The recent launch of Ethervista, a decentralized exchange (DEX) and token-minting platform on the Ethereum network, has attracted the interest of traders and crypto enthusiasts in the past few hours. The launch was clearly a hit because the platform’s native token, Vista, had its price skyrocket.

Ethervista is being touted as the Ethereum-based answer to the popular platforms that have been built on the Solana ecosystem used to create meme coins and other similar digital assets.

This new protocol allows users to do the same as they could do in pump.fun but it also deals with some of the issues that have plagued the space lately like rug pulls and other types of scams.

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Ethervista also boasts deflationary tokenomics, with a 1 million token supply cap and a continuous token burn mechanism to reduce the overall supply and increase the price floor. Unlike traditional DEXs, Ethervista charges fees in native Ether (ETH), which are then distributed to liquidity providers and token creators.

Its approach to liquidity management and initial token offerings is setting Ethervista apart from its peer DEXs and marketplaces. The protocol features a “fair launch model” that locks up VISTA tokens for five days for liquidity providers. This mechanism should supposedly avoid early rug pulls.

VISTA Token Sees Market Cap Surge to $30M

The crypt community has embraced Ethervista and its native token with huge enthusiasm. In the first few days after its launch, the market capitalization of VISTA has surged from around $20 to $30 million while its price has surged from $21.3 to $28.2 according to CoinGecko data.

A handful of well-informed traders have already made millions off this surge with one wallet in particular banking profits exceeding $600,000 in just a few days from a small $5,000 investment.

This remarkable 130x return shows the potential for gains that DeFi protocols like Ethervista have to offer for people who stay on top of the latest developments in the space. Naturally, trading small coins like this is extremely risky and many people lose their entire investments in small market cap coins.

The total supply of VISTA is capped at 1 million tokens, and the protocol is designed to progressively burn tokens to avoid a “death spiral” in its price – an issue that has doomed other projects in the space once they start to gain traction.

“Ethervista is strategically positioned to fill a gap in Ethereum’s current DeFi landscape, particularly at a time when exciting new retail projects are scarce,” commented Medium user Kryptokeisari who regularly reviews crypto projects and trading platforms.

Ethervista vs. Pump.fun: What Sets This Ethereum-Based Project Apart

Ethervista is considered a direct competitor to Pump.fun, the Solana-based memecoin launchpad. While both platforms offer users the ability to create and launch their own tokens, Ethervista differentiates itself with its focus on security and long-term viability.

The five-day liquidity lock for token creators on Ethervista is a key feature that sets it apart from Pump.fun, where rug pulls have been a major concern. By preventing early liquidity withdrawals, Ethervista aims to promote the long-term success of projects launched on its platform to benefit both investors and creators.

Also read: Doja Cat & Metallica Accounts Hacked to Pump DOJA & METAL Meme Coins

Additionally, Ethervista’s deflationary tokenomics and continuous token burns are designed to increase the value of the VISTA token over time, providing a more sustainable value proposition compared to the more speculative nature of Pump.fun’s model.

Traders are Cashing in Rapidly on Ethervista

The surge in Ethervista’s popularity has led to a frenzy of trading activity, with a growing group of traders capitalizing on the platform’s rapid growth. According to crypto intelligence platform Arkham, the top 10 traders of VISTA have collectively made $5.4 million in profits in just five days.

Another VISTA whale who goes by the handle “frenulum.eth” has earned an impressive 274 ETH (approximately $696,700) by trading VISTA in just two days, achieving a 134x return on their initial 2.05 ETH (around $5,100) investment.

Meanwhile, the wallets that control two of the three largest VISTA stakes saw their 10.5 WETH investment grow to 170.4 WETH – a 16X return – in just two days.

These examples highlight the significant opportunities available to traders who are quick to capitalize on the surge of new platforms like Ethervista, which have managed to capture the attention of the crypto community and generate outsized returns for early adopters.

Ethervista Propels Gas Usage on The Ethereum Network

Ethervista’s transactions are moving the needle in the Ethereum network as they are consuming a substantial amount of gas. The protocol has already become the third-largest consumer of gas behind Uniswap and Tether with a total amount of 22.5 ETH spent in the past 24 hours according to data from Etherscan.

The network had been experiencing a slump in gas usage lately. Hence, this usage spike has been welcomed by the community. Ethereum maximalists believe that the mainnet should be favored by developers instead of layer-2 protocols like Optimism and Arbitrum.

The Dencun upgrade performed in March reduced layer-2 network fees and contributed to reducing the mainnet’s usage.

However, the increase has not been enough to make the Ethereum network deflationary again. The overall supply of Ether is still growing every day due to reduced network usage (and thus less ETH is burned).

In any case, some within the Ethereum community believe that this decline in gas usage is not necessarily a bad thing. “Ethereum doesn’t ‘aim’ to collect fees. Fees are not a goal, they’re a byproduct,” commented Ryan Berckmans, an Ethereum investor and active community member.

The launch of Ethervista has sparked a new wave of excitement in the Ethereum DeFi ecosystem. The surge in VISTA’s value and the massive profits realized by early adopters have emphasized the significant opportunities that are still available in the rapidly evolving world of decentralized finance.

As Ethervista continues to gain traction, it will be interesting to see how it fares against its Solana-based rival, Pump.fun, and whether it can maintain its momentum in the wake of increased competition in the memecoin launchpad space.