Translation: Blockchain in Vernacular
EtherVista is a new token issuance decentralized exchange (DEX) on Ethereum and a direct competitor to Pump.fun, a memecoin issuance platform on Solana.
This blockchain-based platform aims to build a decentralized digital asset system and provide a wide range of services to ensure that users can manage and trade digital assets in a secure, efficient and transparent manner.
Here’s all the information you need to know about the DEX token launch.
1. What is EtherVista?
EtherVista is a decentralized exchange that has introduced a new approach to liquidity management and token issuance on the Ethereum network.
According to the project team, EtherVista is a new standard for decentralized exchanges designed for Ethereum and its Layer2 network.
2. EtherVista Standard
In an official white paper released through the X Platform, the team describes “The EtherVista Standard: Rethinking the Dynamics of Decentralized Exchanges for Sustainable Blockchain Growth.”
The white paper is dated August 26, 2024, and is written by “Vitalik Nakamoto,” a name that combines Bitcoin creator Satoshi Nakamoto and Ethereum founder Vitalik Buterin.
The white paper summary discusses a major challenge currently faced by automated market makers (AMMs), which is their inability to effectively promote the long-term success of blockchain projects.
According to the team, the problem is that token issuers prefer to prioritize profits by quickly withdrawing liquidity and quietly selling tokens. The EtherVista team noted that liquidity providers also prefer short-term operations, often withdrawing and selling liquidity when token prices rise. This behavior hinders the growth of projects aimed at long-term success.
Solving this problem is critical because the current AMM model lacks the incentives to promote continued growth and resilience in the blockchain ecosystem.
3. Set custom fees paid in ETH
Unlike most current AMM (Automated Market Maker) platforms, which charge a 0.3% fee for each token swap, and the fee is paid in tokens, EtherVista’s new standard requires fees to be paid only in native ETH.
According to EtherVista’s white paper, these fees are distributed to liquidity providers and token creators in the pool. Every time a swap occurs, the platform uses a new mechanism to distribute rewards to millions of users at low gas fees.
Additionally, the creator fee is a protocol fee that is distributed between the smart contract and the treasury.
4. Application scenarios and features
The main application scenarios include:
Automatic Buy
Staking Rewards
Other DeFi Applications
Features of this model include:
Market makers and creators benefit from trading volume rather than token price.
The model encourages long-term development and avoids short-sighted price fluctuations.
Investors benefit from a delayed liquidity withdrawal mechanism that prevents developers from performing a quick “rug-pull”.
This approach reduces the risk of sudden market changes while increasing the overall investment success rate.
EtherVista plans to expand beyond traditional funding pools and gradually build an ETH-BTC-USDC pool to provide:
Borrowing
futures
Zero-fee flash loans
Overall, EtherVista aims to be an “all-in-one decentralized application,” according to the official white paper.
5. Mathematical principles behind the EtherVista model
EtherVista’s technical overview describes how liquidity provider fees are distributed.
EtherVista's pairing smart contract maintains an increasing sequence of numbers, called Euler amounts, which are updated every time native ETH is transferred to the pairing contract. Each Euler number is calculated by adding the previous Euler number plus the ratio of the fee to the current total supply of liquidity provider tokens (LP). The initial Euler number is set to zero.
The core of their mathematical approach lies in the following points:
Ability to accurately calculate each user's allocation share in a single exchange
Even as the total LP token supply changes, accuracy remains at the highest level
6. Funding pool configuration and protocol fees
According to the official website, the first person to provide liquidity is called a “creator” and has write access to configure the fund pool settings.
These settings include:
Funding pool fees
Protocol Address
Metadata
The most important parameter is the smart contract address assigned by the protocol. While this is optional, by default it is the creator's address. This address receives ETH from the protocol fee through the custom logic of the smart contract, enabling a wide range of DeFi applications that are not possible under the current AMM standard.
This new way of generating income shifts the focus from short-term gains and price fluctuations to:
Activity
Long-term
Practicality
Creators can define on-chain metadata for their tokens, including information such as website URL, logo, project description, social media and chat links, etc. All this data helps creators effectively showcase their projects, ensuring that users can access verified and secure information, reducing the risk of phishing attacks.
In addition to the pool fees and protocol fees, there will be a fixed fee of $1 to fund the continued development of the EtherVista DEX and the VISTA token.
This funding will be used to implement the following projects:
Zero-fee flash loans
futures
Borrowing
Support potential centralized exchange listing and marketing plans
7. EtherVista Platform
The interface design style of the EtherVista platform is quite retro, reminiscent of early versions of Windows.
As mentioned earlier, EtherVista offers flash loans, futures, and lending features, which users can find through the “Start” button in the lower left corner.
In addition, the platform also features a "Super Chat" button. According to the official white paper released by the project team through the X platform, this is a global real-time chat function that is directly integrated into the DEX platform, allowing users to quickly exchange information.
The official description shows that access to "Super Chat" is level-based, depending on the number of VISTA tokens held by the user.
Creators who want to restrict token transactions to the EtherVista platform can restrict the ERC20 transfer function to the EtherVista router address, which is a variable stored in the factory contract address.
8. VISTA Token
VISTA is the native token of the decentralized exchange, with a supply cap of 1 million. It is a deflationary token with value accumulation function.
The protocol’s smart contracts implement an on-chain processing mechanism where each token destruction event not only reduces the circulating supply but also increases the token’s price floor.
This effect is maintained by continually buying back and destroying tokens through fees generated from every transaction within the protocol.
In a post on the X platform, the EtherVista team noted that as of September 3, 2024, 2.17% of the total supply has been permanently bought and destroyed.
The benefits of VISTA include the following:
As a tool to fight inflation by tying activity to supply reductions and price floor growth
Every transaction enhances the value of VISTA
Driving continued growth and scarcity
9. VISTA public test network is officially launched
The EtherVista team announced on September 4 through the X platform that the VISTA public testnet is now live. According to the team's instructions, users should log in and claim their VISTA quota, which is limited in number. At the same time, gas fees are required when signing a wallet.
10. EtherVista, the ETH version of Pump.fun?
EtherVista is described as Pump.fun on Ethereum, which is a memecoin generator on Solana.
Ethereum DeFi users have complained about a lack of innovation on the mainnet, and EtherVista’s new LP and fee mechanism aims to address this by filling a gap in the market.
EtherVista recently released its white paper, promoting its fair launch, and found that most "carpet withdrawals" occurred within 2 to 4 days, so a 5-day liquidity lock period was set. As of September 2, official data showed that the token's market value had exceeded $15 million.
In addition, EtherVista announced plans to deploy on Ethereum L2, as well as upcoming features such as ETH-BTC-USDC pools, lending, and flash loans. The project uses a deflationary model, and it remains to be seen whether it will be able to increase in value over time.
A few days ago, EtherVista attracted attention with reports of a trader who made staggering profits by taking advantage of the platform’s launch. By strategically distributing VISTA tokens across seven different wallets, the trader was able to acquire over 5% of EtherVista’s total supply with a $5,000 investment, quickly sell his holdings, and convert his profits into Ethereum within 48 hours, ultimately making a total profit of $670,000, a 130x return.
Pump.fun has also had its share of notable achievements, one notable one being the platform achieving $100 million in revenue in just 217 days, becoming the fastest-growing application in crypto history.