The new Ethereum DEX Ethervista Guzzles Gas, breaking the trend of low network fees

Ethervista, which describes itself as the “Pump.fun” of Ethereum, published its white paper on August 31, claiming that it is a “deflationary coin that will compound value” with the VISTA token.

Pump.fun is a Solana-based marketplace that allows users to easily create and distribute their own tokens, which are primarily meme coins.

His gas usage has increased to become the top consumer consuming 150 ETH in gas in the last day, according to Dune Analytics.

Deflationary DeFi asset

The platform is constantly buying and burning the token, increasing the minimum price each time, he explained. Ethervisa also promoted a fair launch with a five-day liquidity lock after finding that most carpet runs take place within two to four days of launch.

In addition, the total supply was distributed to the liquidity fund and blocked for five days. Swaps accrue a gas fee in ETH, which is distributed to liquidity providers. It has a deflationary supply limited to one million tokens, with an issue that shrinks over time due to coin burning.

Time to explain how $VIEW works ⚡️
VISTA is a deflationary currency that makes up the value.

what?

This means that Ethervista is constantly buying and burning the token, increasing the minimum price each time. This is one type of feature that EthervistaDEX makes possible

In… pic.twitter.com/69LBf3ZQqT

— Ethervista (@ethervista) September 3, 2024

The project targets a gap in the Ethereum DeFi market that has been filled by rival platforms Base and Solana, which have attracted tens of meme coins and are increasing the network’s revenue.

On September 2, Ethervista noted that many pairs were being created. He strongly urged creators to burn their cash “since transferring lp tokens to the recording address does not change their share of lp rewards.”

According to DEXscreener, VISTA rose to an all-time high of nearly $30 on September 2 before falling back to $18.23 with a market cap of nearly $20 million at the time of writing.

Ethereum rate drop

The launch comes amid growing concerns that Ethereum supply is becoming inflationary again as network fees plummet. Ever since the Dencun update in March, which massively reduced layer 2 fees, Ethereum’s layer 1 has suffered.

Ethereum supply is currently inflating by 0.73% annually and has grown by 0.2% since April to reach 120.32 million, according to Ultrasound.Money.

Additionally, Ethereum’s Layer 1 revenue has dropped 99% in the past six months, according to Token Terminal. This has reduced demand for the asset that is used to pay network tariffs on gas.

Ethereum community member Ryan Berckmans refuted some of the FUD, stating that “Ethereum does not ‘intend’ to charge fees. Fees are not a goal, they are a by-product.”

Ethereum does not “intend” to charge fees. Fees are not a goal, they are a by-product.

We happen to charge fees because we make a platform too useful to stay uncongested, and fees are the best way we know how to solve that congestion.

ETH is money, Ethereum is for users

— Ryan Berckmans ryanb.eth (@ryanberckmans) September 2, 2024

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