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Ethervista’s native token VISTA released its whitepaper promoting a fair launch, with a liquidity lock of five days, thereby triggering strong rally in its price.
Ethereum Layer-2 network Ethervista is gaining strong traction recently due to its novel approach to liquidity management and token launches. The industry is seeing it as an alternative to the Solana-based PumpFun platform that features customizable parameters to promote token launches.
In the last 24 hours, Ethereum’s Ethervista platform has seen significant activity consuming more than 150 ETH in gas fees. Also, the platform’s first token VISTA witnessed a staggering price surge, shooting up by 15 times its original value.
As per the transaction details from Dune Analytics, the first and third largest holders of VISTA are controlled by the same individual. This investor initially spent 10.5 WETH to acquire 79,070 VISTA tokens on September 1. Over the last two days, the individual sold 42,100 VISTA, generating 170.39 WETH in return thereby marking a profit of over 16 times their initial investment.
More Details About Ethervista Platform
Dubbed the “Pup Fun of Ethereum”, Ethervista is gaining significant traction among ETH DeFi users who have been frustrated with the lack of innovation on the Ethereum mainnet. The platform’s novel liquidity provider (LP) and fee mechanism aims to exploit an opportunistic gap in the market.
Just two days ago, Ethervista’s native token VISTA released its whitepaper promoting a fair launch, with a liquidity lock of five days. This approach helps to mitigate the risk of rug pulls, which often occur within the first 2-4 days of a project’s launch. Since then, VISTA has surged to a market cap exceeding $15 million.
Along with the fair launch of the VISTA token, another reason behind this surge was 100% of the token supply distributed to the LP and locked for five days. Furthermore, each token swap incurs a fee in ETH, later distributed to the Liquidity Providers (LPs).
Within the first five hours, Ethervista generated $25,000 in fees. For comparison, the popular Pump Fun platform earns $400,000 in fees daily.
The VISTA token has a deflationary economic model with a supply cap of 1 million tokens. Furthermore, it incorporates a burn mechanism to reduce the token supply over time. So far more than $200,000 worth of VISTA tokens have been already burned. Additionally, the revenue generated in ETH helps prevent a “death spiral” in token value, with the largest holder currently possessing 5.8% of the total supply.
Future Development of the Ethervista Platform
In the future, the Ethervista platform plans to roll out additional features such as ETH-BTC-USDC pools, lending, futures, and fee-less flash loans.
Targeting a gap in Ethereum’s DeFi landscape, particularly the lack of exciting new projects for retail users, Ethervista has the potential to expand into lending and flash loans for more sophisticated retail traders. With Ethereum’s strong developer and user base eager for innovation, Ethervista could be poised to make a significant impact.
However, investors should maintain caution at this point as the first unlock of the VISTA LP tokens will happen on September 4.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
