Yesterday, a new token called "VISTA" which was born one day ago rose more than 10 times in one afternoon. On Dexscreener, the details of VISTA were still prompted as "Unknown DEX". VISTA comes from EtherVista, a DEX that has just been running on Ethereum for one day. It calls itself "DEX that challenges Uniswap" and is called "Pump.fun on Ethereum" by some token holders. Currently, several tokens have been deployed and issued on EtherVista. In the early hours of this morning, the market value of VISTA exceeded 30 million US dollars, with a daily increase of more than 20 times.

What is EtherVista?

EthervVsta said that its mechanism feature challenges Uniswap's AMM model.

According to EtherVista’s six-page white paper, the EtherVista standard introduces a new model where fees are paid only in ETH and distributed to all liquidity providers and token creators participating in the pool, with each transaction distributing rewards through a new mechanism while keeping gas fees low. Unlike Uniswap, the core feature of the EtherVista model is that market makers and creators benefit from trading volume rather than relying solely on token prices, which encourages long-term investment rather than short-term price speculation. Investors can also benefit from a delayed liquidity withdrawal mechanism that prevents quick cash-outs.

In simple terms, developers who create tokens based on the Uniswap AMM mechanism can set buy and sell fees, such as 5% of each token transaction, and benefit from it. When the token price rises, the developer's income will also increase, and they may sell the tokens and "run away" after obtaining enough income. But in EtherVista, developers can only charge transaction fees according to the smart contract set by EtherVista, and use ETH as settlement. For example, the smart contract sets the handling fee for buying the platform token VISTA to 10 U and selling it to 15 U. Regardless of the price of VISTA, in terms of handling fees, developers can only benefit from the number of transactions, reducing the risk of "making enough money and running away".

The EtherVista smart contract maintains a sequence of numbers, called the "Euler sequence", which is updated every time ETH is transferred to the contract. Each Euler number is calculated based on the previous Euler number plus the ratio of transaction fees and the total supply of liquidity provider tokens. Through this mechanism, it can be ensured that each liquidity provider can accurately obtain the income they deserve in each transaction.

For each transaction, EtherVista charges an ETH fee, which is distributed between the liquidity provider and the protocol. Each pool has four variables for setting fees, which are dynamically calculated based on the transactions on the chain. For example, a pool can set a buy fee of $10 and a sell fee of $15. If a user sells a token, he needs to pay $15 in ETH to the liquidity provider and the protocol. The protocol's smart contract will use this part of the fee to establish a stable price floor and provide sustainable income for project creators. Each liquidity provider can claim their deserved rewards at any time.

Users who provide liquidity are called "creators" and have the authority to set various parameters of the pool, such as fees, protocol addresses, and metadata. This new model shifts the focus from short-term profit and price fluctuations to longer-term activities and project practicality. Creators can also define on-chain metadata for their tokens, such as website links, project descriptions, social media accounts, etc. This information will be displayed on the EtherVista platform to ensure that users are accessing reliable project information. The platform also integrates a global real-time chat function (SuperChat) to help users exchange information faster.

Ethervista also stated in the white paper that it plans to expand to a larger market, such as establishing an ETH-BTC-USDC liquidity pool and providing lending, futures and fee-free flash loan functions, with the goal of becoming a versatile one-stop decentralized application (DApp).

Protocol Mechanism

On July 11, EtherVista posted its first tweet. On August 19, EtherVista announced that it was “airdropping a white paper” and that as long as the tweet was forwarded, the official Twitter account would send the project white paper in the form of a DM.

On August 31, EtherVista announced on its official Twitter account that it would launch the Fair Launch of VISTA on the morning of September 1, with an initial liquidity of approximately $30,000, and LP tokens would be destroyed. The token's issue price was approximately $0.014, which is a 12,857-fold increase based on the current price of $18. Before the launch, EtherVista announced on its official Twitter account that there would be no pre-sale or team pre-allocation, and that it would use team funds to purchase its own tokens at the same time as other users in a fair manner when the token is launched.

