Understanding Ethervista: Ethereum's New Token Launcher DEX

This cycle, two apps have stood out above the rest when it comes to gaining major traction: Polymarket on Polygon and Pump.fun on Solana. 

Of course, as a prediction marketplace, Polymarket has been riding high on the intrigue tailwinds of the 2024 U.S. presidential election cycle. 

For its part, Pump.fun has positioned itself as the capital of Solana’s memecoin scene with its token launcher system, becoming the fastest-growing app by revenue in crypto history in the process. 

Can Polymarket and Pump.fun maintain their current momentum into 2025 and beyond? It’s an open question. But one new project, Ethervista, is betting that a Pump.fun-like system on Ethereum, with some modifications, can have legs going forward. 

Let’s get you up to speed on everything you need to know about this new Ethereum token hub! 

How does Ethervista work?

Ethervista is akin to a cross between an automated market maker (AMM) like Uniswap and a token launcher platform like Pump.fun, but with some unique twists. 

• 🪙 Unlike traditional Ethereum decentralized exchanges (DEXes) that charge fees in ERC-20 tokens, Ethervista implements a custom fee paid in ETH. This fee is distributed among liquidity providers and token creators, incentivizing transaction volume rather than short-term price action.
• 💸 Ethervista uses a mathematical model based on "Euler amounts" to distribute its accrued ETH earnings to liquidity providers. This system allows for efficient reward allocation even with frequent changes in liquidity, allowing distributions to many users with minimal gas costs.
• 🔐 The initial liquidity provider becomes the Creator, with the ability to configure pool settings, fees, and onchain metadata. The Creator can lock these settings permanently for transparency and security. 
• 🔄 The Creator can assign their pool’s accrued ETH fees to a specific smart contract, which can be used for various DeFi applications like token buybacks and burns or community treasury building. 
• ⏰️ Unlike Pump.fun, which unlocks new projects based on a liquidity threshold ($63,000 market cap), Ethervista implements a 5-day liquidity lock period for new projects, addressing the fact that most "rug pulls" occur within the first few days of a project's launch. 
• ✅ Creators can also limit token trading exclusively to Ethervista to make it harder for lookalike ripoffs to trick investors by restricting their ERC20 transferFrom function to the Ethervista router address.

What is VISTA?

VISTA is the native token of the Ethervista platform. It has a capped supply of 1 million tokens and a built-in mechanism to reduce the circulating supply over time. 

Namely, each transaction on the Ethervista platform incurs a fee paid in ETH, a portion of which is used to buy and burn VISTA tokens. This continuous burn process decreases the total supply and is also designed to incrementally raise the token's price floor, aiming to create a compounding value effect. 

At the time of this post’s writing, VISTA was trading around ~$15 per token—currently down 44% from its initial $27.60 peak—with a market cap of $15.6 million. Its deflation is already in full swing, as the protocol has already burned over 23,000 VISTA, bringing the current total supply to just under 977,000. 

Navigating the Ethervista platform

1. Swap

The Swap tab is where you can trade between ETH, VISTA, and beyond. In the "Swap Coins" section, select the tokens you want to swap (e.g. ETH to VISTA or vice versa), and input the desired amount. The interface also displays details such as your current balances. Once you've set the amounts, click the Swap button to complete a trade with your wallet. 

2. Liquidity

In the Liquidity tab, you can manage your liquidity pools. To deploy liquidity, select your desired tokens and amounts in the “Liquidity Deployer” section, then click the Deploy button to finish up.

3. Launcher

The Launcher tab is where creators can configure and launch new pools. You can select the token pairs you want to create a pool for and set the buy and sell fees in USD value. You also have the option to define an assigned address where accrued fees will be sent. Once everything is set, you can finalize the configuration and launch the pool by clicking the Launch button.

4. Rewards Interface

The Rewards tab allows you to track and claim your earnings from liquidity pools. You can view your current rewards, all-time rewards, and the status of your current pool. To claim your rewards, select the token you wish to withdraw, and click the Claim button.

What to watch going forward?

There are outstanding question marks around Ethervista, like whether its smart contracts have been audited. There has also been speculation on Crypto Twitter that the creator of the project has been dumping VISTA, though this claim is currently unconfirmed—it may just be a degen investor who discovered VISTA early cashing out. 

Also, there is the question of the first VISTA liquidity unlock, which takes place tomorrow, September 4th. Will the token sell-off as liquidity hits the market, and can it regain momentum and rebound after that?

The answers to these uncertainties remain to be seen. But it’s clear that there’s an appetite for this sort of platform on Ethereum, as Ethervista has been among the top consumers of gas on the network since it launched as users have flocked to the new project. 

In the meantime, we turn to what comes next. Ethervista has announced plans to deploy on Ethereum Layer 2s (L2s) and upcoming features, like ETH-BTC-USDC pools, lending, and flash loans. How will these advances influence its adoption among more sophisticated traders?

Additionally, with its deflationary model, can VISTA continue to grow in value over time, or will the ongoing slowdown around memecoins eventually limit the platform’s ability to attract new projects and users?

We’ll see what happens next, but one thing's for sure—Ethervista is already making waves. Stay tuned, because this could be just the beginning.