Ethervista, a relatively new Ethereum exchange, is now competing with the biggest gas-burner contracts. The DEX is now in the third place based on fees, only surpassed by Tether’s contract and the Uniswap DEX router.
Ethervista seems to be the hot new activity spot on Ethereum. The DEX burns around 4% of all Ethereum gas on average. In the span of three hours, Ethervista’s fees rival those of Uniswap’s router, lagging by just 0.8 ETH. In the first 24 hours after its launch, the DEX reportedly absorbed up to 150 ETH for fees.
The new DEX came to the forefront during a period of rock-bottom Ethereum gas fees. Gas prices once again hovered under 1 gWei, making all direct activities on Ethereum more viable. Ethervista debuted its liquidity pairs on September 3, and already drew in enough traffic to boost gas fees to roughly 2 ETH in a three-hour period.
The inflow of activity may be due to the effect of the Banana Gun bot, one of the most active automated trading apps. The announcement of Vista tokens being added to the Banana Gun bot coincided with a boost to both the number of users and the number of trades.
Banana Gun remains one of the top bots, but the past three months saw an outflow of traffic. The bot is most active on Ethereum, followed by Solana and has a relatively small share on Base trading.
Ethervista ensures almost constant activity
Part of the high-level activity of Ethervista is due to its specific token structure. The VISTA asset is built to be extremely active, with constant buybacks and burns.
Even in its first days, Ethervista announced the burn of 2.17% of the supply. However, the asset is nowhere near Uniswap in terms of available liquidity, trading pairs and reserves. The smart contract was filled with up to $30,000 worth of ETH, which was redistributed in a few hours.
The Ethervista VISTA/WETH trading pair is also still growing, with just $2.6M liquidity available, a relatively small scale for a high-profile token.
Ethervista also communicated most often with its null address, in order to start burning VISTA tokens. The DEX will aim to redistribute its ETH fees for each trade, while also boosting its VISTA asset with buybacks and burns. For skeptics, the initial success of Ethervista looks like a marketing tool to build traction.
The end goal of Ethervista is to become a competitor of Pump.fun, making all swaps happen on the Ethereum main net. So far, most of the activity is still limited to the native VISTA token, with no signs of meme creation or launches. The initial fees were partially stored in a treasury, with the larger part distributed to the developer team.
Ethervista is also looking at blue-chip trading, and creating liquidity pools for USDT, ETH and wrapped BTC.
Whale wallet realizes VISTA profits just days after launch
The VISTA token started off with just five days of lockup, enough for the token to accrue some liquidity. Soon after the VISTA fair launch, it took only $5K to buy 5% of the token supply.
VISTA has 976,389 tokens remaining after the initial burn, potentially targeting a higher price range with predetermined scarcity.
Arkham Intelligence tracked the initial buyer’s wallet, revealing a 130X gain after selling. Immediately after that, more than 76 ETH from the trade were redirected to what looks like a crypto influencer’s wallet.
The accuracy of the VISTA trade suggested the event may not be a random trader or sniper, and there is a possibility the project team was involved.
Despite the initial profit-taking, VISTA continues its price discovery. The asset peaked above $25, then tracked back to $20.24. VISTA is still extremely risky and vulnerable to snipers or pumps, since it only relies on a single trading pair on Ethervista itself. Any hype around VISTA also raises doubts about the organic origins of trading, at least until the exchange gets traction.
VISTA has reportedly gained 5,651 holders, showing an inflow of crypto influencer swag wallets with ENS handles. Some of the buyers were also known for promoting previous hot tokens, Web3 projects and NFT, and may offer a similar form of exposure to VISTA.
VISTA was also among the few tokens to stand out with a rally, even as the rest of the crypto market is down. Yet the low liquidity and constant shilling from influencers mean VISTA is still a highly risky new token, yet to prove its worth in the Ethereum ecosystem.