DeFi traders are making millions on VISTA. It is a token for the newly launched Ethereum decentralized exchange. This activity has increased Ethereum transaction fees.
As the crypto market plummets, savvy DeFi traders are busy making millions on a buzzy new Ethereum exchange called Ethervista.
In just five days, the top 10 traders of the exchange's VISTA token raised a combined $5.4 million.
A trader earned $3.3 million data Compiled by Dex Screener.
Launched on August 31, Ethervista is a decentralized exchange similar to Uniswap, where users launch their own tokens and create liquidity pools that other users exchange tokens with without having to trust a custodian.
Ethervista's VISTA token is highly volatile.
The VISTA token, which gives holders access to an in-app chat feature, soared to a market value of $29 million within 48 hours of its launch.
But it is highly volatile, experiencing 50% price swings in recent days.
The excitement surrounding Ethervista has led to many compare A new exchange for memecoin creation platforms like pump.fun in Solana.
The new dark horse $VISTAPump Fun now has a competitor in Eth. Eth Maxis is in dire straits with Vitalik tweeting that DeFi doesn't matter, ETHBTC hitting new lows, ETF inflows slowing, and layer 2 fragmentation resembling a cracked mirror.@ethervista It seems… pic.twitter.com/ai66LYHrse
— Trissy (@Cryptotrissy) September 2, 2024
The new dark horse $VISTAPump Fun now has a competitor in Eth. Eth Maxis is in dire straits with Vitalik tweeting that DeFi doesn't matter, ETHBTC hitting new lows, ETF inflows slowing, and layer 2 fragmentation resembling a cracked mirror.@ethervista It seems… pic.twitter.com/ai66LYHrse
— Trissy (@Cryptotrissy) September 2, 2024
Although both have attracted the attention of DeFi degens, there are important differences.
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What is EtherVista?
Ethervista seeks to address some of the issues associated with launching tokens on other platforms.
Its fee system rewards creators when launched tokens experience high trading volumes, not when they outperform in price. This, the exchange says, addresses The problem with creators who prioritize short-term profits.
So far, users have launched many memecoins using Ethervista. The Most popular It's called BONZI, named after Ethervista's purple monkey mascot.
Tokens launched by Ethervista are also automatically committed through a delayed liquidity-removal mechanism.
This means creators cannot suddenly withdraw liquidity, leaving investors stranded. Doing so is commonly known in DeFi circles as performing a “rug pull”.
A nicknamed merchant who goes by Imperator Arguments By creating memecoins on pump.fun and rug-pulling investors, earning $137,000 in three hours.
In February, the United States Attorney's Office for the Middle District of Florida Charged Two men charged with conspiracy to commit wire fraud and money laundering in case classified as crypto “rug pull”
Ethereum gas fees have increased
A flurry of trading activity around Ethervista and its token has pushed Ethereum transaction fees to their highest sustained level in weeks.
Investors turned bearish on Ethereum even after the spot exchange-traded funds hit the markets in July.
Activity has moved from the main Ethereum network to the faster, more efficient Layer 2. As a result, users are spending less Ether on transactions, fueling asset inflation again. That means more ether is being created than the network is destroying.
In response, many users called for the mainnet to start using it again, even though transactions were more expensive than Layer 2s.
Although Ethervista spurred mainnet activity, further increases in fees were not enough to rekindle network deflation.
There is Tim Craig News' Edinburgh-based DeFi correspondent. Reach out with tips at [email protected].
Related TopicsEthereumMeMeCentralized Exchange (DX)
