Trader Transforms $5K into $670K with Ethervista, Rival of Ethereum Pump

September 04, 2024 11:18 PM AEST | By Team Kalkine Media

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Trader Transforms $5K into $670K with Ethervista, Rival of Ethereum Pump — Image source: Shutterstock

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A crypto trader has made headlines by turning a $5,000 investment into $670,000 within just two days, thanks to the explosive rise of the Ethervista (VISTA) token. The token, native to the new decentralized exchange (DEX) and token minting marketplace Ethervista, launched on August 31.

The trader's initial $5,000 purchase granted them approximately 5% of the total circulating supply of VISTA tokens. Shortly after the token went live, the trader distributed their holdings across seven different wallets and sold them off, realizing substantial profits in {Ethereum} (ETH).

Ethervista, a new addition to the Ethereum network, allows users to create and launch their own tokens, particularly memecoins. It has been described as Ethereum's equivalent to the Solana-based Pump.fun, a memecoin launchpad that has seen significant adoption since its January launch.

The platform features a “fair launch model” with all VISTA tokens allocated to liquidity providers and locked for five days to prevent early rug pulls. It also implements deflationary tokenomics with a total supply cap of 1 million tokens and ongoing token burns to drive up the price.

Despite the promising features, some users have reported issues with transaction failures, particularly when attempting to remove liquidity. Crypto researcher Stacy Muur highlighted that while the liquidity is locked, it pertains to the ETH/USDT trading pair rather than a newly created token requiring anti-rug protection. There was no clear disclaimer regarding this issue.

Unlike many traditional DEXs, Ethervista charges fees in native ETH, which are distributed to liquidity providers and token creators. This approach has led to a surge in the platform's gas usage, making it the third largest gas consumer after Uniswap and Tether in the past 24 hours.

In just two days, Ethervista's native VISTA token achieved a market capitalization of up to $30 million, according to DEX Screener data. As of now, VISTA prices have surged by 33% over the past 24 hours, reaching $21.19, with a peak of $28.80 on September 2. However, with the upcoming liquidity unlock on September 4, volatility is expected.

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