EtherVista's platform token is $VISTA, with a fixed supply of 1 million. It is a "value-compound deflationary token", which means that each transaction will burn a portion of the token. On this basis, the value of VISTA will increase with transactions. EtherVista uses this to make VISTA able to fight inflation and promote the continued growth of token prices.

The EtherVista white paper proposes a new decentralized exchange model that aims to solve existing problems by introducing a more reasonable fee distribution and token mechanism. Compared with the traditional AMM model, EtherVista incentivizes participants to make long-term investments rather than short-term speculation by adopting an ETH-only fee mechanism and innovative revenue distribution methods (such as the Euler sequence). The platform also provides some unique features, such as SuperChat chat and customized token metadata display, aiming to create a more transparent and informative decentralized financial platform. Overall, EtherVista's design contributes to the continued growth and stable development of the blockchain ecosystem.

To ensure the long-term success of $VISTA and other EtherVista projects, the platform has implemented a 5-day lockup period. This lockup period is designed to prevent developers and liquidity providers from withdrawing liquidity too early, which could cause the project to "run away." The 5-day lockup period starts when the token creator first adds liquidity, ensuring that during this period, the token creator cannot withdraw liquidity earlier than other liquidity providers.

Even though liquidity cannot be withdrawn in the first 5 days, liquidity providers can claim their rewards at any time. EtherVista has identified that LP rewards in $VISTA tokens alone have exceeded $25,000 in 5 hours, and these fees are paid in ETH, which means that the collection of fees will not bring additional selling pressure to $VISTA or other tokens launched on the EtherVista platform, reducing potential risks to the project.

Experience Tutorial

trade

EtherVista only directly displays the token names of ETH, USDT and VISIA. To purchase other tokens, you need to paste the token contract address in the input box and click ENTER. Then enter the purchase amount, and the interface will display the number of tokens that can be traded and the current liquidity pool information of the token.

Token Query and Chat

The EXPLORER window can view the details of the token information created on the platform. This information is defined by the token creator and covers website links, project descriptions, social media accounts, etc. Different from other general token information display formats, the rewards generated by the tokens can be viewed on EtherVista, which will be distributed to LPs.

In addition, the Ethervista platform integrates a real-time chat function. After entering the SuperChat window and setting a username, you can chat in the interface. This function is similar to the token comment area of ​​Pum.fun, but it is simpler and cruder.

Hot target holdings

VISTA

EtherVista's platform token $VISTA was launched at 0:00 am on September 1. Yesterday at noon, VISTA suddenly began to soar, with a 20-fold increase in 14 hours and a trading volume of over 30 million US dollars. The current market value has fallen back to 18 million US dollars. As of 7:00 pm on September 2, EtherVista showed that VISTA had generated a total of 67,334 US dollars in rewards for its LP. GMGN data shows that the top 70 buyers of VISTA purchased 56% of the tokens, holding 6.38%.

VISTA DOG

VISTADOG was created around 2pm on September 2nd. Within 12 hours after its launch, it increased by more than 120 times, with a trading volume of $60 million. The market value is $1.8 million at the time of writing. As of 7pm on September 2nd, EtherVista showed that VISTADOG has generated a total of $2,431 in rewards for its LPs. GMGN data shows that the top 70 buyers of VISTADOG purchased a total of 36% of the tokens, and the final holding share is 12%.

Developers making $30k a day?

After BlockBeats conducted a transaction on EtherVista, it was discovered that approximately $1 worth of ETH was deposited into an address starting with 0x CA 9. DeBank data showed that as of the time of writing, this address had several ETH payments worth $1 deposited per second, and it was suspected to be the address of a VISTA developer.

On Nansen, this wallet address is marked as "High Gas Consumer". As of 7 pm on September 2, there was a total of $63,819, including $57,856 worth of ETH, $4,875 worth of CLIPPY, and $281 worth of VISTA. On September 1, it had $33,833 worth of ETH, which means that EtherVista developers have earned $24,023 worth of ETH through VISTA. As the transaction volume of VISTA increases, this number is still growing.