total coin supply has already been destroyed.

Commenters noted that Ethervista is not a direct analogue of the Pump.fun platform for launching meme coins on Solana. Rather, it is a DEX similar to Uniswap v2, with the ability to issue tokens independently and a system of fixed fees.

quick TLDR of @ethervista:

• pump fun-esque product on mainnet, exploded overnight and at 27M now
• You must create your coin’s contract yourself, they don’t create coins for you
• What they do provide is “Launch” function. Supply any amount of your new coin, ETH, and they… pic.twitter.com/b6pWjPiHh8

— AzFlin (@AzFlin) September 2, 2024

The Ethervista team clarified that when issuing tokens, liquidity is locked for five days to prevent rug pulls. According to analysis, most such incidents occur within two to four days. 

Among future platform features, developers announced the creation of ETH-BTC-USDC pools, futures trading, lending services, and flash loans.

“No guarantees, but it’s possible if all goes well,” they emphasized.

DEX SushiSwap also announced the creation of a platform for launching meme tokens. 

Imagine the next generation of memecoin launchpads…

✅ No Rugs, No MEV
✅ 0-Slippage Sells
✅ Gamified Tokens
✅ Auto Sell
✅ 40% Creator Kickback

Yeah, we’re building that with @GoatTradingDex ?

Buckle up ? pic.twitter.com/JB1oKeoVvJ

— Sushi.com (@SushiSwap) August 26, 2024

Among the features of the “next-generation” platform, the team highlighted protection against rug pulls and MEV bots.

As reported in Messari, meme coins were labeled as “the most extractive crypto phenomenon” in value destruction since the ICO boom.